DRC Minister backs Nzuri deal

8th May 2019 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – The Minister of Mines for the Democratic Republic of Congo (DRC) has approved Chinese metals trader Chengtun Mining Group’s A$109.5-million cash offer for copper junior Nzuri Copper.

Chengtun Mining is offering Nzuri shareholders 37c a share for their holding in the ASX-listed company, which holds an 85% interest in the Kalongwe copper/cobalt project in the DRC.

Nzuri told shareholders this week that the Ministerial approval represented a key step towards the successful finalization of the agreement, which would likely be completed by July this year.

The transaction remained subject to a number of conditions, including approval from the Chinese authorities and shareholder and court approvals.