(Yicai Global) June 12 -- China Nonferrous Metal Industry's Foreign Engineering and Construction will buy into the company developing a copper project in Kazakhstan in order to secure general contracting work on the potential open pit mine.
NFC Kazakhstan, the Chinese company's Kazakh unit, will pay USD75 million for 19.4 percent of KAZ Minerals, the UK-based firm behind the Koksay project in the Central Asian country, NFC said in a statement.
Under the deal, Beijing-based NFC will appoint one of KAZ Minerals' five board members, and may also appoint a senior manager to the company.
The Koksay project has completed exploration and a third-party agency will be hired to carry out a feasibility study. The mine contains just under three million tons of copper and close to 50 tons of gold, according to a 2015 assessment from UK-based CSA.
Editor: William Clegg