• Latest
  • Trending
  • All
Suspension of Tenke cobalt exportation to cut 14% of world cobalt supply

Suspension of Tenke cobalt exportation to cut 14% of world cobalt supply

July 10, 2022
Ban on exports causes massive Lithium build up in Zimbabwe, off-take agreements threatened

Ban on exports causes massive Lithium build up in Zimbabwe, off-take agreements threatened

March 21, 2023
Gold Fields, AngloGold joint venture creates Africa’s largest gold mine in Ghana

Gold Fields, AngloGold joint venture creates Africa’s largest gold mine in Ghana

March 20, 2023
Nigeria launches digital mineral title platform

Nigeria launches digital mineral title platform

November 12, 2022
South Africa’s mining industry posts 4th consecutive quarter of production decline.

Concern rises over South Africa’s coal addiction

September 8, 2022
Sabodala-Massawa, Senegal’s largest gold mine set to increase production

Sabodala-Massawa, Senegal’s largest gold mine set to increase production

September 6, 2022
Nigeria discovers commercial quantity high grade lithium, woos investors

Nigeria discovers commercial quantity high grade lithium, woos investors

September 4, 2022
Low nickel prices halt reopening of ARM’s Nkomati mine

Low nickel prices halt reopening of ARM’s Nkomati mine

September 3, 2022
China, Australia battle for control of massive untapped lithium lode in the Democratic Republic of Congo

Nigeria moves to develop her battery minerals

September 2, 2022
Nigeria, Africa & the $8 Trillion Global Gold Market

Six killed in Burkina Faso gold convoy attack

August 29, 2022
South Africa’s mining industry posts 4th consecutive quarter of production decline.

South Africa’s mining industry posts 4th consecutive quarter of production decline.

August 27, 2022
Asante Gold begins operations at Bibiani mine processing plant

Nigeria, Africa & the $8 Trillion Global Gold Market

August 22, 2022
Platinum-rich Zimbabwe announces new taxes on platinum and lithium

Platinum-rich Zimbabwe announces new taxes on platinum and lithium

July 29, 2022
  • About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, March 22, 2023
  • Login
African Mining & Minerals
  • HOME
  • CENTRAL AFRICA
    • ANGOLA
    • CAMEROON
    • CENTRAL AFRICAN REPUBLIC
    • CHAD
    • CONGO, REPUBLIC OF (BRAZZAVILLE)
    • DEMOCRATIC REPUBLIC OF CONGO (KINSHASA)
    • EQUATORIAL GUINEA
    • GABON
  • EAST AFRICA
    • BURUNDI
    • COMOROS
    • DJIBOUTI
    • ERITREA
    • ETHIOPIA
    • KENYA
    • MADAGASCAR
    • MALAWI
    • MAURITIUS
    • MAYOTTE
    • MOZAMBIQUE
  • NORTH AFRICA
    • EGYPT
    • LIBYA
    • MAURITANIA
    • MOROCCO
    • TUNISIA
    • WEST SAHARA
    • ALGERIA
  • WEST AFRICA
    • BENIN
    • BURKINA FASO
    • CAPE VERDE
    • CÔTE D’IVOIRE
    • THE GAMBIA
    • GHANA
    • GUINEA
    • GUINEA-BISSAU
    • LIBERIA
    • MALI
    • NIGER
    • NIGERIA
    • SENEGAL
    • SIERRA LEONE
    • TOGO
  • SOUTHERN AFRICA
    • BOTSWANA
    • ESWATINI (SWAZILAND)
    • LESOTHO
    • NAMIBIA
    • SOUTH AFRICA
  • MINES
  • MINERALS
  • TRADING
  • TECHNOLOGY
  • BENEFICIATION
  • TRAINING
  • ENVIRONMENT
  • COMPANIES
  • CONTRACTS
  • FINANCE
  • MARKETS
  • FINISHED PRODUCTS
  • EVENTS
  • CONTACT US
African Mining & Minerals
No Result
View All Result
Home CENTRAL AFRICA Democratic Republic of Congo (Kinshasa)

Suspension of Tenke cobalt exportation to cut 14% of world cobalt supply

by admin01
July 10, 2022
in Democratic Republic of Congo (Kinshasa), Contracts, Minerals, Mines
0
Suspension of Tenke cobalt exportation to cut 14% of world cobalt supply
499
SHARES
1.4k
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

An intensifying feud between shareholders of the giant Tenke Fungurume mine in the Democratic Republic of Congo may lead a court-appointed administrator to block its exports of copper and cobalt, effectively removing 14% from global cobalt supply. 

