Kazakh miner ERG plans $800 million revamp of DRC copper, cobalt mine

Several intersections highlighted grades well above that contained in the McIlvenna Bay reserve estimate.

The world's no. 2 copper producer has been roiled by protests since the Dec. 7 ouster of President Pedro Castillo.

Under the Sicomines deal, Chinese investors committed to spending $3 billion on infrastructure, but the state auditor demanded that commitment be increased to $20 billion.

“The company is not up for sale and this was unsolicited,” Sherry Duhe said in an interview with Bloomberg.

This announcement follows previous engagements with Ericsson and Telstra to trial private 4G LTE at the Lihir mine and more recently for surface operations at Cadia.

"The demand is bad but the outlook is good."

The miner is expected to make an announcement on the spinoff as early as next week.

Company is also considering mergers and acquisitions in rare earth and lithium-ion battery recycling.

"We’re not shy on doing deals that create value for our stakeholders, but we are guided very clearly by our investment focus," Bristow said.