Congo Agrees to Freeport’s Sale of Copper Mine to China Moly

Democratic Republic of Congo will agree to Freeport-McMoRan Inc.’s sale of its undeveloped Kisanfu copper and cobalt project to China Molybdenum Co., Mines Minister Willy Kitobo Samsoni said in a text message Saturday.

Kitobo said his ministry was required to sign off on the deal according to the country’s mining code, which was revised in 2018. He would not share the terms of the agreement. Freeport did not respond to an email and phone call Friday. A phone call to CMOC went unanswered after normal business hours.

Freeport tried to sell Kisanfu to CMOC when it was still under exploration in 2016 along with its $2.65 billion stake in the Tenke Fungurume copper and cobalt mine. At the time, Freeport was asking $50 million for Kisanfu, which is located between Tenke and Glencore Plc’s massive Mutanda copper and cobalt project, according to its website.

©2020 Bloomberg L.P.

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