View of the headquarters and head office of CSCEC (China State Construction Engineering Corporation) in Beijing, China, Photo: VCG 

Jiangxi pays $1.1b for Cupric

Jiangxi Copper Co has agreed to pay $1.1 billion to buy Cupric Holdings from Pangaea Investment Management, the Chinese copper producer said in a statement on Monday.

The target company holds about 18.01 percent of the share capital of  Canada's First Quantum Minerals, the statement said.

After the transaction, Jiangxi Copper will be the largest shareholder of First Quantum and expects a strong cash inflow given the rich mine resources held by First Quantum.

Egypt's  capital construction

Egyptian and Chinese officials hailed on Tuesday the progress in co-building massive skyscrapers in Egypt's new administrative capital. 

At the construction site, 50 km east of the Egyptian capital Cairo, China State Construction Engineering Corporation (CSCEC) marked the progress with Egyptian partners in a ceremonial conference attended by officials from the Egyptian Housing Ministry and the Chinese embassy in Cairo.