Market Chatter: CMOC's DRC Mine Threatens to Sack Striking Employees; Shanghai Shares Fall 6%

MT Newswires Live06-08

CMOC's (HKG:3993) mine in the Democratic Republic of the Congo threatened to dismiss workers who participated in a strike while offering bonuses to employees who did not, Bloomberg reported Friday.

Employees at Tenke Fungurume Mining or TFM, the country's largest mine, initiated a strike on June 1 against a new collective bargaining agreement struck between TFM and a labor union delegation, Bloomberg said, citing local media.

The workers said they were not consulted on the agreement and are seeking higher wages and housing allowances, according to the report.

TFM said the strike was "illegal" and "has had a significant impact on the company's operations, leading to a disruption of production," Bloomberg said, citing a letter to employees.

TFM's mine produced 519,000 tons of copper in 2025, the report said.

Shares fell 6% in Shanghai and 5% in Hong Kong during the midday break on Monday.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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