Foreign media news: on November 23, zijin mining group said on Tuesday its board of directors has approved a $769 million investment, in the democratic republic of Congo (DRC) Kamoa - Kakula copper project near a new copper smelters.Kamoa - Kakula copper project is zijin mining and affin mining (vanhoeMines) joint venture. In may this year began to put into production, at present in the production of copper concentrate, about 35% in the nearby Lualaba smelter for processing.
China nonferrous mining co., LTD (CNMC) owns a majority stake in the smelter. The rest of the copper concentrate to the smelter.Through a new refinery, helps to reduce dependence on third parties to treat refinery partners. Ivanhoe mines in last week announced the basic engineering contract awarded the zijin mining group, the annual output of 500000 tons of copper smelter will become Africa's largest copper smelter, and also is one of the world's largest single smelter.Zijin mining said investment reached $769 million, which is used for construction of the $699 million will come from KamoaKamula joint venture (JV) of its own cash flow. The cure for the construction of the refinery is expected to take three years.
Ivanhoe Kamoa copper and zijin respectively hold its 39.6% stake, the government owns 20%, CrystalRiver global company owns 0.8%.Headquarters is located in Canada's ivanhoe mines, said last week that Kamoa - the first stage of the Kamula is expected to produce about 200000 tons of copper per year, while the second stage of the production will be expanded to 400000 tons per year, is expected to be completed in the second quarter of 2022. Eventually yield could reach more than 800000 tons, even make it second only to Chile ace hole dida copper mine of the world's second largest copper complexes.
