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Tussle Over Freeport Mine Sale Escalates in Congo Court Case

  • Court in Lubumbashi appoints administrator to run copper mine
  • Mine’s operator counters that court ruling has been suspended
Copper
Photographer: Carla Gottgens/Bloomberg
Updated on

A tussle over Freeport McMoRan Inc.’s sale of one of the biggest copper mines in the Democratic Republic of Congo, Africa’s largest producer of the metal, has escalated after a local court appointed an administrator to run project operator Tenke Fungurume Mining.

Freeport completed the sale of its 56 percent stake in TFM to China Molybdenum Co. last month for $2.65 billion despite efforts by state-owned miner Gecamines, which has a 20 percent stake in the copper producer, to block the deal.