Mining.com reported that China's Heilongjiang Heilong Resources Investment is investing AUD 30 million in International Base Metals the owner of the Omitiomire deposit in Namibia which is believed to harbor 700,000 tonnes of copper.
The Australian reports that IBM an unlisted Australia based mineral exploration company was advised by Azure Capital on the deal and will use the funds from Heilongjiang Heilong to develop the Omitiomire deposit as well as obtain stakes in other minerals assets in both Namibia and surrounding nations.
Heilong already holds a 6% stake in IBML and enjoys close ties to West Minerals which holds a further 30% interest in the company.
Following the deal Heilong and West Minerals will hold a combined 53.9% controlling stake in IBML. The deal remains contingent upon IBML shareholder approval and regulatory approvals from both the Australian and Chinese authorities.