Sinomine Resource Group Co, whose subsidiary is finalising the acquisition of the Dundee Precious Metals Tsumeb Smelter in Namibia for N$930 million in a cash deal, has committed to retaining Managing Director Zebra Kasete and all staff.
Dundee Precious Metals Tsumeb’s (DPMT) Communications Manager, Alina Garises confirmed the position.
“Dundee employees including its Vice President and Managing Director, Zebra Kasete will transfer to the company,” Garises briefly said upon inquiry on the fate of the nearly 600 workforce.
The transaction is expected to close in Q3 2024, and is subject to regulatory approval under the Namibia Competition Act, with approvals also required from Chinese regulatory authorities for overseas investments.
Sinomine Resource Group is a Chinese-based global mining group with a comprehensive resource industrial chain.
Its main business and operation cover four segments, EV-lithium material development and utilisation, rare and light mineral (cesium and rubidium) development and application, geo-tech services and mining property development.
Sinomine’s business spans more than 40 countries in the world, namely Canada, the US, the UK, Norway, Zambia, Congo (DRC), Zimbabwe, Uganda, Indonesia, Malaysia and other regions in Asia, Africa, Europe, America, and Oceania.
It originates from the former Geological Prospecting Bureau of China National Nonferrous Metal Industry Co Ltd. Sinomine is recognised for its expertise in geological prospecting services.
It went public on the Shenzhen Stock Exchange in 2014 under the ticker symbol 002738, Sinomine became the inaugural listed company in China’s geological prospecting industry.
Additionally, Sinomine Resource Group offers mining services, including solid mineral and metal exploration and mining operations. The company also engages in international engineering, trade, and various other ventures.
DPM acquired the smelter in 2010 to secure a processing outlet for the complex concentrate produced by the Company’s Chelopech mine in Bulgaria.
With developments in the global smelting market and changes in the quality of the Chelopech concentrate, DPM opted to place its Chelopech concentrate at several other third-party facilities, providing secure and reliable processing alternatives at favorable terms.
In the fourth quarter of 2023, the smelter processed 67,891 tonnes of complex copper, marking a 26,056 tonne increase from the corresponding period in 2022. Throughout 2023, the smelter processed 188,803 tonnes of complex copper concentrate, up by 14,681 tonnes compared to 2022, primarily due to increased plant availability post-maintenance work in the third quarter of 2023.
