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First Quantum shares rise after preliminary takeover interest reported

First Quantum Minerals Ltd.'s shares closed over 10% higher on the Toronto Stock Exchange on Sept. 19 after Bloomberg News wrote that the company is working with takeover defense advisers to assess options after attracting preliminary takeover interest from global miners.

The company, which lost half of its value over the last five years and now stands at a market capitalization of C$7.7 billion, has not received any formal takeover bids as yet, so there is no certainty that any transaction will take place, people with knowledge of the matter told Bloomberg.

First Quantum did not comment.

The company owns Africa's largest copper mine, Kansanshi in Zambia, with an annual production capacity of 340,000 tonnes, where it scrapped a plan to dismiss 2,500 workers due to the country's higher mining taxes earlier this year.

In February, First Quantum moved to consolidate its ownership of Kansanshi by offering US$700 million to buy the 20% stake of state-owned ZCCM Investments Holdings PLC.