Hedong Technology plans to spend US $50 million to acquire ENRC, which has copper and cobalt resources in Zambia.

Published: May 11, 2020 16:34

Source: SMM

Save

SMM5, March 12: Hedong Technology announced that it intends to buy shares in ENRC (BVI) Limited100% held by Maolian (Hong Kong) International Trading Co., Ltd., a wholly owned subsidiary of Tianjin Maolian Technology Co., Ltd., for US $50 million in cash.

Nkana Alloy smelting Co., Ltd., a subsidiary of ENRC (BVI) Limited, holds a "large mining license", known as 7071-HQ-LML, and has copper and cobalt resources in Zambia. The main products in the future are copper and cobalt, which still need some time to build, have not yet been produced, and have not been sold. The acquisition can speed up the company's strategic reserve of scarce cobalt resources and improve the strategic layout of lithium electric material plate "resource smelting + material + precursor".

According to the "Verification report on Copper and Cobalt Ore Resources in Nkana Slag, Copper Belt Province, Zambia" issued by China Mineral Resources Group Co., Ltd. in November 2018, according to the verification report of copper and cobalt ore resources issued by China Mineral Resources Group Co., Ltd., according to the verification report of copper and cobalt resources issued by China Mineral Resources Group Co.

At the annual performance presentation meeting of Hezhong Science and Technology in 2019, it was mentioned in the roadshow that the first phase of Tianjin Maolian overseas project is in the stage of construction and installation. Tianjin Maolian has invested in the construction of a smelter in Zambia and adopted a new OPL leaching technology developed by itself and with independent intellectual property rights, which has the advantages of high recovery rate, short technological process and low comprehensive cost. It can deal with complex ore raw materials such as copper-cobalt alloy, nickel alloy, copper-cobalt sulfide ore and so on. The smelter is located in the park of the "Zambia-China Economic and Trade Cooperation Zone" in Kitwai City, Zambia's copper belt province, and is operated by the China Nonferrous Corporation, which can ensure the supply of raw materials such as water, electricity and sulfuric acid for production.

SMM-- China Tungsten Industry Market and Application Summit Forum

Seminar on the Application of cemented Carbide Market in China

On July 8, Zhuzhou, China cordially invites you to discuss the great plans of the industry.

Scan the code to sign up for this meeting

Cars batteries cobalt lithium new energy

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

17 hours ago

A mine in Henan opened bids for a 300 mt tungsten concentrate auction on February 6.

[Tungsten Concentrate Tender Information] SMM February 7: A mine in Henan conducted an online tender on February 6 to sell 300 metric tons of low-grade tungsten concentrate. Lot A had an average WO3 grade of ≥25%, while Lots B and C had an average WO3 grade of ≥22%. The tender results for each lot are as follows: Lot A: 100 metric tons, tender price of 10,155 yuan/mtu. Lot B: 100 metric tons, tender price of 10,160 yuan/mtu. Lot C: 100 metric tons, tender price of 10,155 yuan/mtu.

17 hours ago

Ganzhou Tungsten Association Significantly Raises Tungsten Price Forecast for February 2026

[Ganzhou Tungsten Industry Association's February Tungsten Price Forecast] The Ganzhou Tungsten Industry Association's forecast prices for the tungsten market in February 2026 are as follows: 55% black tungsten concentrate at 670,000 yuan per metric ton unit, up 210,000 yuan per metric ton unit MoM from the January price, an increase of 45.65%; ammonium paratungstate at 970,000 yuan/mt, up 300,000 yuan/mt MoM, an increase of 44.78%; medium-grain tungsten powder at 1,630 yuan/kg, up 480 yuan/kg MoM, an increase of 41.74%.

17 hours ago

Tungsten Market Rallies Strongly, Long-Term Contract Prices Surge & Domestic-Overseas Markets Link Up

Driven by tight spot raw material supply, a sharp hike in corporate long-term contract prices and festive effects, the tungsten market saw price rises on shrinking volumes this week with domestic and overseas markets moving up in tandem; the strong short-term trend is set to continue, and attention should be paid to the resumption of cemented carbide production, scrap tungsten supply and downstream demand release after the Spring Festival.

17 hours ago