First Quantum eyes $1bn financing

First Quantum Minerals is close to securing about $1 billion (£625m) in financing to expand its Zambian copper operations, a source familiar with the details said yesterday. The group has an 80 per cent stake in the Kansanshi mine in Zambia, the world's eighth-largest copper mine, and also produces copper and gold in Mauritania. The firm is looking to almost double production at Kansanshi by 2014. The expansion will be carried out in two parts with the first stage expected to lift production capacity to about 285,000 tonnes a year.