China’s Zhejiang Huayou Cobalt Co said it will invest $147.2 million to build a copper project in Democratic Republic of Congo (DRC), as it extends the exploration of its mining assets in the country.
The project will have annual electro-deposited copper production capacity of 30,000 tonnes, and will be situated in the Lukuni region in the south of DRC. Electro-deposited copper is a raw material widely used in the electrical equipment and machine manufacturing sectors.
Zhejiang Huayou has built two cobalt refineries in the Luiswishi region of DRC after buying copper-cobalt mineral rights from La Generale des Carrieres et des Mines in 2015. The company said the new copper project is expected to launch by September 2019, but it also warned it still needs approvals from Chinese authorities.
The investment will be made through its subsidiary Congo DongFang International Mining (CDM), which mainly sources copper and cobalt from DRC.