Congo’s Gecamines to buy 100,000 tons of copper from CMOC’s Tenke Fungurume mine

Reuters01-12

Congo’s Gecamines to buy 100,000 tons of copper from CMOC’s Tenke Fungurume mine

Jan 12 (Reuters) - Congo’s state miner Gecamines said on Monday it had exercised its right to buy 100,000 tonnes of copper from Chinese company CMOC’s 603993.SS Tenke Fungurume (TFM) mine this year.

The purchase represents 20% of TFM’s output, in line with Gecamines’ 20% shareholding, and deliveries will be spread over the year and will be exported to the U.S. market, the company said.

Gecamines said it had selected Swiss commodities group Mercuria as a strategic partner to provide financial, logistical and technical support.

The sales of copper to the United States would meet certain expectations of the recent agreements made between the Democratic Republic of Congo and the United States, Gecamines said.

The Democratic Republic of Congo, a key copper supplier, has pursued reforms to gain more control over marketing and sales of mining output and expand its influence in the global metals trade.

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Susan Fenton)

((Ashitha.Shivaprasad@thomsonreuters.com;))

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