The A-share and H-share listed company Jiangxi Copper Company Limited (“JCC”, Stock Code: 600362:SH, 0358:HK) today announces that the Purchaser, a JCC's wholly-owned subsidiary, has entered into the Agreement with the Vendor, Pangaea Investment Management Ltd., in relation to the purchase of the Target Shares, representing the entire issued capital of PIM Cupric Holdings Limited at a total Consideration of approximately USD1.1159 billion. As at the date hereof, the Target Company holds approximately 124 million shares of First Quantum Minerals Ltd. (“FQM”, FM:TSX), a company listed on TSX., representing approximately 18.015% of the entire issued share capital of FQM. Through this transaction, JCC will become the single largest shareholder of FQM among the investors of the same industry.
JCC is a leading player in the copper industry with its core business covering mining, milling, smelting, further processing of coppers, the extraction and processing of precious metals and rare and scattered metals, sulfur chemical products, finance, trade and other fields. JCC is an important copper, gold, silver and sulfur chemical production base in China. The Target Company FQM, incorporated in 1983 under the laws of Canada, is a well-established and rapidly growing metals and mining company. In recent years, FQM has 9 copper mine projects in 8 countries including Zambia, Panama and Peru, among which, FQM has three world-class mines that have been put into operation in Zambia and Panama.
As JCC’s lead counsel, Global Law Office led the various legal work throughout the transaction. Driven by the principle of “Clients First, Quality Foremost”, Global Law Office provides first-class legal services to clients leveraging on our rich experience in cross-border M&A transactions and our global vision, which have been highly recognized among clients. In this transaction, GLO team was led by our partners Mr. Jinrong Liu and Ms. Shifang Guo. Ms. Jingxin Zhan, Ms. Qin Zhu, Ms. Ruiqing Zhu, Ms. Yuxin Wu and Ms. Jingyan Xu also worked intensively on this matter.