https://newsletter.mw.creamermedia.com
Copper|Mining|Projects
Copper|Mining|Projects
copper|mining|projects

DR Congo's Gecamines opposes sale of cobalt miner Chemaf

The Etoile mine in the DRC

Photo by Bloomberg

2nd July 2024

By: Reuters

  

Font size: - +

Democratic Republic of Congo's State miner Gecamines said on Monday it would not approve the sale of cobalt miner Chemaf and its Congolese assets to Chinese miner Norin Mining.

Gecamines leases these assets to Chemaf, which on Thursday said it had agreed a sale to a unit of Chinese State-backed China North Industries Corp (Norinco) to settle debts largely funded by Chemaf's long-time partner, commodities trader Trafigura.

In a statement, Gecamines said it had the right of approval and its board had voted to reject the deal.

Responding in its own statement, Chemaf said it had not heard directly from Gecamines about its sale plans and hoped to engage further with the state miner in order to secure its approval.

The family-owned copper and cobalt miner offered itself for sale last year due to a cash crunch that was stalling the expansion of its Etoile and Mutoshi projects in DR Congo as cobalt prices slumped.

China's miners, most of which are State-backed, have become the biggest investors in DR Congo as the world's second-largest economy aggressively pursues copper and cobalt supplies for its rapidly expanding electric vehicle industry.

Edited by Reuters

Comments

Latest News

Magazine round up | 21 February 2025
Magazine round up | 21 February 2025
21st February 2025

Showroom

Avlock International
Avlock International

Avlock International is a leading manufacturer and distributor of Specialized Fastening Systems.

VISIT SHOWROOM 
Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 21 February 2025
Magazine round up | 21 February 2025
21st February 2025
BOLSTERING PRESENCE
The project is set to bolster Namibia’s position as one of the world’s leading uranium producers
Uranium mine moving closer to production
21st February 2025 By: Simone Liedtke

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.071 0.142s - 151pq - 3rq
Subscribe Now