Chinese group Zijin Mining Group Co., has acquired on December 8, 49.5% interest in the Kamoa copper project for a total amount of $412 million, mining company Ivanhoe Mines Ltd announced.

The Toronto-listed Canadian firm said it received on December 8, an initial payment of $206 million and will receive the remaining $206 million in five equal installments each 3 and half months starting from December 8. Ivanhoe added it would invest the received funds in its global working capital.

Robert Friedland, Executive Chairman of Ivanhoe, applauded the completion of deal with Zijin Mining and said he was confident in the fact that the Kamoa project would become one of the greatest copper mines in the world.

Located in the South of Katanga district, DR Congo, the Kamoa site has Indicated Mineral Resources of 739 million tonnes grading 2.67% copper, containing 43.5 billion pounds of copper, and Inferred Mineral Resources of 227 million tonnes grading 1%96% copper, containing 9.8 billion pounds of copper.