KINSHASA, Aug 21 (NNN-AGENCIES) — DR Congo’s government has formed a commission to reassess the reserves and resources at China Molybdenum’s massive Tenke Fungurume copper and cobalt mine, in which state mining company Gecamines holds a 20per cent stake.
The commission aims to determine the value of the mine’s copper and cobalt reserves in order to ensure Gecamines and, by extension, the Congolese state, can “fairly lay claim to their rights”, said a statement from the Congolese cabinet.
Copper and cobalt prices have surged over the past year and China Molybdenum earlier this month announced a bumper investment of US$2.5 billion to roughly double Tenke Fungurume’s production of copper and cobalt.
China Molybdenum did not immediately reply to a request for comment about the Congolese government commission.
Tenke Fungurume, in which China Moly holds 80per cent, produced around 182,600 tonnes of copper and 15,400 tonnes of cobalt in 2020.
During a visit to the mining town of Kolwezi in May, Pres Felix Tshisekedi announced his intention to renegotiate mining contracts, particularly those concluded by his predecessor Joseph Kabila.
“It is not normal that those with whom the country has signed exploitation contracts are getting richer while our people remain poor,” he said, adding: “It is time for the country to readjust its contracts with the miners in order to seal win-win partnerships.” — NNN-AGENCIES