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Jiangxi Copper, First Quantum’s largest shareholder, has increased its stake in the Canadian miner, which is still reeling from theThe Chinese miner grew its interest in First Quantum to 19.5% from 18.3%, after buying a total of 1.35 million shares this week.the Vancouver-based miner recently ratified 20-year contract to operate the giant Cobre Panama copper mine.
Shares in First Quantum have recovered some of the loses suffered a week ago, last changing hands at C$16.67, but still far from the C$27.96 they closed the day before an explosion of popular rage among Panamanians rocked the company and forced authorities to backpedal on the signed deal.The mine, in production since 2019, contributes almost 5% of the country’s GDP. It also makes up 75% of Panama’s export of goods and has created at least 40,000 jobs, directly and indirectly.
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