CMOC’s Congo mine suspends copper and cobalt exports

CMOC’s Congo mine suspends copper and cobalt exports

CMOC’s Congo mine suspends copper and cobalt exports

DAKAR/JOHANNESBURG, July 17 (Reuters) – CMOC’s (603993.SS) Tenke Fungurume copper and cobalt mine has suspended all exports, logistics companies were told in a notice seen by Reuters late on Saturday, complying with demands by a court-appointed administrator.

A CMOC spokesman did not immediately reply to a request for comment but had said on Friday that the mine, which accounted for more than 10% of worldwide cobalt output in 2021, had not issued any instructions to stop exports.

CMOC has been locked in dispute with the administrator appointed in February to run the mine for six months in response to a lawsuit by Congo state miner Gecamines, a minority stakeholder in Tenke Fungurume.

The administrator, Sage Ngoie Mbayo, this month demanded that CMOC suspend marketing and export of its production because CMOC and Gecamines had not reached agreement this year on how to sell the mine’s output.

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