China’s Jiangxi Copper buys large stake in Canada’s FQM
Dec 13, 2019 08:45
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Jiangxi Copper Co, one of China’s leading copper conglomerates based in Southeast China’s Jiangxi province, plans to acquire some 18% of Canada’s First Quantum Minerals (FQM) to become its largest shareholder, according to Jiangxi Copper’s December 10 release. Market sources suggested to Mysteel Global the Chinese smelter may be aiming to secure stable supplies of upstream feeds.
FQM, headquartered in Vancouver, British Columbia, operates nine copper mine projects in eight countries including Zambia, Panama and Peru, and the company holds a total of 49.25 million tonnes of copper resources, among which 45.9 million tonnes are on its account, according to the announcement.
Jiangxi Copper is paying $1.1 billion