Poland’s copper giant KGHM has increased its stake in the KGHM Ajax joint venture with Canadian Abacus Minnig & Exploration from 51 percent to around 81 percent in a deal worth PLN 93m. The move follows the signing of an agreement in December between the two companies in October which allowed KGHM to increase its share in a JV assuming the results of a preliminary feasibility study for a gold and copper mine project were positive. The construction of the mine is expected to cost USD 795m and by the end of 2015 it is expected to deliver 50k tons of copper and 100k ounces of gold annually.
