This translation has been automatically generated and has not been verified for accuracy.Pangaea Investment Management Ltd, an investment firm backed by Chinese state-owned Jiangxi Copper Corp. Ltd., has amassed a 10.8-per-cent stake in Canadian copper company First Quantum Minerals Ltd.
Last month, The Globe and Mail reported that First Quantum had hired investment bankers to deal with a potential takeover bid from Jiangxi Copper.Jiangxi Copper is a substantial shareholder in and lender to Pangaea. Last month, First Quantum said it had held talks about selling a stake in some of its African assets, but had not discussed selling the entire company with anyone.
First Quantum has spent about US$6.7-billion over the past few years building Cobre Panama, a promising copper project it inherited as part of the acquisition of fellow Canadian miner Inmet Mining Corp. Touted as the company’s big growth asset, Cobre Panama accounts for much of the company’s US$7.6-billion debt load.