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Jiangxi Copper to Acquire PIM Cupric Holdings

Metal News - Published on Thu, 12 Dec 2019

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China’s copper producer Jiangxi Copper has signed an agreement to buy the entire equity interest in PIM Cupric Holdings, which owns a 17.6% stake in First Quantum Minerals, for USD 1.1 billion from investment company Pangaea Investment Management. The transaction is executed through Jiangxi Copper’s wholly-owned subsidiary Jiangxi Copper (Hong Kong) Investment Company. PIM, which had beneficial ownership of, and control or direction over the common shares before the transaction, will not have any ownership on the common shares upon completion of the transaction.

PCH has direct ownership of 124,198,371 common shares, which represents approximately 18.015% of the issued and outstanding common shares of First Quantum Minerals. In September, First Quantum Minerals announced that it was in negotiations with Jiangxi for a potential sale of a minority interest in its Zambian copper assets. Under a standstill agreement signed in October, Jiangxi Copper was prevented from buying more than a 20% interest in First Quantum Minerals.

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Posted By : Rabi Wangkhem on Thu, 12 Dec 2019
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