Zhejiang Huayou Cobalt Co. Ltd plans to invest US$147.2 million for a new copper project in the Democratic Republic of the Congo, Reuters reported Dec. 25.

Expected to be launched by September 2019, the project has an estimated annual production capacity of 30,000 tonnes of electro-deposited copper, a raw material widely used in the electrical equipment and machine-manufacturing sectors.

The company will make the investment through subsidiary Congo DongFang International Mining, according to the report.

Zhejiang, which seeks to expand its assets in the DRC, has built two cobalt refineries in the country after acquiring copper-cobalt mineral rights from Gécamines SA in 2015.