24/7 Space News
TECH SPACE
Chinese company to pay DR Congo state miner $2 billion over cobalt dispute
ADVERTISEMENT
     
Chinese company to pay DR Congo state miner $2 billion over cobalt dispute
by AFP Staff Writers
Beijing (AFP) July 18, 2023

Chinese mining company CMOC Group has agreed to pay DR Congo partner Gecamines $2 billion over a royalties dispute, according to a stock exchange filing on Tuesday, after legal wrangling between the two sides left a mountain of copper and cobalt in limbo for months in the African country.

The CMOC-owned Tenke Fungurume mine was slapped with an export ban from July 2022 to April, after minority shareholder Gecamines accused the Chinese group of withholding information about the size of reserves at the mine.

As many as 13,000 tonnes of cobalt powder are thought to have been hoarded in the Tenke Fungurume mine -- equivalent to seven percent of the world's production last year.

It was stuck for over nine months, alongside an even larger stockpile of copper, until CMOC began shifting its giant stash of metals this year after the two sides reached a resolution in April.

The details of the deal were not released until Tuesday, when CMOC said in a stock exchange filing that its mine would pay Gecamines $800 million in a settlement payment and at least $1.2 billion of dividends over several years.

In the future, "Gecamines will be entitled to 20% of the total value of the project's subcontracting and the right to acquire a volume of production proportional to its 20% stake in TFM on market terms and in compliance with Congolese laws," CMOC said.

The Democratic Republic of Congo is Africa's largest mineral producer, and supplies over 70 percent of the world's cobalt, a metal critical to batteries used in electronics and electric cars.

The African nation relies heavily on its mining sector.

Tenke Fungurume, the world's second-largest cobalt mine, produced about 20,000 tonnes of copper and 1,500 tonnes of cobalt a month through 2022, according to company figures.

Related Links
Space Technology News - Applications and Research

Subscribe Free To Our Daily Newsletters

RELATED CONTENT
The following news reports may link to other Space Media Network websites.
TECH SPACE
DARPA seeks input on novel methods to separate, purify rare earth elements
Washington DC (SPX) Jul 14, 2023
In a pivotal move toward fostering greater sustainability and energy efficiency in the extraction and purification of Rare Earth Elements (REEs), the Defense Advanced Research Projects Agency (DARPA) is seeking input on cutting-edge methodologies. REEs, a group of 17 elements including scandium, yttrium, and the lanthanide series, are integral to a broad array of technologies such as permanent magnets, catalysts, fiber optics, and phosphor displays, serving as essential components in wind turbines, cell ... read more

ADVERTISEMENT
ADVERTISEMENT
TECH SPACE
Virgin Galactic's next spaceflight will include sweepstakes winners

Euclid's large halo around indefinitely small point

Above Space signs Umbrella Space Act Agreement With NASA

Virgin Galactic Unveils Plans for its Second Commercial Spaceflight, Galactic 02

TECH SPACE
Raytheon, Northrop Grumman secure further hypersonic weapon development contract

Rocket Lab readies launch of seven satellites from New Zealand

Rocket Lab to boost Synspective's satellite constellation with more launches

China's methane-fueled rocket achieves global first with successful orbital insertion

TECH SPACE
Earth and Moon seen from Mars

Sols 3887-3888: The Vastness

New study reveals evidence of diverse organic material on Mars

SHERLOC instrument offers new perspective on Jezero Crater, Mars

TECH SPACE
China's Shenzhou XVI astronauts conduct fluid physics experiments

China Aerospace Foundation and Asia-Pacific Space Cooperation Organization Sign Cooperation MOU

Tianzhou 5 reconnects with Tiangong space station

China questions whether there is a new moon race afoot

TECH SPACE
CASIC plans new satellite network by 2030

Viasat provides status update on ViaSat-3 Americas Satellite

China begins construction of ultra-low orbit satellite constellation

Saudi Space Commission holds several meetings with Chinese space companies

TECH SPACE
Aluminum recycling in Brazil: Scraping by in a billion-dollar industry

Microsoft and Activision add time to seal gaming deal

Revolutionary materials and techniques transform aircraft construction

Uniting Europe: DLR Spearheads Responsive Satellite Deployment Network

TECH SPACE
Plato's structural test campaign

Study increases probability of finding water on other worlds by x100

'Like a mirror': Astronomers identify most reflective exoplanet

Astronomers discover elusive planet responsible for spiral arms around its star

TECH SPACE
First ultraviolet data collected by ESA's JUICE mission

Unveiling Jupiter's upper atmosphere

ASU study: Jupiter's moon Europa may have had a slow evolution

Juno captures lightning bolts above Jupiter's north pole

Subscribe Free To Our Daily Newsletters


ADVERTISEMENT



The content herein, unless otherwise known to be public domain, are Copyright 1995-2023 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.