Kansanshi

Lufilian Arc · Cu · First Quantum (80%) / ZCCM-IH (20%)

dossier-gradeproducing

Derived from the deployed data layer at build · dataset v2.28.20 · record reviewed 2026-05-02 · machine-readable: /api/v1/deposits/kansanshi.json · ⎙ print / save as PDF

Investment screen

DFI · investment house — is this fundable, watchable, or a pass?

Life-cycle stageproducing Derived

Operating statusS3 Steady State post-mid-2025 commissioning Sourced

Reserve scale (P+P)838.4 Mt @ 0.64% Cu Sourced ≈ 5.4 Mt contained Derived

Reserve basis (verbatim)100% project basis

Risk-adjusted rate (§10)not published — asset-level screening not yet worked (base formula is public; see gaps below) Absent

Value anchors

advisory · corporate development — what does the record support?

Resource (M+I+I)942.2 Mt @ 0.67% Cu Sourced

Resource basis (verbatim)100% project basis

Primary sourceFirst Quantum 2024 Annual MRMR (released March 2025); Q1 2026 S3 Commissioning Update [Sourced 2026-05-02] Sourced

Comparables (Cu-matched)5 African M&A · 1 intl · 1 financing/benchmark — set spans, not market curves · deals · compare assets · data freshness Sourced

Risk read

mining major · insurer — what is the exposure?

Province IC compositeLufilian Arc — 6.75/10 Derived

Ownership structureHeld via Kansanshi Mining; ZCCM-IH (Zambian state) holds 20% fixed structural component Sourced

Recent events (record, newest last — tail shown)… roduction lifted to 280 ktpa nameplate from ~170 kt 2024; 2026 guidance 255-275 kt Cu; mine life to 2046 (stockpile to 2049); Franco-Nevada gold stream re-acquired Aug 2025 for $625M (reduces C1 cash cost ~$0.15-0.20/lb) Sourced

What this record does not yet support — disclosed, not estimated

Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.