Canada’s Ivanhoe Mines and joint-venture partner Zijin Mining have transferred a further 15% interest in their Kamoa-Kakula copper project to the DRC’s government.
Zijin Mining Mining News
The potential sale of a 50% stake in Veladero mine could fetch Barrick more than $1 billion, sources familiar with the matter say.
Shares in the Vancouver-based miner soared Monday as the firm said it would likely hire an investment bank to advise the board on all strategic options.
Shares in the Canadian company were up more than 3.6% Thursday morning on the news.
Most of them have been after existing operations and companies, rather than trying to build mines from scratch.
Net profit for 2015 dropped by almost 30% to $261 million (1.7 billion yuan) from the previous year's $353 million.
The cash injection comes from selling half of its interest in the Porgera mining operation to the Chinese group last May.
The deal increases Chinese miners presence in Congo, which is Africa’s top copper producer and the world’s largest producer of cobalt.
The Chinese firm already mines gold next door to a Phoenix deposit.
Perhaps the most important aspect of today’s agreements is the fact that both aim to form long-term strategic partnerships to collaborate on further ventures, opening new markets for all the firms involved.
The deal is part of a long-term strategic cooperation agreement that will see Zijin and Barrick collaborate on future projects and joint investments.
Chinese copper-gold giant Zijin Mining Group is on the move again with plans for more acquisitions.
The Zijin Mining Group , one of China's biggest gold producers, has been ordered to pay 30 million yuan ($4.62 million) by a local court in Fujian province for a toxic spill last year that caused severe environmental pollution. The local court in the city of Long Yan has also issued prison terms ranging between three years to 42 months to five of Zijin's staff who were found to be involved in the incident, Zijin said in a statement on Wednesday.