Hyperdrive
One of World’s Biggest Cobalt Mines Is at Stake in Congo Fight
- Gecamines says TFM owes $7.6 billion for royalties, interest
- Chinese partner says it’s business as usual at Tenke mine
Source: Google Maps
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A dispute over one of the biggest copper and cobalt mines is escalating in the Democratic Republic of Congo, threatening to disrupt exports of essential battery materials and raising questions about the project’s future.
A top executive from state mining company Gecamines said that partner CMOC Group Ltd. owes $7.6 billion in overdue payments, and even accused the Chinese metals producer and trader of posing a threat to national security. CMOC said it denies the allegations, “strongly” opposes what it views as unjustified attacks and will defend its rights and interests.