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Congo seeks new valuation for China Moly's Tenke Fungurume mine

KINSHASA : Congo's government has formed a commission to reassess the reserves and resources at China Molybdenum's massive Tenke Fungurume copper and cobalt mine, in which state mining company Gecamines holds a 20per cent stake.

The commission aims to determine the value of the mine's copper and cobalt reserves in order to ensure Gecamines and, by extension, the Congolese state, can "fairly lay claim to their rights", said a statement from the Congolese cabinet dated Aug. 2 and seen by Reuters on Friday.

Copper and cobalt prices have surged over the past year and China Molybdenum earlier this month announced a bumper investment of US$2.5 billion to roughly double Tenke Fungurume's production of copper and cobalt.

China Molybdenum did not immediately reply to a request for comment about the Congolese government commission.

Tenke Fungurume, in which China Moly holds 80per cent, produced around 182,600 tonnes of copper and 15,400 tonnes of cobalt in 2020.

(Reporting by Hereward Holland; Writing by Helen Reid; Editing by David Holmes and David Evans)

Source: Reuters


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