American Mineral Fields gets decree

Congolese president Joseph Kabila has signed off on a decree approving the deal under which America Mineral Fields (AMZ-T) can acquire the Kolwezi copper-cobalt tailings project in Katanga province, Democratic Republic of Congo.

The deal, approved by the country’s cabinet, the Council of Ministers, last week, gives America Mineral Fields an 82.5% interest in an operating company, Kingamyambo Musonoi Tailings. The state-owned mining enterprise Gcamines will own 12.5% and the government will own a further 5% directly.

American Mineral Fields has still to sign a contract with Gcamines and pay the state company an initial US$5 million. Once the contract is signed, American Mineral Fields must complete a bankable feasibility study and arrange financing for the project. A second payment of US$10 million is due once the project finance closes.

The tailings resource at the project amounts to 113 million tonnes at grades of 1.49% copper and 0.32% cobalt.


Be the first to comment on "American Mineral Fields gets decree"

Leave a comment

Your email address will not be published.


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.