London — The DRC’s mines ministry said it would not oppose a transfer of ownership in the country’s biggest copper and cobalt producer, marking a departure from previous actions to block or tax changes in shareholding structures. Glencore said last week it was considering increasing its 69% stake in the Mutanda Mining project, also known as Mumi. The rest is owned by Israeli billionaire Dan Gertler’s Fleurette Group. "I don’t believe" the state needed to authorise changes in ownership in the Mutunda project, Mines Minister Martin Kabwelulu said late on Tuesday in response to questions. The DRC’s government in May announced it would investigate and tax Freeport-McMoRan’s sale of its 56% stake in the Tenke Fungurume Mining project, known as TFM, to China Molybdenum for $2.65bn. The government has since lifted its objections, but state-owned copper miner Gecamines, which owns 20% of the mine, continues to oppose the deal, insisting that its rights to match the offer have been ignored. ...
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