CMOC, formerly known as China Molybdenum, has criticised excessive fees from the Democratic Republic of Congo's (DRC) state-owned mining company Gecamines, which is demanding compensation for higher copper and cobalt reserves at its Tenke.
A shareholder dispute over one of the world’s biggest copper and cobalt mines is heating up in the Democratic Republic of Congo (DRC), after state miner Gecamines SA threatened to block exports or even take the mine away from its partner, China Molybdenum Co (CMOC, 洛陽欒川鉬業).
Gecamines, which owns 20 percent of the Tenke Fungurume mine’s holding company, accused CMOC of manipulating the project’s finances and said it owes as much as US$5 billion in payments.
The disagreement has extended to who is actually running the mine: A Congolese court appointed a temporary administrator to manage the holding company, while the