May 9 - The mining group Chinese Zijin said on Wednesday that one of its subsidiaries and trader Citic Metal would each buy 50% of the copper production from the recently-launched first phase of the Kamoa-Kakula mine in the Democratic Republic of Congo.
The deals will have wholly owned Gold Mountains unit Zijin. Citic Group and International Mining Co Ltd, part of the state-owned conglomerate Citic Metal, split the mine from what is expected to be the highest-grade major copper mine in the world.
The agreements were done on annual terms based on competitive arms-length commercial terms and include treatment and refining charges based on the Competitive Industry benchmark, Zijin said in a filing.
They are there for both copper concentrate directly finished from Kamoa-Kakula, which began production on 25 May, and blister copper manufactured at a nearby smelter, it added.
The Ivanhoe Mines, the main partner of Zijin in the Kamoa Copper Joint Venture operating the mine, also announced the deals on Wednesday, saying that first-phase output is projected to be around 200,000 tonnes of copper per year.
The buyers will be responsible for shipping and arranging freight of the copper to its final destination, most likely via the port of Durban, South Africa, Ivanhoe said.
The company will provide each with an advance payment of up to $150 million, which can be redeemed by Kamoa Copper from June 10 until May 31, 2023.
The facility will pay an interest rate of 8% and is offset with provisions due to Ivanhoe from production deliveries, produced from Kotor Copper. What does it take to say that I've not seen the Ssn if there is in any state: I’m happy going back and forth on my life now, or because of my illness?