The Tenke Fungurume mine is probably more important for the cobalt but it is no slouch in the copper business (209,000 tons last year, biggest in DR Congo). We've been following it since before Freeport--McMoRan sold it to China Moly. in 2016.
From Reuters via Mining.com July 17:
CMOC’s Tenke Fungurume copper and cobalt mine has suspended all exports, logistics companies were told in a notice seen by Reuters late on Saturday, complying with demands by a court-appointed administrator.
A CMOC spokesman did not immediately reply to a request for comment but had said on Friday that the mine, which accounted for more than 10% of worldwide cobalt output in 2021, had not issued any instructions to stop exports.
CMOC has been locked in dispute with the administrator appointed in February to run the mine for six months in response to a lawsuit by Congo state miner Gecamines, a minority stakeholder in Tenke Fungurume.
The administrator, Sage Ngoie Mbayo, this month demanded that CMOC suspend marketing and export of its production because CMOC and Gecamines had not reached agreement this year on how to sell the mine’s output.
CMOC, meanwhile, has denied the administrator access to the mine site....
....MUCH MORE
Also at Mining.com, July 17:
Miner BHP may reconsider investments in Chile if tax hikes go forward
So up for now but the underlying fundamentals, think China housing until electric vehicles get more mainstream in, maybe, a couple year, are not so good.
$3.3155 last, up 0.0815 on the most active September futures.
The recent (July 15) 18-month low was 3.1315
