BEIJING, Oct. 23, 2023 /PRNewswire/ -- Eurasian Resources Group, a leading diversified natural resources group headquartered in Luxembourg, has signed an agreement with China's ENFI Engineering Corporation, one of the country's technological leaders and a subsidiary of China Minmetals Corporation, to support the development of ERG's COMIDE asset in the Democratic Republic of Congo. The works on COMIDE – a key project for ERG – are being started following the groundbreaking ceremony held in Lualaba Province last week. The agreement between ERG and ENFI was signed during the third Belt and Road Forum for International Cooperation in Beijing on Oct 18.

The signing of this agreement is testament to ERG's commitment to further develop COMIDE and other ambitious projects in the DRCongo. ERG has a well-established presence in the country and continues to invest heavily in the expansion of its existing operations and developing its new projects.

Benedikt Sobotka, CEO of ERG, said: "We are pleased to enter into this agreement with ENFI, part of China Minmetals Corporation, to support the extensive development of ERG's COMIDE project in the DRCongo. It is great to receive support from many of our trusted, long-term partners in building another large cobalt and copper production facility in Africa. ERG will continue to leverage its strong stakeholder relationships across the world to further invest in its operations and contribute to the socioeconomic development of its host communities."

ERG is a key partner to the DRCongo where it has invested more than $9 billion; generated more than $1,6 billion in taxes, dividends and royalties; created around 10,000 jobs; and contributed substantially to the socioeconomic development of its surrounding communities. ERG intends to invest a further $2 billion in the country over the next two years.

COMIDE has some of the largest known copper and cobalt resources globally, which were confirmed by a comprehensive technical study that established the development potential of its resource base and production capacity. These resources are still to be developed. As a result, ERG proceeds to construction of a modern hydrometallurgical plant, which consists of three phases and is envisaged to be fully completed by the end of 2025.

During the first two phases, the plant will produce an estimated 40,000 metric tons of copper cathode and 7,000 tons of cobalt hydroxide annually. The third phase is projected to yield up to 80,000 tons of copper cathode and 14,000 tons of cobalt hydroxide per annum. With further expansion, COMIDE has the potential to reach a production capacity of 120,000 tons of copper cathode a year.

The COMIDE project – which includes the construction of the plant, and an extensive exploration and drilling program, as well as mine development – will provide approximately 2,000 direct and indirect jobs for DRCongo nationals, predominantly hired from its surrounding communities.

In August 2023, COMIDE also signed its Community Development Plan Agreement (Cahier des Charges), which outlines its sustainable development initiatives benefiting 16 communities.