Pangaea bought an additional 6 million shares in First Quantum, bringing its stake in the company to 74.64 million shares, or 10.8%.

First Quantum has been in discussions with Jiangxi Copper since September regarding a possible investment in the company’s Zambian assets, it said in a statement.  

First Quantum operates six mines, including Kansanshi, the biggest copper mine in Africa. The company also controls Cobre Panama, a massive mining and processing complex in Panama, the largest copper operation coming to market over the next couple of years and the biggest single private sector investment in the nation’s history.

First Quantum’s shares were up slightly again Friday morning. The company has a C$7.6 billion market capitalization.