(Ecofin Agency) - Nzuri Copper, active on Kalongwe Copper/Cobalt project in DR Congo, announced today May 30 it will raise A$6 million through the placement of shares and a convertible loan.

With this operation, the company will raise A$3.07 million by issuing 12 million shares at 25.5c each; while the A$2.93 million convertible loan will be provided by its main partner Tembo Capital.

CEO PDG Mark Arnesen said the overall fund will be used to strengthen the company’s balance sheet allowing it to further operations at Kalongwe mine.

Let’s note that the Kalongwe open pit mine (85%-owned by Nzuri Copper) is expected to produce an average of 18,657 tons of copper and 1,370 tons of cobalt per year over its 8-year lifetime.