China's Molybdenum Industry increases its stake in Tenke Copper Mine in the Democratic Republic of the Congo to 80 per cent

China Molybdenum Industry Co., Ltd. (China Molybdenum Co.,) said on Friday that it had agreed to buy a holding company for $1.14 billion to increase control of the Tenke copper mine in the Democratic Republic of the Congo.

In 2016, China Molybdenum bought a 56 per cent stake in Tenke from Freeport McMoRan for $2.56 billion.

"this acquisition will strengthen the company's control over the Tenke copper mine and further enhance the company's profitability and resilience," the company said in the filing. " China Molybdenum helped BHR acquire a 24 per cent stake in Tenke as part of the deal, and if BHR withdraws from the project, China Molybdenum has the right to acquire BHR's stake in the mine at a pre-agreed price.

Gecamines, the Congolese state-owned mining company, holds a 20 per cent stake in Tenke.

Tenke is one of the largest copper deposits in the world, with proven and possible copper reserves of 3.8 million tons.

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