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First Quantum Minerals Ltd. appointed Jiangxi Copper Co Ltd.’s Hanjun Xia to its board of directors after reaching a standstill agreement with its second-largest shareholder earlier this year.
The Canadian copper producer announced Xia’s appointment along with Juanita Montalvo, a managing partner at a Cuban financial advisory firm, in its earnings statement released Tuesday.
Xia is currently at Jiangxi and served most recently as president of marketing and trading, according to First Quantum. Xia has held various roles at the company over two decades.
The appointment follows a shareholder rights agreement struck in July that prevents Jiangxi, a state-owned Chinese mining firm, from buying more stock in First Quantum or selling a shares block of 5% or larger without the Canadian miner’s consent. The three-year agreement also gave Jiangxi the right to nominate one person for consideration by First Quantum’s governance committee to the board of directors.
The standstill deal follows efforts by Canada’s government to crack down on Chinese investment in the critical minerals sector. Canada said earlier this year it would only approve foreign acquisitions of Canadian critical mineral firms in “the most exceptional of circumstances.”
One of the largest copper smelting companies in the world, Jiangxi has an 18.5% stake in First Quantum and bought an additional $212 million in shares in January.
(By Jacob Lorinc)
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