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Gécamines Negotiates to Sell Part of Tenke Fungurume's Copper Output

Thursday, 04 July 2024 12:39
Gécamines Negotiates to Sell Part of Tenke Fungurume's Copper Output

(Ecofin Agency) - Last year, Gécamines, the DRC’s public mining company, announced a deal to sell its share of the copper produced at the Tenke Fungurume mine operated by China's CMOC. In 2023, this 20% share amounted to 280,297 tonnes.

Gécamines, the state-owned mining company in the Democratic Republic of Congo (DRC), is currently negotiating with several firms to sell part of the output from the Tenke Fungurume mine. This move is part of Gécamines' new strategy to directly sell a portion of the production from mines in which it holds minority stakes.

According to details relayed by Bloomberg, Gécamines is negotiating the sale of 90,000 tonnes of copper with Glencore, Trafigura Group, and Mercuria Energy Group. In addition to Tenke Fungurume, the company is also looking to sign copper and cobalt sales contracts for part of the production from Glencore's local subsidiary and Sicomines' assets.

With this strategy, Gécamines seeks greater mining revenues for the State. The strategy was announced last year, after Gécamines negotiated with CMOC, Tenke Fungurume’s owner, the right to sell the production volume proportional to its 20% stake in the mine.

Copper accounts for around 70% of the DRC's export earnings, and the country is Africa's top producer and the world's second-largest. However, the Congolese people do not benefit from the activity; a situation which the State is determined to change.




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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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