Jiangxi Copper Co., China's second- largest producer of the metal, said its board approved the purchase of 100 million new shares of Nanchang City Commercial Bank for 280 million yuan ($39 million).

Jiangxi Copper will hold 4.2 percent of the bank, becoming the second-largest shareholder, the Guixi, Jiangxi province-based company said in a statement today to the Shanghai Stock Exchange. The purchase is subject to regulatory approval.