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.
