Democratic Republic Of Congo
China’s Zhejiang Huayou Cobalt Co will invest $147.2 million to build a copper project in Democratic Republic of Congo (DRC), as it extends the exploration of its mining assets in the country, the company said in a filing to the Shanghai stock exchange on Tuesday.
The project will be located in the Lukuni region in the south of DRC, and will have annual electro-deposited copper production capacity of 30,000 tonnes.
Electro-deposited copper is a raw material widely used in the electrical equipment and machine manufacturing sectors.
Huayou has built two cobalt refineries in the Luiswishi region of DRC after buying copper-cobalt mineral rights from La Generale des Carrieres et des Mines in 2015.
The new copper project is expected to launch by September 2019, the company said in the filing, but it also warned it still needs approvals from Chinese authorities.
The investment will be made through its subsidiary Congo DongFang International Mining (CDM), which mainly sources copper and cobalt from DRC.
REUTERS
Go to video
China revokes win for He Jie after investigation into half marathon
01:05
Niger signs deal to supply Mali with cheaper diesel
Go to video
China’s economic growth hits 5.3%
Go to video
DR Congo names first female prime minister amid escalating violence
Go to video
Nigerian court has sentenced a Chinese man to death for killing his girlfriend
01:10
Angola's president woos Chinese tourists