{"id":1095041,"date":"2019-01-18T14:43:41","date_gmt":"2019-01-18T14:43:41","guid":{"rendered":"http:\/\/www.mining.com\/?p=964281"},"modified":"2019-01-18T14:43:41","modified_gmt":"2019-01-18T14:43:41","slug":"china-moly-ups-stake-in-giant-tenke-copper-mine-to-80","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1095041","title":{"rendered":"China Moly ups stake in giant Tenke copper mine to 80%"},"content":{"rendered":"

China Molybdenum, which bought the giant\u00a0Tenke Fungurume copper and cobalt mine from Freeport-McMoRan\u00a0in 2016, is buying a holding company<\/a> for $1.14 billion that will give it an 80%-stake in Democratic Republic of Congo\u2019s operation.<\/p>\n

The Chinese miner, which has spent almost $5 billion in the past two years on an acquisition rampage, said it had agreed to buy BHR Newwood DRC Holdings Ltd, a holding company set up by private equity firm BHR to buy a 24% stake in Tenke in 2017.<\/p>\n

The company already has a controlling stake in the mine, after acquiring a 56% interest in 2016 that was held by Freeport, in a $2.65 billion-deal<\/a>.\u00a0Congo\u2019s state miner Gecamines has a 20% interest in the operation.<\/p>\n

Congo, which vast deposits of cobalt and copper, as well as gold, diamonds, tin and coltan, is one of the world\u2019s most important but difficult mining jurisdictions.<\/p>\n

One of the sector\u2019s main concerns in the past year has been a new mining code introduced by leaving President Joseph Kabila, which increased royalties, added taxes and cancelled a clause that would have protected them against fiscal changes for 10 years.<\/p>\n

Despite fierce opposition from the mining industry, there hasn\u2019t been any concessions so far.<\/p>\n

Other companies present in the country include Glencore, Barrick Gold and privately-held Chemaf.<\/p>\n

The post China Moly ups stake in giant Tenke copper mine to 80%<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Company has agreed to buy BHR Newwood DRC Holdings Ltd, a holding company set up by private equity firm BHR to buy a 24% stake in the Congo mine in 2017.<\/p>\n

The post China Moly ups stake in giant Tenke copper mine to 80%<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1118,1119,394,868,870,404,369],"tags":[9,30,32,33],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1095041"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1095041"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1095041\/revisions"}],"predecessor-version":[{"id":1095148,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1095041\/revisions\/1095148"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1095041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1095041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1095041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}