First Quantum Minerals jumps on Chinese interest
First Quantum, one of the world's top ten copper producers, jumped 11% today to $11.10 a share after Pangaea Investment Management announced that it acquired 6 million shares of the copper miner.
Pangaea Investment Management, which is backed by Jiangxi Copper Company Limited, now owns 10.8% of First Quantum (TSX:FM).
First Quantum said in a news release that it has been in discussions with Jiangxi Copper "...regarding a possible investment in the Zambian assets of the company. There can be no certainty that any transaction will proceed."
First Quantum's Zambian mine, the Kansanshi mine, is the largest copper mine in Africa. On First Quantum's website, the company says Kansanshi is capable of producing 340,000 tonnes of copper and more than 120,000 ounces of gold per year.