Jiangxi Copper to Collaborate With First Quantum on Kazakh Exploration Project

MT Newswires Live01-16

Jiangxi Copper (HKG:0358) said it granted First Quantum Minerals an option to acquire a 51% stake in a yet-to-be created Kazakh holding unit, according to a Hong Kong bourse filing Thursday.

Shares of the company gained 4% in morning trade Friday.

The firm said it was roping in First Quantum for technical leadership after agreeing to acquire a 14.9% stake in Lakeside Minerals, the owner of 14 mining rights in the Lake Balkhash region of Kazakhstan, for $6.5 million in December.

Jiangxi plans to hold the investment initially before transferring it to a newly created holding company in the Astana International Financial Center in Kazakhstan.

First Quantum will be able to acquire a majority stake in the holding firm within three years of Jiangxi becoming a Lakeside shareholder in exchange for providing technical oversight for exploration work.

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