Chinese battery maker Contemporary Amperex Technology’s (CATL) subsidiary Ningbo Brunp CATL New Energy (Brunp) is set to acquire a 25pc stake for $137.5mn in the Kisanfu copper mine in the Democratic Republic of Congo (DRC).
Mineral producer China Molybdenum’s (CMOC) subsidiary KFM Holding will continue to hold 75pc of the Kisanfu project. This strategic partnership aims to develop the project’s production capacity more sustainably, CMOC noted in a statement on Monday. The offtake agreement and capex funding will be in proportion to the respective ownership.
The Kisanfu mine is undeveloped and has an estimated 331mn mt of ore resources that can produce over 5.62mn mt copper.