China Molybdenum Says Giant Congo Copper Mine Is Losing Money
- Company’s Tenke Fungurume Mining unit is in a ‘deficit zone’
- Congo miners under pressure from higher taxes and lower prices
Copper wire rod sits in a storage facility.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The Chinese operator of the Democratic Republic of Congo’s largest copper producer has told employees that it’s struggling to make money as the collapse of cobalt and copper prices hits miners in the country.
China Molybdenum, which operates the giant Tenke Fungurume mine, said falling metal prices combined with higher taxes and royalties, and rising costs meant it was now in a “deficit zone.” The company said it had also been hit by problems with production equipment.