Gecamines Sells Copper-Cobalt Mining Concessions to Two Chinese Companies

Gecamines, the state-owned mining company in the Democratic Republic of Congo, has sold a copper and cobalt mining permit to a unit of China’s Huayou Cobalt, Bloomberg reported. The deal adds to China’s growing presence in mining projects in the DRC.
As quoted in the publication:

Gecamines sold a copper- and cobalt-mining permit from its Cie Miniere du Sud Katanga unit, or CMSK, for $52 million to Huayou’s Congo Dongfang International Mining Sarl, according to a statement published on its website Monday. The company, based in Lubumbashi, also signed a “strategic cooperation accord” with CNMC.
The purchase of Gecamines’ Luiswishi and Lukuni assets will give Zhejiang, China-based Huayou 354,619 metric tons of copper and 62,903 tons of cobalt, Gecamines said. The accord with CNMC will explore “five large projects” around Lubumbashi, Likasi and Kolwezi in Congo’s Katanga province, the company said in a separate statement. It didn’t identify the projects or give financial terms.

Click here to read the full Bloomberg article.