China Molybdenum Co said on Friday it had agreed to buy a holding company for $1.14-billion in order to increase its control in Democratic Republic of Congo’s massive Tenke copper mine. China Moly, already the majority owner of Tenke, will have an 80% stake in the mine after the acquisition of BHR Newwood DRC, a holding company set up by private equity firm BHR to buy a 24% stake in Tenke in 2017, China Moly said in a filing to the Shanghai stock exchange.
