Nzuri Copper Ltd (ASX:NZC) has received the second and final tranche of $3.36 million from Huayou Cobalt to advance its portfolio of copper-cobalt projects in the Democratic Republic of the Congo (DRC).
The first tranche, comprising the issue of shares worth circa $6.64 million, was completed on 19 December 2017.
Huayou Cobalt has established copper and cobalt operations within the DRC and is listed on the Chinese stock exchange with a market capitalisation of circa US$8 billion.
The strategic cornerstone investment of $10 million by Huayou Cobalt through Huayou HK has now been completed.
Nzuri intends to use the proceeds for ongoing development and optimisation studies on its flagship Kalongwe Copper-Cobalt Project in the DRC.
The company will also investigate the prospect of using a solvent extraction-electrowinning process (SXEW) which has the potential to produce pure copper onto cathodes.
This would be a distinct advantage if the company could establish such a facility as it could provide the opportunity to produce high purity cathode on site.