Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Mitchell Adam, President and CEO of Pan Terra Industries announcedit has entered into a Letter of Intent (the “LOI”) to acquire 90% of the issued and outstanding common shares of Mertens Mining and Trading (PTY) Limited (“Mertens”), a private company incorporated under the laws of Namibia, Africa.
Mertens
Mertens is a well established Namibian copper production and development company complete with proven management (see, Pan Terra Industries news release dated May 19, 2011), compliant black empowerment participation and operations based in Tsumeb, Namibia.
Mertens holds 100% interest in Namibian Mining Licence 67633 (the “Mertens Mine”), a fully equipped mine including ore treatment capacity of 10 Mt per hour mineral floatation and 5 Mt per hour through gravity separation.
Mertens also holds a 52% ownership in Namibian Exclusive Prospecting Licence 3034 representing the highly prospective exploration ground surrounding the Mertens Mine
Mitchell Adam, President of Pan Terra stated “this represents our second significant acquisition announcement for the Company in Africa this month. It is our expectation that Mertens copper production will fund Namibian operations including exploration expenses on our projects.”
Read the full news release here.
