Barely two weeks after acquiring the Tsumeb copper smelter for N$928 million (US$49 million), Sinomine Resource Group has splashed another N$1.1 billion (US$58.5 million) on a Zambian copper mine.
Sinomine acquired Junction Mining from Momentum Ventures and Chifupu Resources through its subsidiary African Minerals.
Junction Mining owns the Kitumba copper project, the licence for which expires in 2039.
A 2015 report puts Kitumba Mine’s proven mineral resource at 27.9 million tons.
The US$58.5 million will buy Sinomine a majority stake of 65%.
