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.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...