Chinese mining company Zijin Mining Group had agreed to buy almost half of the Kamoa copper project in the Democratic Republic of Congo (DRC) from Ivanhoe Mines for $412 million (R4.9 billion), the companies said yesterday. Under the deal, Zijin will buy through its subsidiary, Gold Mountains International Mining Company Limited, a 49.5 percent stake in Ivanhoe Mines’ subsidiary Kamoa Holding Limited, which currently owns 95 percent in the DRC copper project. The mining sector has been hit in the last three years by a steep decline in metals prices but copper is seen by analysts as one of the commodities with the brightest prospects given some supply constraints.
Reuters