Corporate history


  • February 17th, Adastra Board of Directors unanimously recommends shareholders REJECT First Quantum's hostile takeover bid and announces agreement in principle with Mitsubishi
  • February 7th, Adastra Mandates IDC and Investec in Kolwezi financing


  • December 23rd, Adastra completes C$10.2 million private placement

  • December 12th, Adastra mandates Royal Bank of Scotland in Kolwezi finacing

  • December 1st, Adastra Board approves shareholder rights plan

  • November 1st, Adastra secures rights for quaryy products near Kolwezi

  • October 17th, IFC and IDC finanlise option exercises for Kolwezi shareholding

  • October 12th, Adastra secures subsurface exploration rights at Kolwezi

  • Septermber 9th, Adastra renews Kipushi joint venture with Kumba and commissions a technical and economic assessment

  • August 30th, KMT joins Extractive Industries Transparency Initiative (EITI)

  • August 22nd, Adastra recieves speedy approval of Kolwezi Environmental Adjustment Plan (EAP).

  • May 16th, International Finance Corporation to exercise Kolwezi option for 7.5% equity interest in KMT.


  • December 20th, Initial production levels determined at 5,500 tonnes of cobalt and 30,000 tonnes of copper annually.

  • December 3rd, Adastra ticker symbol on the Toronto Stock Exchange has changed from AMZ to AAA.

  • December 2nd, Industrial Deveopment Corporation of South Africa (IDC) decided to exercise its option to earn a 10% equity interest in Kingamyambo Musonoi Tailings Sarl (KMT).

  • September 1st, Adastra and Umicore sign a memorandum of understanding on cobalt off-take, marketing and technology.

  • August 18th, Adastra awards the Definitive Feasibility Study ("DFS") contract for the Kolwezi tailings project to the joint venture between Murray and Roberts and GRD Minproc.

  • August 13th, Adastra recommences negotiations on the Kipushi mine with Gécamines

  • June 15th, Adastra acquires ownership of the Kolwezi Tailings Project

  • May 20th, Adatsra awards contract for Kolwezi Environmental and Social Impact Assessment to SRK Consulting of South Africa

  • April 13th, Rothschild appointed Financial Advisor on Kolwezi project.

  • March 24th, Adastra signs Contract of Association with DRC Government and Gécamines on Kolwezi project.

  • March 16th, Presidential Decree received ratifying the formation of KMT

  • February, Phase I ESIA report on Kolwezi completed

  • January 15th, Adastra completes C$5,600,000 private placement with M & G Prudential

  • January 14th, Contract of Association receives full government approval


  • November 13th, Contract of Association receives approval from the Economic and Finance Sub-Committee of the GDRC cabinet.

  • September 25th, Secondary listing on the Alternative Investment Market of the London Stock Exchange plc (AIM) September 25th raising over $20 million in the process.

  • June 29th, CMD agrees heads of terms with Gécamines and GDRC under the new mining code giving CMD a 82.5% effective interest with a $15 million upfront payment. Gécamines are also entitled to a further profit participation in circumstances of an elevated cobalt price.

  • May 21st, Adastra closes C$1.8 million private placement.

  • February 18th, Adastra agrees option with the International Finance Corporation (IFC, the World Bank’s private sector affiliate) and South Africa’a Industrial Development Corporation (IDC) for each to acquire up to 10% each in the Kolwezi project on a farm-in basis. The price of the farm-in will be related to the accumulated expenditures of Adastra and its affiliates up to the exercise of the option.

  • February, Hatch Africa (Pty) Limited completed a detailed scoping study of the capital and operating costs.

  • New mining code comes in to effect in the DRC with the promulgation of the associated Mining Regulations.


  • December 4th, Agreed Minute is signed between Endiama, Twins and IDAS agreeing the major terms.

  • July 10th, Adastra purchases AAC’s 50% interest in CMD for a consideration of $3.5 million.

  • July 8th the Angolan Council of Ministers ratified the Heads of Agreement drawn up between IDAS Resources NV (100% owned by Adastra), Endiama and Twins. Under the terms of the agreement IDAS will have 51% shareholding in the joint venture until such time as all shareholder loans to the project have been repaid. Thereafter, IDAS’s shareholding will be reduced to 49% but IDAS will have the right to vote sufficient shares owned by Twins Limited to ensure continuing voting control.

  • January 31st, Kumba Resources exercised its option to Participate in the Kipushi project and signed a joint venture agreement whereby Kumba can earn up to 50% of the Company’s interest in the Kipushi project by incurring $3,500,000 of expenditure on the project.


  • April 10th, CMD renegotiates fiscal and commercial terms with Gécamines and GDRC, giving CMD a 60% interest for a upfront payment of $35 million and a tribute of $1.50 per tonne of tailings used.

  • July, CMD concluded a 18 month pilot plant programme that treated over 100 tonnes of tailings and tested a variety of flowsheets

  • October 31st, IDAS is awarded two diamond licences. Both licences are in the provinces of Luanda-Norte and Malange. The northernmost licence covers and area of 2690 sq km covering the Cuango River floodplain up to the border between Angola and the DRC for the purposes of exploration. The adjoining licence to the south has an area of 246 sq km situated to the north of Cafunfo and has been awarded for the rights of mineral exploitation.


  • August 8th, Kumba Resources takes option on the Kipushi mine to earn up to 50% interest


  • October 4th, Umicore acquires an 11% stake in the company by private placement of 3,550,000 common shares.


  • CMD agreed commercial and fiscal terms on Kolwezi with Gécamines and the Government of the DRC (GDRC) whereby CMD would make an upfront payment of $135 million and would have a 60% interest in the project

  • July 15th, Adastra begins diamond exploration in Arkhangel’sk area of Russia

  • July 7th, Adastra wins tender to explore for diamonds in Finland.

  • June 19th, Adastra and Anglo American Corporation of South Africa (AAC) formed a 50:50 joint venture call Congo Mineral Developments Limited (CMD) to develop the Kolwezi tailings.

  • May 26th, Adastra completes purchase 100% of IDAS.

  • May 11th, Adastra announces acquisition of exploration properties in Norway.


  • October 8th, Adastra completes drilling of Kolwezi tailings. The resource, which is measured to be 112.8 million tonnes of tailings at an average grade of 1.49% copper and 0.32% cobalt.

  • April 16th, won a tender to develop the Kolwezi tailings project.

  • March 11th, Adastra, through its 100% owned subsidiary ZamGold Ltd, set up an exploration office and operational base in Solwezi Zambia to explores is 1,400 square kilometre concession across the border from the Kipushi mine.


  • May 21st 1996, Adastra enters in to 50/50 joint venture with IDAS Resources for the development of two diamond concessions in Angola.

  • February 6th, The Company entered into a framework agreement with Gécamines, the DRC state mining company, to evaluate the Kipushi zinc mine

  • Subsequently Adastra shifted its focus to the vast mineral opportunities in the Democratic Republic of Congo (DRC).


  • August 8th Adastra Minerals (Adastra) was formed to develop Brazilian diamond interests
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