The proposed Kolwezi copper-cobalt tailings project in the
Democratic Republic of Congo (DRC) has moved a step closer to
reaching a go-ahead decision by the end of next year.
Last week South Africa’s Industrial Development Corporation
(IDC) exercised its option to earn a 10% equity interest in
Kingamyambo Musonoi Tailings Sarl (KMT), the company which owns a
hundredultra fine gypsum grinding mill from uk per cent of the Kolwezi project.
It is estimategold mill manufactureres located in southafricad that the corporation’s investment, which is
trio diamond crushersubject to receipt of the necessary exchange control permissions
from the South African Reserve Bank, will cost between $4-million
and $5-million.
The IDC’s involvement in the project boosts the funding of
the proposed development, as the corporation will pay for its
shareholding in KMT by meeting all the project’s allowable
expenditures after the date of exercising its option, until it has
earned a 10% interest.
Congo Mineral Developments (CMD) – a wholly-owned subsidiary
of Canadian company Adastra Minerals – currently owns 82,5%
of KMT.
By exercising its option, the IDC will acquire 10% of CMD’s
shares in KMT.
Once the corporation has earned its 10% interest in the project, it
will be required to meet its share of equity expenditures to cover
developmental costs. The government of the DRC has a 5% interest in
KMT, while the DRC parastatal G