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Gecamines News

  • Congo miner challenges Freeport sale of Tenke mine in international court 2016-10-19
    Democratic Republic of Congo state miner Gecamines has challenged Freeport McMoRan Inc's sale of its majority stake in the Tenke copper mine at the International Court of Arbitration in Paris, Gecamines said on Wednesday. Gecamines Secretary-general Deogratias Ngele told Reuters that Gecamines had asserted a right of first offer following Freeport's agreement in May to sell its 56% stake in Tenke, one of the world's largest copper mines, to China Molybdenum for $2.65-billion.
  • Freeport’s Congo mine sale faces more objections from Gecamines 2016-09-23
    Gecamines, the State-owned miner in the Democratic Republic of Congo, said any decision by Lundin Mining to also withdraw from the Tenke Fungurume copper mine could present another obstacle to Freeport McMoRan’s proposed sale of its stake in the project. By exiting at the same time and transferring full ownership of the project to new parties without securing Gecamines’ approval, Lundin and Freeport would be further violating the state-owned miner’s rights, Chairman Albert Yuma said by e-mail Friday. Gecamines must be permitted to match the offers for the stake, or it could stop any deal going through, he said.
  • ASX: Study Confirms Potential Cobalt Production for Tiger 2016-09-08
  • Congo State miner submits offer for Freeport's Tenke copper project 2016-09-07
    Democratic Republic of Congo's State mining company Gecamines has submitted an offer to buy Freeport McMoRan's majority stake in the Tenke copper project, Gecamines' interim director-general Jacques Kamenga told Reuters on Wednesday. Freeport agreed in May to sell its 56% stake in Tenke, one of the world's largest copper mines, to China Molybdenum for $2.65-billion.
  • Congo State miner says to increase copper output 40% this year 2016-08-15
    Democratic Republic of Congo's state miner Gecamines expects to increase copper production by over 40% this year as new machinery comes online, the company said on Friday. Gecamines plans to produce 24 000 tonnes of copper this year and 50 000 tonnes next year, interim director-general Jacques Kamenga told Reuters. This is up from about 17 000 tonnes in 2015, according to central bank figures.
  • Lundin granted extension to decide on Tenke Fungurume buyout 2016-07-20
    Canadian base metals company Lundin Mining has been granted an extension to September 15 to decide if it wants to make an offer to buy Freeport McMoRan’s stake in TF Holdings, which owns 80% of the Tenke Fungurume copper mine in the Democratic Republic of Congo. Freeport holds a 70% stake in TF Holdings, with Lundin owning the balance.
  • Tiger studies viability of producing cobalt at DRC mine 2016-07-07
    Growing global demand for cobalt has prompted Australia-based Tiger Resources to examine the possibility of converting its resources at the Kipoi mine, in the Democratic Republic of Congo (DRC) to a saleable product. CEO Michael Griffths said on Thursday that Tiger had commissioned a study by independent consultant Mintrex to investigate the economic viability of producing cobalt at Kipoi.
  • ASX: Tiger Examines Viability of Cobalt Production at Kipoi 2016-07-06
  • DRC's Gecamines plans Chinese joint venture at main asset 2016-06-16
    Gecamines, the Democratic Republic of Congo’s (DRC's) State-owned miner, is in talks to give China Nonferrous Metal Mining Group a majority stake in its most prospective copper asset. CNMC will finance, build and operate a copper-processing facility at the Deziwa concession in return for a 51% stake in the project, Jean Dominique Takis, head of strategy, said in an interview Tuesday in the capital, Kinshasa.
  • Congo State miner plans to cut workforce, will invest $717m 2016-06-08
    Democratic Republic of Congo state miner Gecamines plans to cut its 12 000 person workforce by more than 2 000 in the coming months, its chairperson said on Wednesday in a speech at a mining conference in Lubumbashi. Albert Yuma made the announcement as he was presenting a modernization plan for Gecamines for 2016-2020 that will see the company invest $717-million on operations.

Gecamines Information

  • Company 2015-05-10
    The General Quarries and Mines abbreviated "Gecamines" and acronym GCM is a public company incorporated under Congolese law in commercial and industrial. It is 100% state-owned.

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