DR Congo: Major investor pulls out

Issue 325 - 10 Jun 2016

One of the largest and most resilient investors in Democratic Republic of Congo, US minerals giant Freeport-McMoRan Copper & Gold (FCX), has announced the sale of its Tenke Fungurume copper and cobalt mine in Katanga to China Molybdenum Company in a $2.65bn deal. Poor economics may finally have persuaded FCX to pull out of DRC, having survived intense political pressure during the years of President Joseph Kabila Kabange’s mining review. The government was not informed before FCX’s 9 May announcement.

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