Zijin Mining (02899) said it agreed to acquire 49.5% equity interest in Kamoa Holding Limited as well as shareholder's loans at US$412 million (equivalent to about Rmb2.52 billion) from Ivanhoe Mines Ltd.
The target holds 95% interest in Kamoa Copper SA and Kamoa Copper SA holds Kamoa copper mine project in the Democratic Republic of the Congo.
Zijin Mining also agreed to acquire 50% equity interest in Barrick (Niugini) Limited as well as shareholder's loan at US$298 million (equivalent to about Rmb1.82 billion). The major assets of Barrick (Niugini) is the 95% equity interest it holds in the Porgera Joint Venture (non-registered) in Papua New Guinea. The Porgera gold mine operates through the Porgera Joint Venture. It is a world-class epithermal gold mine with a large volume of resources reserve.
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