South Africa Plans First Mine Investment in Congo Since 2010
- First such Industrial Development Corp. investment since 2010
- South Africa's move coincides with the IFC's return to Congo
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South Africa’s Industrial Development Corp. said it plans to buy a stake in Alphamin Resources Corp., its first investment in the Democratic Republic of Congo’s mining industry since a dispute over a canceled project in 2010.
Alphamin temporarily suspended its stock from trading on the Toronto Stock Exchange on Monday, before saying in a statement that it was in “advanced negotiations” for the Johannesburg-based IDC to invest in its Congolese unit. No shares were traded after the resumption, leaving the company valued at about C$71 million ($54 million).