SHANGHAI, Jul. 25 (SMM) –Jiangxi Rare Metals Tungsten Holdings Group (JXTC) signed an agreement to acquire a 60.5% stake in Geovic Cameroon Plc for cooperative development of a cobalt-nickel-manganese project.
JXTC signed the agreement with Geovic Mining Corp. to acquire its 60.%% stake in Geovic Cameroon, Geovic Mining told Toronto Stock Exchange on July 23. The National Investment Corporation of Cameroon owns the rest 39.5% interest.
"This Definitive Agreement represents significant progress advancing the Nkamouna Project toward construction and into production. Construction could commence as soon as the project financing is arranged, bringing much needed jobs and economic diversity and development to Cameroon," Geovic Mining’s ceo and chairman Michael Mason said in a statement.
Geovic Cameroon plans to develop the Nkamouna cobalt-nickel-manganese project in Cameroon, Africa.
In addition to acquiring 60.5% interest in Geovic Cameroon, JXTC would also secure 100% of the mixed cobalt-nickel sulphide product (MSP) to be produced by the project through a long-term arm's length off-take agreement with Geovic Cameroon.
JXTC is a state-owned enterprise based in China's Jiangxi province with significant mining and industrial operations in cobalt, copper, tungsten, and other rare metals.