Rio Tinto Group and Saudi Arabia's state-backed Manara Minerals Investment are interested in buying First Quantum Minerals' Zambian copper assets, according to media reports.
Bloomberg quoted unnamed sources as saying that Japanese trading houses Mitsui & Co. and Sumitomo Corp. have also been studying the assets.
First Quantum said it wants first-round bids for minority ownership in its Zambian Sentinel and Kansanshi mines in the coming weeks.
The sources claimed Chinese corporations, including Zijin Mining Group Co. and Jiangxi Copper Co., First Quantum's second-largest stakeholder, may be interested in the properties.
Last year, Zambia produced half of First Quantum's copper and sales and generated over $450 million in operational profit.
First Quantum is selling a stake in its Zambian assets after it was ordered to close its flagship copper mine in Panama last year following public protests.
It battling to refinance the debt it took to build the mine.
The company sold $1 billion in stock and raised $1.6 billion from a notes issue this year, and it may sell smaller mining holdings.
Saudi Arabia's move would be another major coup after buying a share in Vale SA's base metals unit for $2.6 billion.
As it diversifies away from oil, the kingdom is seeking metals for its industrial goals.
Rio's copper chief recently told a conference that creating mines is more valuable than buying assets.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
