Zijin News - Kamoa Copper SA – the joint venture between Zijin Mining Group, Ivanhoe Mines, and the Government of the Democratic Republic of Congo (DRC) – has been fully authorized to commence exports of copper concentrate.
The company has also signed copper concentrate and blister copper off-take agreements on competitive arm’s-length commercial terms with CITIC Metal (HK) Limited and Gold Mountains (H.K.) International Mining Company Limited, for 100% of Kamoa-Kakula’s Phase 1 copper output.
CITIC Metal (HK) and Gold Mountains (H.K.) will each buy 50% of the copper products from Kamoa-Kakula’s Phase 1 production.
The off-take agreements contain standard, international commercial terms, including copper payables and treatment and refining charges based on the annual benchmark across the copper industry.
Kamoa-Kakula’s Phase 1 project, with a capacity of 3.8 Mtpa, was commissioned on May 25, and will produce about 200, 000 tonnes of copper every year.
The ultra-high-grade, clean concentrate produced by Kamoa-Kakula is expected to contain approximately 57% copper and very low levels of impurities. According to its production plan, Kamoa-Kakula will produce copper concentrate containing 80, 000 to 95, 000 tonnes of copper in 2021.
On May 31, 2021, Kamoa Copper signed a 10-year agreement with the Lualaba Copper Smelter, about 40 kilometers away from its mine site, for the processing of a portion of its copper concentrate production, to produce 99% blister copper. Kamoa Copper delivered its first copper concentrates to the Lualaba smelter on June 1, and will receive first blister copper ingots within 30 days of delivery.
About Zijin Mining
Zijin Mining is a leading global metals and mining company and one of the world’s largest producers of gold, copper, and zinc. The company has more than 30 large-scale mining operations and projects across 19 countries on 5 continents. Leveraging strong in-house research, engineering, and development capabilities, Zijin maintains high operational efficiency and low costs in both acquisitions and operations. This enables the company to be an industry leader in value creation, underpinned by its philosophy of pursuing development for all and sustained by superior environmental, social, and governance performance. Zijin’s shares trade on the Hong Kong Stock Exchange (HKEX: 2899) and the Shanghai Stock Exchange (SSE: 601899).