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

20th August 2021 By: Reuters

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 20% 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 August 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 $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.