CoTec and Copper Intelligence form DRC copper tailings joint venture

CoTec Holdings Corp. (TSXV: CTH)(OTCQX: CTHCF) has finalized a joint venture shareholder agreement with Copper Intelligence Inc. (OTCID: CUAI) to pursue copper tailings processing opportunities in the Democratic Republic of Congo, according to a press release.

The joint venture also includes two third-party investment vehicles associated with CoTec CEO Julian Treger and Chairman Lucio Genovese. The joint venture company will be incorporated in the British Virgin Islands.

The agreement establishes a framework for identifying copper tailings opportunities in the DRC's historical copper districts. Each opportunity will require legal and technical due diligence and approval from independent members of both the joint venture board and CoTec's board before resources are committed.

Copper tailings in the DRC are concentrated in the Central African Copperbelt, where state-owned company Gécamines has conducted industrial mining since the 1950s. CoTec's technologies are expected to be applied at identified tailings sites. The joint venture plans to seek funding from the U.S. International Development Finance Corporation and other sources once sufficient scale is reached.

Treger said the partnership gives CoTec "a long-term partner who has demonstrated resource execution in a world class copper district" as part of the company's strategy to build a copper division.

Copper Intelligence Chairman Andrew Groves said the transaction "further contributes to our vertically integrated vision for Copper Intelligence."

Copper Intelligence currently has a market capitalization of approximately $750 million.

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