China Moly buys 95% of DRC copper-cobalt mine from U.S.-based Freeport for $550-million Reuters Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Reuters Staff/Reuters
China Molybdenum Co. said on Sunday it had acquired a 95-per-cent stake in the Kisanfu copper-cobalt mine in the Democratic Republic of Congo (DRC) from U.S.-based Freeport-McMoRan Inc for US$550-million.
The Chinese company’s takeover of the undeveloped Kisanfu project – discussed as early as 2016 – boosts its reserves in the DRC, the world’s top producer of battery metal cobalt, where China Moly already operates the giant Tenke Fungurume mine.
China Moly buys 95% of DRC copper-cobalt mine from Freeport for $550 million reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.