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China s Zijin and Citic Metal to buy copper from DRC mine Reuters 1 hr ago
June 9 (Reuters) - China s Zijin Mining Group said on Wednesday one of its subsidiaries and trader Citic Metal would each buy 50% of the copper production from the recently-launched first phase of its Kamoa-Kakula mine in the Democratic Republic of Congo (DRC).
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The deals will see wholly-owned Zijin unit Gold Mountains (H.K.) International Mining Co Ltd and Citic Metal, part of state-owned conglomerate Citic Group, split the initial offtake from what is expected to be the world s highest-grade major copper mine.
The agreements were done on competitive arms-length commercial terms and include treatment and refining charges based on the annual industry benchmark, Zijin said in a filing.
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Qualified Persons
Disclosures of a scientific or technical nature regarding development scenarios at the Kamoa-Kakula Project in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is the Head of the Kamoa Project. Mr. Amos has verified the technical data disclosed in this news release.
Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, which is available on the company’s website and under the company’s SEDAR profile at www.sedar.com:
The mine is estimated to produce nearly 200,000 tonnes of copper per year in the first phase
Samples of Kamoa Copper’s copper concentrate being collected before it is shipped to the Lualaba Copper Smelter. (Credit: Ivanhoe Mines Ltd.)
CITIC Metal (HK) and a subsidiary of Zijin have signed offshore agreements with Kamoa Copper for the Kamoa-Kakula mine in the Democratic Republic of Congo (DRC).
The companies have signed copper concentrate and blister copper off-take agreements for 100% of Kamoa-Kakula’s phase 1 copper output.
The mine, which started producing copper concentrate in May, is estimated to produce nearly 200,000 tonnes of copper per year in the first phase.
Trucks transporting bulk copper concentrate from the Kamoa-Kakula to the Lualaba smelter via the recently-completed by-pass road connecting the mine to Kolwezi. (
Canada’s Ivanhoe Mines (TSX: IVN) has inked deals with China’s Zijin Mining’s subsidiary and trader Citic Metal to sell each 50% of the copper production from the recently-launched first phase of its Kamoa-Kakula mine in the Democratic Republic of Congo (DRC).
The copper concentrate and blister copper off-take agreements will see wholly-owned Zijin unit Gold Mountains (H.K.) International Mining Co Ltd and Citic Metal split the initial offtake from Kakula, Ivanhoe’s first of the two mines at the concession.