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[March 2008]
Gulf Minerals Concern Invests in Africa
Ras Al Khaimah Minerals & Metals Investments (RMMI) is investing US$250 million in the Democratic Republic of Congo. RMMI also announced the formation of Ras Al Khaimah Minerals & Metals Congo (RMMC), a special purpose vehicle (SPV) that will operate in Congo.
RMMC has invested US$50 million in acquiring stakes in two companies holding vast copper mines. The company has acquired a 50% 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 also acquired a 50% stake in Première Minière du Katanga (PMK), Congo, which holds a mining concession for over 1890 square kilometres.
RMMI is setting up a world class Copper & Cobalt smelter plant in the Katanga region of Congo at an initial investment of US$200 million.
ENDS