Congo said to get $100-million to clear China Moly purchase

February 22, 2017

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The Democratic Republic of Congo’s state mining company received $100-million as part of a settlement to drop its objections to the sale of the country’s biggest copper mine to Chinese buyers, according to people with knowledge of the agreement. The cash payment was made last month after state-owned Gecamines agreed to abandon legal cases to block the sale of Freeport McMoRan and Lundin Mining’s interests in the Tenke Fungurume mine, the people said, asking not be identified as terms of the arrangement aren’t public. China Molybdenum Co. and Chinese private-equity firm BHR Partners bought the stakes for a combined $3.8-billion.

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