China's Minmetals Resources has revealed plans to use the proceeds from its $1.25bn acquisition of Anvil Mining for expansion into the southern African copper belt.
The company’s general manager of business development Michael Nossal told reuters that it will be very much looking for additional projects and/or acquisitions in the central African copper belt, in both DRC, Zambia and southern African countries.
Through the deal, Minmetals picked up the principal assets of Anvil which include a 95% equity interest in the Kinsevere project and a 70% in the Mutoshi project, each located in the Katanga province in Congo.
The acquisition is expected to be completed in the first quarter of 2012.
The company’s board has also approved a further A$157m in expenditure towards progressing the Dugald River zinc project in Queensland, Australia.
Minmetals has reported an increase in mineral resources and ore reserves including a 104% increase in zinc ore reserves due to the inclusion of Dugald River.