Narrative
Full Description
Project narrative
On March 20, 2012, Sino-Metals Leach Zambia Limited (SML) and Huachin SPRL entered into a agreement to establish a joint venture in the DRC to undertake the Mabende Copper Leach Plant Construction Project. CNMC-Mabende Metal Leach SPRL [CNMC-Mabende or (中色馬本德礦業有限公司)] — a special purpose vehicle and and joint venture of SML [60% equity stake] and Huachin SPRL (an LLC incorporated in the DRC) [40% equity stake] — subsequently received a $22 million shareholder loan from SML for the Mabende Copper Leach Plant Construction Project. The borrowing terms of the loan are unknown. The purpose of the project was to construct a copper leach plant -- with annual production capacity of 20,000 tons of 99.95% cathode copper — in Lwisha with the ores from the Mabende copper mine in the Democratic Republic of the Congo (DRC). Construction of the leach plant commenced in April 2013. The project was completed and officially commissioned on February 10, 2014.
Staff comments
1. Sino-Metals Leach Zambia Limited (SML) was legally incorporated in Zambia in December 2004 as a joint venture of CNMC [55% equity stake], NFCA [15% equity stake], and Hainan Sino-Africa Mining [30% equity stake]. 2. SML operates the Chambishi Leach Plant in Zambia. The construction of the Chambishi Leach Plant started in November 2004 and was completed in June 2006. The plant commenced commercial production of copper cathode in 2006.