Africa Copper DRC FDI Finance Mining

DRC: Kamoa-Kakula copper project receives US$420M credit

Kamoa Holding Limited, a joint venture holding company for the Kamoa-Kakula Copper Project in the Democratic Republic of the Congo (DRC), has secured an equipment financing facility of approximately US$211M, as well as a down payment facility of nine million dollars.

In addition, Gold Mountains International Mining Company, a subsidiary of Zijin Mining Group, provided Kamoa Holding with a US$200M limited recourse line of credit secured by the project’s pre-production ore inventories to fund the Phase 2 concentrator expansion.

According to operating company Ivanhoe Mines, the amount is sufficient to cover the cost of the second 3.8-million tons per year (Mtpa) concentrator module at the Kakula mine – effectively doubling the mine’s processing capacity from 3.8 Mtpa to 7.6 Mtpa.

Also read: DRC Kakula copper mine’s access tunnels connected

“Kamoa-Kakula remains firmly on track to begin Phase 1 copper production in July 2021, and these two non-dilutive, project-level credit facilities allow us to raise funds as needed to run the concentration plant in Phase 2 of the expansion project ahead of our initial schedule,” said Robert Friedland, Co-Chairman of Ivanhoe Mines, in an announcement.

The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the DRC (20%).

Original article on Africa Oil & Power

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