BHR mine stake in DRC backed
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