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Gecamines Sale of Congo Copper Assets May Undermine Share Offer

The undisclosed sale of assets by Gecamines, the Democratic Republic of Congo’s state-owned copper and cobalt miner, may undermine its plans to offer shares to investors, analysts and lawmakers said.

Gecamines, which sits on the world’s biggest cobalt reserves, this year sold stakes in two mining projects to Israeli businessman Dan Gertler. The transactions were revealed without a sales price in a prospectus issued by Glencore International Plc, which operates the mines, before Glencore’s initial public offering in May.