Chinese company China Molybdenum has entered into a share transfer agreement with Sino-US BHR to buy back its capital in the Tenke copper mine. The announcement was made on January 18, 2019.
« The purchase will increase the company’s control in the Tenke copper mine and further improve the profitability and resilience of the company, » the Chinese company said in a statement.
Indeed, the agreement aims to increase to 80% the interests of Molybdenum which already owned 56% in the large copper and cobalt Tenke Fungurume mine in the Democratic Republic of Congo (DRC). To do this, it will buy BHR Newwood DRC, holding company holding the stake of BHR, for $ 1.14 billion.
Founded in 1982, the company Molybdenum is a Chinese mining company present in particular in the production of tungsten, cobalt, niobium or copper. In May 2016, it announced the acquisition of the 56% stake of Freeport-McMoRan in the mining complex for 2.56 billion USD.