Zijin Mining to Buy Stake in DR Congo's Kolwezi Copper Mine with $77.92 Mln

BEIJING (SMM): Zijin Mining Group plans to buy 51% stake of La Compagnie Minière de Musonoie Global SAS located in DR Congo (DRC) with $77.92 million through its subsidiary Jin Cheng Mining Limited, the company told Hong Kong Stock Exchange.

China's Zhejiang Huayou Cobalt Co. owns 72% of stake in the La Compagnie Minière de Musonoie Global SAS. Jin Cheng Mining proposed to buy 51% of interest in the DRC-based company from Zhejiang Huayou Cobalt with $77.92 million.

The major asset of La Compagnie Minière de Musonoie Global SAS is the Kolwezi Copper Mine project which is still under the stage of feasibility study and has not yet been put into commercial production, Zijin Mining said in a statement.

Kolwezi Copper Mine, situated at the Zambia-DR Congo copper (cobalt) metallogenic belt, is expected to provide raw materials to Zijin Copper’s 200,000-tonne refinery project after being entering service.

Courtesy: www.metal.com