Eurasian Resources Group enters into a principal agreement with China's NFC to complete the construction of its project in Africa; EXIM and ICBC to support the financing, Sinosure to provide the insurance
Eurasian Resources Group and China Nonferrous enter into a strategic long-term sales agreement for the delivery of copper concentrate from the Frontier mine in the DRC
Eurasian Resources Group (ERG), a leading diversified natural resources producer, and China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. (‘NFC’), have signed a long term strategic concentrate supply agreement with ERG’s Frontier mine, a large producer of high grade, high sulphur copper concentrate in the Democratic Republic of Congo.
Under the agreement, Frontier will supply an annual amount of at least 175,000 of dry metric tons copper sulphide concentrates produced at ERG’s Frontier mine in the Democratic Republic of Congo to be processed at CCS in Zambia, a company owned by CNMC (NFC Group) and Yunnan Copper. Ultimately, NFC may purchase up to 100% of Frontier's third party volume to support both groups’ growth ambitions in Africa.
Benedikt Sobotka, Chief Executive Officer of Eurasian Resources Group, said: ‘We are very pleased to further develop and extend our long term cooperation with NFC, who have been a key strategic partner in many countries that we operate in. This agreement represents a major milestone for both parties and underpins our joint development plans on the continent.’
Mr. Qin Junman, Vice President, NFC, said: ‘NFC has ambitious growth plans in our international projects and trading business and ERG has become an important partner in achieving our objectives in Africa and Central Asia as an integral part of China's New Silk Road Initiative.’