First Quantum Minerals (TSX:FM) were up 17% on Thursday after Pangaea Investment Management, a firm backed by Chinese state-owned Jiangxi Copper upped its stake in the Canadian miner.
Pangaea bought an additional 6 million shares in First Quantum, bringing its stake in the company to 74.64 million shares, or 10.8%.
First Quantum has been in discussions with Jiangxi Copper since September regarding a possible investment in the company’s Zambian assets, it said in a statement.
First Quantum operates six mines, including Kansanshi, the biggest copper mine in Africa. First Quantum Minerals also controls Cobre Panama, a massive mining and processing complex in Panama, the largest copper operation coming to market over the next couple of years and the biggest single private sector investment in the nation’s history.
First Quantum’s shares were up slightly again Friday morning. The company has a C$7.6 billion market capitalization.
(With files from Reuters)