Luoyang Molybdenum Industry: acquisition of 95% interest in the Kisanfu Copper and Cobalt Mine in the Democratic Republic of the Congo (DRC)

SMM12 March 14: recently, Luoyang Luanchuan Molybdenum Group Co., Ltd. plans to adopt CMOC Limited (, a wholly owned subsidiary of Natural Resource Elite Investment Limited (Chinese name "Luoyang Molybdenum holding Co., Ltd."), since Freeport-McMoRan Inc.. (Delaware) ((abbreviated as "FCX") buys its indirect holding of Bermuda subsidiary Jenny East Holdings Ltd. And Kisanfu Holdings Ltd. , thus indirectly acquiring 95% of the shares of Phelps Dodge Congo S.A.R.L., and 95% of the interests of the Kisanfu copper-cobalt mine in the Democratic Republic of the Congo.

On the basis of the database provided by FCX, Luoyang Molybdenum Industry verified that the estimated amount of Kisanfu copper and cobalt ore resources is about 365 million tons of ore, with an average grade of 1.72% of copper and about 6.28 million tons of copper metal; the average grade of cobalt is about 0.85% and the amount of cobalt metal is about 3.1 million tons. The analysis shows that the Kisanfu copper-cobalt deposit is rich in resources and the average grade of copper-cobalt ore is high, so it has the potential for further exploration.

FCX is a company listed on the New York Stock Exchange. As of November 30, 2020, FCX 3, with a market capitalization of approximately US $34 billion, is one of the largest listed copper companies in the world and is headquartered in Phoenix, Arizona, USA. According to the Global Mining report 2019 (Mine 2019), FCX) released by PricewaterhouseCoopers, it ranks 13th among the top 40 listed mining companies in the world. FMEC, a wholly owned subsidiary of FCX, is a FCX company specializing in mineral resources reserve and exploration.