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Congo government appears to support Freeport sale of Tenke copper mine

Published 10/27/2016, 06:31 PM
Congo government appears to support Freeport sale of Tenke copper mine
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  • Democratic Republic of Congo's mines minister says the government supports China Molybdenum's bid to buy Freeport McMoRan's majority stake in the Tenke copper project despite objections from state miner Gecamines.
  • But the minister also cautions that the $2.65B deal for FCX's 56% stake, agreed to in May, must respect the rights of Gecamines, which holds a 20% stake in Tenke, one of the world's largest copper mines.
  • Lundin Mining (OTCPK:LUNMF), which owns the remaining 24%, has until Nov. 15 to exercise its right of first offer, after which FCXsays the sale to China Moly will go through; Gecamines says it has a right to pre-empt the sale to China Moly, a claim FCX rejects.

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