Adastra Minerals
Adastra Minerals in 2004 contracted a "definitive feasibility study" on the DRC Kolwezi cobalt/copper tailings project to a joint venture of Murray & Roberts and GRD Minproc.[8] It was still being finalized in the middle of 2005.[9]
In 2004, Adastra Minerals rejected a buyout offer by First Quantum.[10] In 2005, the World Bank subsidiary The International Finance Corporation was considering taking a ten percent stake in a project owned by Adastra Minerals. Adastra had formerly been known as American Mineral Fields.[11]
Also in 2005, Adastra Minerals was still involved in copper and cobalt, and its "$300m Kolwezi cobalt and copper tailings deposit in Democratic Republic of Congo is attracting a high level of interest from South African financiers." At that point, Adastra's Kolwezi project had secured a 7.5% ownership stake from the International Finance Corporation, and 10% owned by Industrial Development Corporation in South Africa.[12] In January 2006, First Quantum Minerals in Canada made a hostile bid[1] to acquire Adastra Minerals, with the bid rejected[3] for being too low.[1] In late April 2006, a second bid was put forward by Mwana Africa, with that bid rejected as well.[3] By 2006, the company was owner of the Kolwezi project as the as a "Kipushi copper and zinc mine."[10] The Kolwezi mine at the time as the "world's largest cobalt and copper surface resource," in the form of waste material from a former mine. It was expected to "produce 5,500 tonnes per year of cobalt and 30,000 tonnes of copper."[13]
After agreeing to a revised bid, in May 2006, First Quantum Minerals acquired Adastra Minerals "in a cash-and-shares deal worth about C$275 million (£135 million)."[3] First Quantum said it would like Adastra on the London Stock Exchange. At the time, Adastra was based in London, England and developing mineral assets in Central Africa, particularly mining operations in Zambia, Mauritania and Congo.[2] After the acquisition, First Quantum again had gained control of the Kolwezi mine, committing to invest a new $600 million in the project.[14]
