Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Jiangxi Copper receives CNY1.5bn ($213.18mn) from its parent company to repay loans and cut financing cost after it bought 17.6pc stake in Canada’s First Quantum Mineral. The financial aid from Jiangxi Copper Corporation can be used only to repay debts or increase its working capital. 


On Tuesday, Dec 10, Jiangxi Copper signed an agreement to buy 17.6pc stake in First Quantum Minerals from PIM Cupric Holdings for $1.1bn through Jiangxi Copper (Hong Kong) Investment Co. (wholly owned subsidiary of Jiangxi Copper). 


Jiangxi Copper mentioned in the statement that it has received seven rounds of financial assistance since June, amounting to 4.9bn yuan from its parent company. Jiangxi Copper had total current liabilities of approximately 72bn yuan as of Sept 30, according to its third-quarter report.


(1CNY = $0.142120)

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