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
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.
. , 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.