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Report: First Quantum eyeing US$1B investment in Africa's largest copper mine

First Quantum Minerals Ltd. is considering investing about US$1 billion to add another decade of production to the largest copper mine in Africa, Reuters reported, citing company documents.

The Canadian mining company would reportedly increase annual production from the Kansanshi mine in Zambia from a projected 235,000 tonnes in 2019 to 300,000 tonnes over time with the investment. The company's board would need to sign off on the proposal over the coming year, which could be complicated by issues stemming from taxes and assets between mining companies and the Zambian government.

The First Quantum board is expected to hear the proposal this year, but it is not likely to be approved unless Zambia amends its tax system, Reuters reported, citing a source close to the company.