BHR mine stake in DRC backed

The Star Early Edition - - BUSINESS REPORT -

CHINA Molyb­de­num Co Ltd (CMOC) has said it has signed an agree­ment with Chi­nese pri­vate eq­uity firm BHR to sup­port BHR’s ac­qui­si­tion of a 24% stake in the Demo­cratic Re­pub­lic of Congo’s gi­ant Tenke cop­per mine.

CMOC says it is the ma­jor­ity owner of Tenke af­ter com­plet­ing a $2.65 bil­lion pur­chase of a 56% stake in the mine, one of the world’s largest, from Freeport McMoRan Inc in Novem­ber.

BHR agreed to buy a mi­nor­ity stake from Canada’s Lundin Min­ing in Novem­ber for about $1.14bn. Congo state min­ing com­pany Ge­camines, which has a 20% stake, has tried for months to block both sales. “CMOC will pro­vide fi­nan­cial guar­an­tees to BHR to en­sure BHR’s ac­qui­si­tion of Lundin’s 24% in­di­rect stake in (Tenke) com­pletes suc­cess­fully in a timely manner,” CMOC said. – Reuters

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