Jiangxi Agrees to Limit Stake in Canadian Copper Mining Company

(Bloomberg) — First Quantum Minerals Ltd. has reached an agreement with Jiangxi Copper Co Ltd., its second-largest shareholder, that limits the Chinese firm’s ownership of the Canadian copper producer.

First Quantum said Tuesday that the shareholder rights agreement prevents Jiangxi from buying more stock in the company or selling a shares block of 5% or larger without First Quantum’s consent. The three-year agreement gives Jiangxi the right to nominate one person for consideration by First Quantum’s governance committee to the board of directors.