London, England — 06 February 2013 – Pan-African, multi-commodity resources company Mwana Africa plc has signed Joint Venture Agreement with world class copper processing enterprise Zhejiang Hailiang Company Limited, covering 28 licences held by Mwana in the Katanga province of the Democratic Republic of Congo.
This follows the announcement on 21 August 2012 that Mwana had entered into a Cooperation and Development Agreement (“CDA”) for these licences. The CDA required that the parties enter into a detailed joint venture agreement to implement the CDA.
Mwana CEO Kalaa Mpinga commented: “I am pleased that the relationship with Hailiang has progressed well with the signing of the Joint Venture Agreement implementing the Cooperation and Development Agreement signed last year. This joint venture allows our copper exploration and development programme in the DRC to be significantly accelerated.”
Hailiang is listed on the Shenzhen Stock Exchange in China with a market capitalisation of about US$950 million. Since it was founded in 2001, Hailiang has committed itself to the research, development, production, marketing and after-sales service of high-end copper products, and has become a world-class copper processing enterprise.
The company is China‘s biggest copper tube exporter and manufacturer of copper alloy tubes; China‘s second largest manufacturer of copper tubes; and one of China‘s main manufacturers of copper bars and precision copper rods.
Source: Mwana Africa. For more information, click here.