Geumyang "MOU for Equity Investment in Congo Lithium Mine... Connected to the Vein Developed by China's CATL"

[Asia Economy Reporter Ji Yeon-jin] Kumyang disclosed in response to the Korea Exchange's inquiry disclosure request regarding the development and equity investment of the Congo lithium mine that "a memorandum of understanding (MOU) was signed with a local resource development company on October 12."

The company stated, "The area under serious investment consideration through the MOU is located at the southern end of the Manono mine in Congo. Initial geological survey results indicate that the lithium vein is connected to the mine jointly developed by the Australian resource development company AVZ and China's CATL," adding, "After conducting local due diligence and finalizing the business feasibility review, if the business feasibility is secured, we plan to sign the main contract as soon as possible. If it is judged that the business feasibility is not secured, we will not sign the main contract."

It continued, "According to consultations with the contracting party so far, the investment method is planned to proceed by acquiring equity in the resource development company of the mine, aiming to secure a stable governance structure by obtaining more than 60% of the shares," and "the investment cost required to acquire this equity is estimated at approximately 2.44 million USD (about 35 to 40 billion KRW), but this may vary depending on exchange rate fluctuations," it responded.

Kumyang added, "This case involves signing a memorandum of understanding (MOU) for investment review and does not have legal binding force. The final decision on whether to acquire equity will be made after accurate due diligence and a thorough business feasibility review."

This content was produced with the assistance of AI translation services.