First Quantum Minerals (FQM) has dismissed assertions that it is engaged in discussions for a takeover bid or other change of control transaction with Jiangxi Coper Company of China.
The mining company, nevertheless, says it is aware of speculation regarding a potential transaction involving Jiangxi Copper Company Limited.
In a statement, FQM president Clive Newall stated that no transaction had been agreed upon and there was no guarantee that any transaction would be achieved.
“There has also been speculation of a takeover bid. First Quantum has not engaged in any discussions regarding a take-over bid or other change of control transaction and has no knowledge of potential take-over bids, change of control transactions or proposals,” stated Newall, who, however, pledged that the mining company will update the market of any relevant developments in due course.
As at Wednesday, September 25, Reuters reported that the mining giant had attracted the interest of China’s Jiangxi Copper Limited, amidst weak copper prices on the international market, which had plummeted to around US $5,761 per metric tonne, the lowest the commodity had traded at since January, this year.
“The metal’s weak price and similarly depressed industry valuations make it a good time to prospect for deals,” reported Reuters.
– Courtesy of SUMA SYSTEMS.