{"id":1156829,"date":"2019-12-20T16:41:39","date_gmt":"2019-12-20T22:41:39","guid":{"rendered":"https:\/\/www.mining.com\/?p=1009854"},"modified":"2019-12-20T16:41:39","modified_gmt":"2019-12-20T22:41:39","slug":"katanga-to-acquire-gecamines-land-rights-for-250-million","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1156829","title":{"rendered":"Katanga to acquire G\u00e9camines\u2019 land rights for $250 million"},"content":{"rendered":"<p>Katanga Mining (TSX:&nbsp;KAT) <a rel=\"noreferrer noopener\" aria-label=\"announced Friday (opens in a new tab)\" href=\"https:\/\/www.newswire.ca\/news-releases\/katanga-enters-into-agreement-to-acquire-land-rights-from-gecamines-820602128.html\" >announced Friday<\/a> that its 75% subsidiary,&nbsp;Kamoto&nbsp;Copper, (KCC) has entered into an agreement with La G\u00e9n\u00e9rale des Carri\u00e8res et des&nbsp;Mines&nbsp;(G\u00e9camines), its 25% joint venture partner in KCC, to acquire&nbsp;a land package from&nbsp;G\u00e9camines covering areas adjacent to KCC&#8217;s existing mining concessions in the Democratic Republic of Congo.&nbsp;&nbsp;<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Katanga, a big Congolese copper and cobalt producer,  <a rel=\"noreferrer noopener\" aria-label=\"said last month (opens in a new tab)\" href=\"https:\/\/www.mining.com\/web\/glencore-strikes-deal-with-katanga-over-5-8-billion-rights-issue\/\" >said last month<\/a> it  raise around $5.8 billion via a rights issue as part of a debt-for-equity swap with parent Glencore. <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> The land Katanga will acquire includes multiple blocks over the preferred location for construction of a new long-term\u00a0tailings\u00a0facility<\/p>\n<\/blockquote>\n<\/figure>\n<p>Commodities giant Glencore, which owns approximately 86.3% of Katanga, had agreed to swap $5.8 billion in debt for equity, which will raise its stake further in the firm. <\/p>\n<p>The land Katanga will acquire includes multiple blocks over the preferred location for construction of a new long-term&nbsp;tailings&nbsp;facility, and multiple other blocks that will enhance KCC&#8217;s ability to more efficiently operate its mines, facilities and other key infrastructure requirements, Katanga said in the media release. <\/p>\n<p>KCC will pay up to $250 million&nbsp;to acquire the land, the total amount payable being dependent on delivery of title to the different land areas. <\/p>\n<p>The companies anticipate the title transfers to be completed in 2020.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The land package covers areas adjacent to KCC&#8217;s existing mining concessions in the DRC.<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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