Sinomine acquire 65% stake in Kitumba copper mine
2024-03-15 12:42:15 [Print]
On March 14, African Minerals Limited, a wholly-owned subsidiary Sinomine Resource Group Co., Ltd. entered into share purchase agreements with Momentum Ventures Limited and Chifupu Resources Limited to acquire a 65% equity interest in Junction Mining Limited, including 50% held by Momentum Ventures and 15% held by Chifupu Resources, for a total of USD58.50 million in cash.
Junction Mining's main asset is the Kitumba copper mine in Zambia. Upon completion of the share transfer, Sinomine will own a 65% stake in Junction Mining and a 65% interest in Kitumba copper mine.
Kitumba copper mine is currently undeveloped. Based on a JORC (2012) Mineral Resource Estimate, the mine has a total copper mineral resources of 27.9 million tonnes at 2.20% Cu, containing 614,000 tonnes of copper.
Junction Mining's main asset is the Kitumba copper mine in Zambia. Upon completion of the share transfer, Sinomine will own a 65% stake in Junction Mining and a 65% interest in Kitumba copper mine.
Kitumba copper mine is currently undeveloped. Based on a JORC (2012) Mineral Resource Estimate, the mine has a total copper mineral resources of 27.9 million tonnes at 2.20% Cu, containing 614,000 tonnes of copper.
Copper Conc. 20%min Delivered China
Unit:RMB/mt Cu
China copper concentrate producers' operating rate statistics by province by month
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