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UPDATE 1-Congo state miner says not informed of Freeport's copper mine sale

Published 2016-05-10, 12:02 p/m
© Reuters. UPDATE 1-Congo state miner says not informed of Freeport's copper mine sale
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KINSHASA, May 10 (Reuters) - Democratic Republic of Congo
state miner Gecamines said on Tuesday it was not informed of
Freeport-McMoRan Inc's FCX.N sale of its majority stake in the
Tenke copper project and "will assert its rights."
Freeport sold its 56 percent stake to China Molybdenum Co
Ltd (CMOC) 603993.SS on Monday for $2.65 billion in cash.
Gecamines holds a 20 percent stake in Tenke, one of the world's
largest copper mines, while Lundin Mining LUN.TO holds the
remaining 24 percent.
"Gecamines decides to have its advisers examine the
announced terms of the transaction with regards to its rights
under the agreements binding it directly or indirectly to
Freeport-McMoRan," the company said in a statement.
Officials from the mines ministry and prime minister's
office also told Reuters on Tuesday that they had not been
informed in advance of the Freeport sale.
Congolese authorities have raised objections to similar
deals in the past. Last June, the government demanded that
Ivanhoe Mines' IVN.TO sale of a stake in a copper mine to
Zijin Mining 601899.SS be suspended until Ivanhoe addressed
its concerns.
The government dropped its objections in September, allowing
the $412 million sale to go ahead as planned.

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