Business | Investment
RAK invests in Congo's huge mineral reserves
Ras Al Khaimah Minerals and Metals Investments (RMMI) on Monday said it is investing $250 million in Congo.
- Staff Report
- Published: 00:31 March 4, 2008
Dubai: Ras Al Khaimah Minerals and Metals Investments (RMMI) on Monday said it is investing $250 million in Congo.
RMMI also announced the formation of Ras Al Khaimah Minerals & Metals Congo (RMMC), a special purpose vehicle (SPV) that will operate in Congo.
Congo is one of the world's largest resources for copper and cobalt and RMMI has identified sizeable opportunities in the mining and processing of copper and cobalt.
The RAK government has already invested in real estate and hydropower projects in Congo.
The move is in line with the integrated industrial minerals and metals strategy adopted by the Ras Al Khaimah government.
On February 18 RMMI signed a Memorandum of Understanding (MoU) with the government of South Sumatra province, Indonesia, which covers the entire mining-to-export chain of coal industry and developing a world class integrated industrial and logistics infrastructure including rail transport corridor, deep water sea port to handle bulk and container cargoes.
RMMC has invested $50 million in acquiring stakes in two companies holding vast copper mines. The company has acquired 50 per cent stake in Katanga Minerals Processing (KMP), Congo, which holds a mining concession for copper and cobalt for approximately 860 square kilometres in the Katanga region of Congo.
RMMC has acquired a 50 per cent stake in Premiere Miniere Du Katanga, Congo, which holds a mining concession for over 1890 square kilometres.
RMMI is setting up a world-class copper and cobalt smelter plant in the Katanga region of Congo at an initial investment of $200 million.
Madhu Koneru, managing director, RMMI, said: "These acquisitions will allow us to get a foothold in the world's largest resource for copper and cobalt.
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