Deals
Congo Copper Miner Plans Chinese Joint Venture at Main Asset
- Project expected to initially produce 80,000 tons a year
- Agreement with China Nonferrous expected by end of 2016
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Gecamines, the Democratic Republic of Congo’s state-owned miner, is in talks to give China Nonferrous Metal Mining Group a majority stake in its most prospective copper asset.
CNMC will finance, build and operate a copper-processing facility at the Deziwa concession in return for a 51 percent stake in the project, Jean Dominique Takis, head of strategy, said in an interview Tuesday in the capital, Kinshasa. CNMC will be reimbursed for its investment in the plant, which should have an initial capacity of 80,000 metric tons a year, through an off-take agreement over an agreed period that wasn’t specified, after which ownership of the project will be returned to Gecamines, Takis said.