Shares of First Quantum were up 5% in late morning trading on the Toronto Stock Exchange.
Since November last year, Jiangxi has invested about $745 million in First Quantum through debt, equity and a prepayment copper deal. Still, despite being one of the biggest shareholders, Jiangxi does not have any say in board decisions.
Under a standstill agreement, Jiangxi is prevented from buying more than a 20% equity stake in First Quantum. It currently holds 18.4%.
It was not clear whether there would be further new investments after the meeting, one of the sources said.
First Quantum declined to comment, while Jiangxi Copper did not respond to queries from Reuters by email or phone.
Relations between Jiangxi and First Quantum have been volatile since 2019, when the Chinese miner invested $1 billion, fuelling speculation it was preparing for a hostile takeover.
However, Jiangxi was a firm supporter during recent turbulence for the…
