Jiangxi Copper to become First Quantum’s largest shareholder with $1-bln Cupric acquisition

Chinese copper producer Jiangxi Copper will become the largest shareholder of Canada-listed First Quantum Minerals (FQM) after its $1.12-billion purchase of PIM Cupric Holdings (PCH), which holds around 18.015% of FQM’s issued shares.

“The transaction is in line with the company’s international strategy,” Jiangxi Copper said in a filing to the Shanghai Stock Exchange on Tuesday November 10.
Jiangxi Copper, one of China’s biggest copper producers, said the transaction will be executed through Jiangxi Copper (Hong Kong) Investment Co.

The Toronto-listed miner, owner of Kansanshi copper mine in Zambia, had been in talks to sell a minority stake in Zambian copper assets to Jiangxi Copper in September, but no deal has yet been finalized. Rio Tinto is also rumored to be a potential buyer of First...

Published

Sally Zhang

December 11, 2019

14:37 GMT

Shanghai