(Yicai Global) April 12 -- A unit of Contemporary Amperex Technology, a global leader in lithium-ion batteries for electric vehicles, will take a stake in a Congolese copper and cobalt mine of China Molybdenum for USD137.5 million. Shares of both companies gained.
Brunp CATL New Energy will acquire 25 percent of China Molybdenum unit KFM Holding, which owns 95 percent of the Kisanfu mine in the Democratic Republic of Congo, Luoyang-based China Moly said in a statement yesterday.
Located in southern Congo, Kisanfu is estimated to have deposits of 6.3 million tons of copper and 3.1 million tons of cobalt, making it one of the largest and highest-grade undeveloped copper-cobalt mines in the world. China Molybdenum paid USD550 million for its majority stake last December.
Shares of CATL [SHE:300750] rose 1 percent today to close at CNY317.98 (USD48.11) each, bucking a 2.3 percent drop in the benchmark Shenzhen Component Index. China Molybdenum [SHA:603993] gained 1.3 percent to CNY5.65 (86 US cents). The broader Shanghai Composite Index lost 1.1 percent.
Ningde-based CATL and China Moly will also cooperate on developing nickel and lithium resources, nickel processing, and global acquisitions, the statement added.
Established in 2019, Brunp CATL provides its parent company with cathode materials for batteries, including cobalt, nickel, and lithium minerals.
Editor: Emmi Laine, Xiao Yi