Katanga Announces Signing of Finalised Joint Venture Agreement
LONDON, UNITED KINGDOM--(Marketwire - July 27, 2009) - Further to the press release dated March 31, 2009, Katanga Mining Limited (TSX:KAT) ("Katanga" or the "Company") today announces the signing on July 25, 2009 of the amended Kamoto Copper Company ("KCC") Joint Venture Agreement (the "AJVA") with La Generale des Carrieres et des Mines ("Gecamines") to release the Dikuluwe and Mashamba West Deposits; merge the DRC Copper and Cobalt Project ("DCP") and KCC joint ventures; and address requirements of the Government of the Democratic Republic of Congo ("DRC") resulting from the review of mining partnerships with Gecamines. KCC will be the continuing joint venture company ("Merged JV Company") and 75% of the share capital in the Merged JV Company will continue to be allocated to Katanga's wholly owned subsidiaries and 25% to Gecamines. Gecamines' interest is non-dilutable.
The AJVA became effective as of July 25, 2009 (the "Effective Date") and is on the terms previously disclosed by the Company in its press release dated March 31, 2009 and as further described below. The merger of the DCP and KCC joint ventures is conditional, among other things, on Presidential approval.
The term of the AJVA extends until 2025, subject thereafter to two automatic renewal terms of ten years each time and Katanga's right to terminate the AJVA if there is a change of law in the DRC which materially impacts the economic profitability of the project (the "Project") for Katanga or affects its rights under the AVJA.
Quelle + Volltext: http://www.marketwire.com/press-release/...mited-TSX-KAT-1022251.html
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