Metalnewsnet 11 May ：

Gold miner Zijin Mining Group Co said that the company and China-Africa Development Fund Co will jointly acquire African copper mines for a total of USD 284 million in cash to expand into overseas mining business.

Under the agreement, the two companies will acquire Platmin Congo which owns a 68% interest in the Deziwa copper-cobalt project and a 68% beneficial interest in the Ecaille C copper-cobalt project in the Democratic Republic of the Congo.

The report said that Zijin will pay USD 170.4 million for 60% of the copper mining assets while CAD will pay USD 113.6 million for the rest of interest in the assets, the company said in a statement.

Zijin said it will finance the acquisition with internal resources and/or banking finance. The deal is still subject to regulatory approvals.

( from Dow Jones)