SMM News: the Minister of Mining of the Democratic Republic of the Congo recently approved a plan for China Shengtun Mining Group Co., Ltd. to buy a 100% stake in (Nzuri Copper Limited) of Enzuri Copper Mine Co., Ltd., with A $109.5 million in cash.
Shengtun Mining has offered to buy shares in Enzuri for A $0.37 a share, which holds an 85 per cent stake in the (Kalongwe) copper / cobalt project in the Democratic Republic of the Congo.
This week, Enzuri told shareholders that the approval of the minister of the Democratic Republic of the Congo was a key step towards a final agreement. The agreement is expected to be completed in July.
The deal also requires a series of conditions, including approval from the Chinese government, shareholders and the court.
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