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

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.

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