DFI · investment house — is this fundable, watchable, or a pass?
Life-cycle stageproducing Derived
Operating statusOperating at 5-line steady state Sourced
Reserve (P+P)172.1 Mt @ 2.1% Cu, 0.3% Co Sourced
Reserve basis (verbatim)100% project basis
Risk-adjusted rate (§10)not published — asset-level screening not yet worked (base formula is public; see gaps below) Absent
Value anchors
advisory · corporate development — what does the record support?
Resource (M+I+I)832.1 Mt @ 2.26% Cu, 0.26% Co Sourced
Resource basis (verbatim)100% project basis
Primary sourceCMOC Group Annual Report 2024 (HKEX); JORC 2012 / S-K 1300 compliance post HKEX listing requirements [Sourced 2026-05-02] Sourced
Comparables (Cu-matched)5 African M&A · 1 intl · 1 financing/benchmark — set spans, not market curves · deals · compare assets · data freshnessSourced
Risk read
mining major · insurer — what is the exposure?
Province IC compositeLufilian Arc — 6.75/10 Derived
Ownership structureCMOC majority via 2019 acquisition; Gécamines retains 20% non-dilutable. JV operates under HKEX listing requirements with JORC 2012 / S-K 1300 reporting. Sourced
Recent events (record, newest last — tail shown)… ement — output briefly crimped, TFM offered bonuses to non-strikers and threatened dismissal of continuing strikers (Mining.com syndicated wire report, citing Radio Okapi, retrieved 2026-06-12; resolution status Pending) Sourced
What this record does not yet support — disclosed, not estimated
Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.