Namibia: China to Own Berg Aukas Mine

Windhoek — Discussions are on the table to sell Weatherly's other mining interests to the Chinese state-owned company East China Mineral Exploration and Development Bureau (ECE).

The interests are the lead and zinc deposits at Berg Aukas. Once Government and regulators approve the sale, the Chinese would own 65 percent of the mine, with the rest belonging to shareholders in the London-listed Weatherly International. The Chinese state-owned company has already agreed to put up N$53 million for 65 percent ownership, with a letter of intent signed and sealed between the two parties. The two companies would form a joint venture company that would develop Berg Aukas Mine.

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