Hong Kong-based CF International Development Limited acquired 400 million new shares in Australian company VDM Group Limited at a unit price of US$0.01, for US$4 million, according to a recent statement.
The funds obtained by VDM Group Limited are intended to finance a project for exploration of copper deposits in Cachoeiras do Binga in Angola.
VDM Group Limited has three divisions – VDM Mining for mining in Africa and Latin America, VDM Trading for export of Australian products to Asian markets and from these to Australia and VDM Construction for engineering projects, procurement of materials and construction.
In February the VDM Group signed an agreement with Jiangxi Copper Company Limited to form a partnership for the Cachoeiras do Binga copper deposit exploration project, transferring its 65% stake to the new company.
Historical data indicates that the Cachoeiras do Binga region contains large deposits of copper, which have not been mined since 1973. (macauhub)