|Bid||12.68 x 0|
|Ask||12.69 x 0|
|Day's Range||12.59 - 12.70|
|52 Week Range||12.10 - 17.62|
|Beta (5Y Monthly)||1.10|
|PE Ratio (TTM)||22.78|
|Earnings Date||Apr 29, 2020|
|Forward Dividend & Yield||0.20 (1.59%)|
|Ex-Dividend Date||Jul 26, 2019|
|1y Target Est||11.82|
Today we'll take a closer look at Jiangxi Copper Company Limited (HKG:358) from a dividend investor's perspective...
Factory closures due to the coronavirus outbreak in China, including in epicentre Hubei, are sapping demand for sulphuric acid, a byproduct of copper production, and will likely see smelters cut output, industry sources said on Tuesday. Prices for sulphuric acid, mostly used in fertilisers, have more than halved since December's outbreak, which has now claimed more than 400 lives in China and sparked concerns over the impact on copper demand in the world's biggest consumer of the metal. Hubei, which accounts for 20% of China's sulphuric acid consumption, according to an official at Hubei-based smelter Daye Nonferrous Metals Group, has told businesses not to return to work until at least Feb. 14, while other Chinese regions have extended the Lunar New Year holiday through this week.
The rights plan, which comes into force immediately, will ensure that all shareholders are treated fairly in connection with any takeover bid, First Quantum said. State-backed Jiangxi Copper said in a regulatory filing last month that it would buy Cupric Holdings Ltd from Pangaea Investment Management Ltd. Cupric held around 18% of First Quantum's issued share capital as of Dec. 9.
TORONTO , Dec. 9, 2019 /CNW/ - Pangaea Investment Management Limited ("PIM") announces that on December 9, 2019 , pursuant to a sale and purchase agreement (the "Agreement"), PIM sold the entire outstanding issued equity interest of its wholly-owned subsidiary PIM Cupric Holdings Limited ("PCH") to Jiangxi Copper ( Hong Kong ) Investment Company Limited ("JCCHK") (the "Transaction") as part of a reorganization (the "Reorganization"). The Transaction is expected to close on or prior to December 31, 2019 . PCH has direct ownership of 124,198,371 common shares ("Common Shares") of First Quantum Minerals Limited ("FQM"), a company listed on the Toronto Stock Exchange.
TORONTO , Dec. 9, 2019 /CNW/ - Jiangxi Copper Company Limited ("JCC") announces that on December 9, 2019 , its wholly-owned subsidiary Jiangxi Copper ( Hong Kong ) Investment Company Limited ("JCCHK") entered into a purchase and sale agreement ("Agreement") pursuant to which it has agreed to purchase the entire equity interest in PIM Cupric Holdings Limited ("PCH") from Pangaea Investment Management Limited ("PIM") ("Transaction"). The Transaction is expected to close on or prior to December 31 , 2019. PCH has direct ownership of 124,198,371 common shares ("Common Shares") of First Quantum Minerals Limited ("FQM"), a company listed on the Toronto Stock Exchange.
State-backed Jiangxi Copper, one of China's biggest copper producers, said on Monday it would buy Cupric Holdings Ltd from Pangaea Investment Management Ltd. The target held around 18.015% of First Quantum's issued share capital as of Dec. 9, according to a separate Jiangxi Copper filing to the Hong Kong stock exchange on Tuesday. The move adds to speculation about First Quantum amid heightened expectations for deals in copper, seen as a critical ingredient in low-carbon technologies.
Miner Freeport-McMoRan Inc and three Chinese copper smelters on Thursday agreed a 23% cut in annual treatment and refining charges (TC/RCs) for 2020, pushing the industry benchmark to a nine-year low. Freeport settled with Jiangxi Copper, Tongling Nonferrous Metals and China Copper Corp in three separate deals at the same price, Javier Targhetta, president of Atlantic Copper and senior vice president for marketing and sales at Freeport told Reuters. The charges, paid by miners to smelters to process ore into refined metal, were set at $62 a tonne and 6.2 cents per pound, down from $80.80 a tonne and 8.08 cents per pound in 2019, reflecting tight concentrate supply and China's rising processing capacity.
Pangaea Investment Management Ltd said it had purchased 6 million more shares in First Quantum, bringing its stake in the company to 74.64 million shares, or 10.8%. The investment company has also entered into a forward contract through which it may choose to buy another 40 million shares. Jiangxi Copper, one of China's biggest copper producers, is a substantial shareholder in Pangaea.
Canada's First Quantum Minerals Ltd said on Monday it had no knowledge of any potential takeover bids but confirmed it was in talks with Jiangxi Copper Co Ltd for a potential sale of a minority interest in its Zambian copper assets. The company's shares have risen about 20% since Bloomberg reported on Thursday that First Quantum was attracting preliminary takeover interest and is working with defense advisers to weigh its options. International miners such as First Quantum have also looked on nervously as the Zambian government appointed a provisional liquidator to run Vedanta Resources' Konkola Copper Mines (KCM), claiming KCM has breached the terms of its licence.