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Uganda seeks investors to restart idled Kilembe copper-cobalt mine

Uganda aims to restart the Kilembe copper-cobalt mine after a failed deal with Tibet Hima Industry Co. Ltd., which pledged to invest US$175 million in 2013, Bloomberg News reported.

The newswire's report said the African nation is preparing to open bidding. The government aims to reach a production sharing agreement to retain a stake in the project, which was placed on care and maintenance in 1982.

In April, Uganda said 28 companies put forward their interest to revamping Kilembe, which is bordering the Democratic Republic of the Congo. The country's Ministry of Energy and Mineral Development will shortlist and evaluate the interested entities.