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Huayou Cobalt's projects are in full production

2018-01-29 01:51:55

Beijing, 24 Jan. (Antaike)--Huayou Cobalt’s 20kt NCM precursor project is expected to be in full production at the end of 2017. PE 527 project is going to be completed and operated before the end of 2017, and some high end NCM precursor products have already been sold and some are still gaining certificate.



Huayou Cobalt plans to pour 50.06mln yuan to acquire the issued 39.89mln shares of Australia listed company- Nzuri Copper Limited (NZC), accounting for 14.76% of the total issued shares, boosting Huayou Cobalt to became the second largest shareholders of NZC.



NZC holds 85% shares of Congo Kalongwe Mining SA, and Kalongwe has the mining licenses of Kalongwe mines. According to NZC’s feasibility study on Kalongwe project: ore reserve is 6.98Mt, of which copper grade is 3.03% and cobalt 0.36%, and copper and cobalt resources are 211,500t and 25,100t. By the end of June 2017, NZC had a total asset of AUD33.75mln and net asset of AUD31.15mln. Its net asset was AUD-2.89mln.



Huayou Cobalt invests 438mln yuan to acquire 51% shares of Lucky Resources, becoming its first largest shareholder.



Lucky Resources has 100% shares of NEW MINERALS INVESTMENT SARL (NMI), and NMI has Congo’s No. 13235 mining license through leasing, which has copper resource of no less than 400kt and cobalt no less than 20kt. Lucky Resources is estimated to be $130mln.






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