14
Dec
13:55
COBALT: China Molybdenum acquires 95% stake in DRC project
China Molybdenum Co says it has acquired a 95% stake in the planned Kisanfu copper-cobalt mine in the Democratic Republic of Congo, Kallanish reports.
The company spent $550 million to acquire the stake from US-based Freeport-McMoRan Inc. It was acquired by the company’s Natural Resources Elite Investment Ltd.
The company made the announcement on Sunday in a filing to the Shanghai Stock Exchange, Reuters reports. The purchase was made on 1 December and comp…
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