Canadian based mining and metals company First Quantum Minerals Ltd. (FQML) has presented a takeover offer to acquire Zambian rival ZCCM Investments Holdings PLC’s 20 percent stake in Kansanshi mine.

First Quantum said that the proposal includes $300 million and $400 million in cash and an equal amount in special royalties for over more than 10 years.

First Quantum already owns 80 percent of the Kansanshi mine in the North-Western Province of Zambia, while ZCCM holds the rest.

The move will also include ZCCM dropping a $1.4 billion legal claim against First Quantum over a loan received from Kansanshi. The government is still considering the proposal.