An investment firm backed by Jiangxi Copper increased its stake in First Quantum Minerals Ltd, which is in discussions on a possible investment by the Chinese producer in its Zambian assets.
The increase in shareholding was made on Wednesday October 16 via Pangaea Investment Management Ltd (PIM), which raised its stake in Canada's First Quantum to 10.827% from 9.956%. PIM has the right to buy a further 5.802% stake in the Vancouver, British Columbia-based company by September 4, 2020, which would take its total shareholding to 16.629%.According to PIM, Jiangxi Copper (Hong Kong) Investment Ltd (JCCHK), a wholly owned subsidiary of Jiangxi Copper, "may be...