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Congolese State Miner Sells Stake in Former First Quantum Mines

Sodimico, a Democratic Republic of Congo state-owned miner, said it sold its share in two copper projects formerly run by First Quantum Minerals Ltd. for $30 million, less than a sixteenth of the stake’s estimated value.

The company’s 30 percent stake in Frontier and Lonshi mines was disposed of in an unannounced sale in March, Sodimico Chief Executive Officer Laurent Lambert Tshisola Kangoa said. He declined to name the purchaser of the projects, which have a combined value of more than $1.6 billion, according to estimates by Numis Securities Ltd. and Oriel Securities Ltd. in London.