Chinese Miner Gets Congo Deal to Free Stockpile of Copper and Cobalt
- CMOC says it has consensus with partner Gécamines on royalties
- Metals worth more than $1.5 billion stranded in African nation
China’s CMOC Group Ltd. made a breakthrough in a long-running spat over mining royalties in the Democratic Republic of Congo, potentially paving the way for its massive stockpile of battery metals to start flowing to global markets.
CMOC and its state-owned partner Gécamines reached a “consensus on the royalties issue” at the Tenke Fungurume operation, according to a Hong Kong stock exchange filing Wednesday. Exports from Tenke — a major source of copper and one of the world’s biggest cobalt mines — have been blocked by Congolese authorities since last July because of the dispute.
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Chinese Miner Gets Congo Deal to Free Stockpile of Copper and Cobalt