(Ecofin Agency) - Zijin Mining Group Co, the Chinese mining group will complete its investment in the Kamoa copper project latest on December 8, 2015, the firm and Canadian Ivanhoe Mines Limited said.

Listed in Hong Kong and Shanghai, the group signed in May 2014 an agreement to acquire 49.5% of interest shares of Kamoa Holding Ltd, who holds 95% of the project for a total consideration of $412 million.

Ivanhoe Mines Ltd, owning Kamoa Holding, also agreed to sell 1% of its interest in Kamoa Holding for a consideration of 8.32 million USD to Crystal River Global Ltd, a company registered in the British Virgin Islands.

Robert Friedland, executive president of Ivanhoe, announced on November 23 that his company and Zijin, partnering with Crystal River, active in Hong Kong, have met or waived all requirements, and that the investment would be completed latest on December 8. “Zijin Mining is one of the most accomplished mining groups in the world and the completion of this transaction is a major step towards all parties, Ivanhoe, Zijin, and the Congolese people, making significant profits,” he added.

Kamoa’s project supposedly holds 9.8 billion pounds of copper and is one of the biggest copper mines worldwide. It is located in the Katanga province, DR Congo.