First Quantum execs discuss investment, disputed copper with Chinese officials

Executives from Canadian miner First Quantum Minerals met with Chinese government officials last week to discuss funding and business options involving top investor Jiangxi Copper Co, three sources with knowledge of the matter said.

Since November last year, Jiangxi has invested about $745 million in First Quantum through debt, equity and a prepayment copper deal. Still, despite being one of the biggest shareholders, Jiangxi does not have any say in board decisions. Relations between Jiangxi and First Quantum have been volatile since 2019, when the Chinese miner invested $1 billion, fuelling speculation it was preparing for a hostile takeover.

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