China Nonferrous Mining invested US$2 billion to develop copper mines

According to Bloomberg on August 15, the Congo's state-owned mining company Gecamines (National Mining Corporation) said that China Nonferrous Mining Group may invest up to $2 billion to develop its most promising copper assets, which is also another Chinese mining company to deploy overseas minerals
after Luoyang Molybdenum announced the acquisition of Congo's largest copper-cobalt mine.

"It's not a partnership relationship, it's a financing agreement, it's a loan that needs to be repaid," Bloomberg quoted Kandolo Mafuta, head of partnerships at Gecamines, as saying
at the mining conference on Aug.
11.
He revealed in the interview that "the total amount of investment in China may be $2 billion
.
" ”

In June, Gecamines had said China Nonferrous Metals would fund the construction of a plant with an initial copper output of 80,000 tonnes per year in exchange for a 51 percent stake
in the project.
Until full ownership of the project is transferred back, CNMC will be compensated through an underwriting agreement for a fixed period of time, and the parties have not yet agreed
on how long this fixed period will be.
Gecamines said it would make a decision on the second phase of the project at a
later date.
In the second phase of the project, copper production will increase by 200,000 tonnes
per year.
However, the company did not provide specific details
of the agreement.

Gecamines is the largest mining company in the DRC, with a 100% stake in the country, and it has long been the backbone
of the country's economy.
In 1980, 66 per cent of the revenues of the State budget came from the company
.
In 1990, the company's copper production once reached 465,000 tons, but then gradually declined, and in 2009 it was just over 20,000 tons
.
The company's industrial mineral development zones mainly include copper, cobalt, nickel, uranium and other mineral products
.