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China's Jiangxi Copper secures 1.5B yuan loan from controlling shareholder

China's Jiangxi Copper Co. Ltd. secured a loan of 1.5 billion Chinese yuan from controlling shareholder Jiangxi Copper Corp. Ltd. to repay bank loans and for working capital.

The loan has a 2.35% interest rate and a term of 176 days ending June 4, 2020.

The company said Dec. 11 that it is not required to provide any mortgage or guarantee for the loan, while it is entitled to make prepayments or apply for an extension of the loan term.

Jiangxi Copper has received about 4.90 billion yuan in loans from Jiangxi Copper Corp. over the last 12 months.

Jiangxi Copper Corp. has a 41.79% stake in Jiangxi Copper.

Jiangxi Copper recently spent US$1.12 billion to become the top shareholder of First Quantum Minerals Ltd., although the Canadian base metals miner denied receiving any takeover offers.

As of Dec. 11, US$1 was equivalent to 7.04 Chinese yuan.