SHANGHAI, Feb 27 (SMM) – Shanghai-listed company Chengtun Mining Group said on Wednesday February 26 that its wholly-owned subsidiary, Xuchen International, plans to purchase Africa-focused copper and cobalt explorer Nzuri Copper for no more than A$114 million in cash (546 million yuan).

Nzuri’s flagship asset is the Kalongwe high-grade oxide copper-cobalt project, located in the Lualaba Province in the Democratic Republic of Congo (DRC).

The project has explored resources of 302,000 mt of contained copper grading at 2.7% copper and 42,700 mt of contained cobalt grading at 0.62% cobalt.