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Zijin mining started 8 billion yuan of additional shares to promote overseas expansion

2020-01-06 09:47:26

On November 13, 2019, Zijin Mining Group Co., Ltd. issued a public offering prospectus, the raising 8 billion yuan will be used to acquire a 100% stake project in Nevsun Resources ltd. With total investment of 9.36 billion yuan. The target company (Nevsun) is a copper, zinc and gold based mineral resources exploration and development company with two core assets: Timok Copper-gold Mine and Bisha Copper-zinc Mine. On November 4, 2019, Zijin Mining issued to obtain the interest in the Lower Zone of the Timok copper-gold mine owned by Freeport-McMoRan Exploration Corporation (FMEC). After completion of above acquisitions, Zijin Mining will own 100% interests in both the Upper Zone and the Lower Zone of the Timok copper-gold mine project.

 

Kamoa-Kakura copper mine in DRC have made important progress, which is one of the world's largest copper mines to be developed, will produce 380,000 tonnes of copper a year after the first phase and more than 700,000 tonnes a year after the second phase.