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Chinese company to invest US$70M in KAZ's Koksay copper project for 19.4% stake

China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd. agreed to invest US$70 million in KAZ Minerals PLC's Koksay project in Kazakhstan.

The nonferrous metals development company will secure a 19.4% stake in the open pit copper mine, according to a June 8 release.

The US$70 million will be ring-fenced for the development of Koksay, including a feasibility study on the detailed design for mining and processing operations and the associated capital budget.

The Koksay deposit hosts a mineral resource of 736 million tonnes grading 0.42% copper containing 3.1 million tonnes of copper.