[SMM translator] Congo Gecamines raises its stake in Boss Mining JV to 49 per cent

SMM12, 11 Feb: Gecamines, the state-owned mining company of the Democratic Republic of the Congo, said on Monday that it would increase its stake in its joint venture with ENRC Africa Holdings's Boss Mining to 49 per cent after the two companies renegotiated the terms. The state-owned mining company is trying to increase its stake in joint ventures with international mining companies such as Glencore and China Molybdenum, which it accuses of not bringing enough money to the country. In a statement on Monday, Gecamines said its share of Boss Mining would rise from 30 per cent to 49 per cent, while ENRC's stake would fall from 70 per cent to 51 per cent.

Gecamines said ENRC would also pay $30 million to Gecamines to resolve arbitration cases pending before the International Chamber of Commerce.

, Boss Mining exported more than 17000 tons of copper in the first six months of 2018.

Gecamines also signed its first copper and cobalt mining sharing agreement with China's Excellen Mining Investment Corporation in Hong Kong last week, saying it would receive a fairer share of revenue from the joint venture.

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