In 2013, GICC signed a Joint Venture agreement with Regal Resources (Nzuri Copper), an Australia Mining company and Traxys, a Luxemburg based commodity trading company for their permit 12198 in which GICC kept 40% shares in Kalongwe Mining
In July 2016, GICC sold 13% of its shares to Nzuri Copper Limited for a consideration of 50% of the value and purchased 11,103,739 of their shares to become the 3rd top shareholder in Nzuri Copper Limited. Nzuri’s stocks are traded in Australian Stock Exchange (ASX-NZC)
In July 2016, GICC also transferred 2% shares to the Democratic Republic of Congo as per DRC mining code requirements when converting a Research Permit to an Exploitation Permit
In November 2016, GICC sold an additional 15 shares to Nzuri Copper Resources and kept 10% control of Kalongwe Mining SA
The Kalongwe project completed a 6800m drilling program in two phases and has embarked now on the Bankable Feasibility Study. In July 2016, Regal completed the acquisition of 30% of Traxys shares and 13% of the GICC shares to become the majority shareholder
So far, preliminary results from the ALS Laboratory indicates good mineralization with JORC Inferred Estimate of 302 000 Tons of CU @2.7% and 42 700 Tons of Co @0.57%
There is a project pipeline to undertake a full mechanized exploitation in this Perimeter as well as a full exploration program on the 400Km2 of concession that is part of the JV between Ivanhoe and Regal Resources