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Gecamines Says Lundin Withdrawal From Congo Would Be Problematic

  • Gecamines wants rights respected on Tenke Fungurume project
  • Lundin is said to be considering selling its stake in mine
Updated on

Gecamines, the Democratic Republic of Congo’s state-owned miner, warned that any decision by Lundin Mining Corp. to withdraw from the Tenke Fungurume copper mine could scupper Freeport McMoRan Inc.’s proposed sale of its stake in the project.

By exiting at the same time as Freeport and transferring full ownership of the project to new parties without securing Gecamines’ approval, Lundin and Freeport would further violate the state-owned miner’s rights, Chairman Albert Yuma said by e-mail Friday. Gecamines must be permitted to match any offers for Lundin’s stake, or it could block the deal, he said.