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Congo Drops Objection to $3.8 Billion Freeport, Lundin Sales

  • State miner had opposed agreements to sell to Chinese firms
  • New terms gives Gecamines compensation, more control in future
Updated on

The Congolese government has dropped objections to Freeport-McMoRan Inc. and Lundin Mining Corp.’s $3.8 billion combined sales of one of the country’s biggest mines to Chinese companies, bringing an end to an eight-month dispute.

Minister of Mines Martin Kabwelulu said by text messages that he had written to all parties acknowledging agreements reached by state-owned miner Gecamines to settle objections to the sales and indicating the state had no further opposition.