(RTTNews) - Katanga Mining Limited (KAT.TO) said that its 75% subsidiary Kamoto Copper Company or "KCC" has entered into an agreement with La Générale des Carrières et des Mines or "Gécamines", its 25% joint venture partner in KCC, to acquire from Gécamines a comprehensive land package covering areas adjacent to KCC's existing mining concessions.
KCC will pay up to $250 million to acquire the land, the total amount payable being dependent on delivery of title to the various different land areas.
KCC expects to satisfy the consideration payments from existing liquidity. The agreement anticipates the title transfers to be effected during the course of 2020.
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