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A court-appointed administrator for the Tenke Fungurume Mining SA copper andcobalt project in the Democratic Republic ofCongo has stopped new exports until shareholders agree on a new sales contract.
State-owned Gecamines, which owns 20% of the venture, wants to sign a contract with a Chinese company to export minerals. According to the administrator, the partners haven't agreed on a contract for this year.
The spokesman said nothing had changed. On Sunday, the spokesman didn't reply to a message.
The mine's output is being sold to a CMOC unit at a price that Gecamines doesn't.
Tenke is one of the world's biggest cobalt mines, accounting for about 14 percent of global production in 2021. It's a major copper producer.
China wants a third party to resolve a mine dispute.
Only those for which TFM had already prepayment before the decision of the administrator are allowed, and should be finished by the end of next week.
The CMOC told companies to stop transporting Tenke's minerals until July 24, according to the report.
The fight to get CMOC to pay more money for one of the African country's key resources will intensify if the blockade takes effect.
The fight over copper reflects on the battle.
According to Gecamine, CMOC owes the company billions of dollars in royalties and interest. While the partners worked out their differences, the state miner sued to have a temporary administrator in place. After taking over Tenke, Ngoie was blocked from entering the site by the CMOC.
The management has been rejected by the CMOC. A lawyer for Tenke's management under CMOC didn't respond to a message.
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