[miningmx.com] – THE proposed acquisition of 49.5% of Ivanhoe Mines’ Kamoa copper project by China’s Zijn Mining Group requires the approval of the Congo government, said Bloomberg News.
Earlier, Ivanhoe Mines said it didn’t require any approvals from the Congo, where the project is situated. However, Congo mines minister, Martin Kabwelulu, told Bloomberg News that the parties should have contacted the authorities as the Congo has a 5% stake in the venture.
“This sale cannot take place without prior arrangement from the government,’ said Kabwelulu. “The government is open to discussing the prerequisites to a sale”.
Zijn can earn another 1% in the project, and its control, if it successfully raises 65% of the first phase development costs for the project. It has agreed to buy the 49.5% share for $412m.
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