Gecamines takes Freeport sale of majority stake in Tenke mine to court
Kinshasa — Democratic Republic of Congo (DRC) state miner Gecamines has challenged Freeport McMoRan’s sale of its majority stake in the country’s Tenke copper mine, at the International Court of Arbitration in Paris, Gecamines said on Wednesday. Gecamines secretary-general Deogratias Ngele said Gecamines had asserted a right of first offer following Freeport’s agreement in May to sell its 56% stake in Tenke, one of the world’s largest copper mines, to China Molybdenum for $2.65bn. He declined to provide further details about the complaint. Gecamines, which controls a 20% stake, has previously objected to Freeport’s sale, which it says it was not informed of beforehand. Gecamines also said in September it had submitted an offer to buy Freeport’s majority stake without providing details. Freeport did not respond to a request for immediate comment. It has previously denied that Gecamines has a right of first offer for Tenke. Toronto-based Lundin Mining, which holds a 24% stake, has unt...
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