The administrator, Sage Ngoie Mbayo, began ordering the export suspension over the past week as he tries to resolve a dispute over royalty payments between CMOC Group Ltd. and state-owned miner Gecamines, according to four separate letters sent to a Congolese tax agency, and three export agents including a unit of France’s Bollore Group. The documents seen by Bloomberg were verified by Ngoie’s office, which said the suspension would take some time to take effect.

CMOC said Ngoie doesn’t have the authority to stop exports. Tenke “is always under the legitimate and effective control of the management team nominated by CMOC,” company spokesman Vincent Zhou said in an emailed response Friday. “The production and operations, including transportation and export, are normal.”

A prolonged suspension of Tenke’s cobalt exports could have a significant effect on the market for the mineral, which is a key ingredient in electric vehicle batteries. The mine accounted for about 14% of world cobalt production last year, according to calculations by Bloomberg using figures from Darton Commodities Ltd.

Gecamines, which owns 20% of the Tenke project, said China’s CMOC has been lying about its mineral reserves and owes the company $7.6 billion in royalties and interest. The state miner sued last year to have a temporary administrator appointed to run the company while the two partners worked out their differences. Ngoie took over Tenke last month with the blessing of Gecamines, but CMOC has blocked him from entering the mining site.

“No other person has the right to interfere with TFM’s operations,” Zhou said. “Letters from the so-called provisional administrator, without the approval of TFM’s shareholders’ meeting and board of directors, are not binding on TFM and do not represent the will of TFM to external parties.”

The company said it reserved “the right to pursue legal liability against relevant persons.”

CMOC’s response to the threat to exports shows “the disdain, disregard and disrespect to which they hold both the DRC and our justice system,” Ngoie’s office said in a statement sent to Bloomberg Friday.

“Because the export system is a complex and intricate machine, it cannot be stopped with one button, however because CMOC continues with denial and mockery of our justice system, the entire world will very soon see a complete halt of TFM exports,” according to the statement.

Gecamines officials did not respond to messages requesting comment. Bollore said in an email Saturday that it received the temporary administrator’s missive and its position is “in line” with a letter sent Friday by Tenke’s counsel to Congo’s customs agency, which said that Ngoie was not the legal administrator as long as the court’s decision to appoint him was under appeal. The lawyer, Deo Bukayafwa of MBM Conseil, did not immediately respond to emails requesting comment outside of normal business hours. 

Congolese civil society entered the fray Thursday, with a consortium of national and international organizations known as Congo is Not For Sale calling on CMOC to release all its mineral data and decrying what it called “a lack of transparency” around the project and its royalty calculations.

(Reporting by Michael J. Kavanagh).

Share200Tweet125Send
admin01

admin01

  • Trending
  • Comments
  • Latest
The History of Mining in Africa

The History of Mining in Africa

October 5, 2020
SPECIAL REPORT ON NIGERIA

Top 10 Risks and Opportunities for the Mining Sector in 2021

April 12, 2021
Nigeria moves to become West Africa’s largest steel producer

Nigeria moves to become West Africa’s largest steel producer

June 25, 2020
The DRC and China’s Sicomines: why future deals should be different

The DRC and China’s Sicomines: why future deals should be different

2

Buy, Rent or Lease- Homes, Offices or Lands NIGERIA

0

PMI Limited: Your energy partner for success

0
Ban on exports causes massive Lithium build up in Zimbabwe, off-take agreements threatened

Ban on exports causes massive Lithium build up in Zimbabwe, off-take agreements threatened

March 21, 2023
Gold Fields, AngloGold joint venture creates Africa’s largest gold mine in Ghana

Gold Fields, AngloGold joint venture creates Africa’s largest gold mine in Ghana

March 20, 2023
Nigeria launches digital mineral title platform

Nigeria launches digital mineral title platform

November 12, 2022
African Mining & Minerals

Copyright © 2020 African Mining and Minerals.Com. A PAN MEDIA COMPANY ABUJA, NIGERIA.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • HOME
  • CENTRAL AFRICA
    • ANGOLA
    • CAMEROON
    • CENTRAL AFRICAN REPUBLIC
    • CHAD
    • CONGO, REPUBLIC OF (BRAZZAVILLE)
    • DEMOCRATIC REPUBLIC OF CONGO (KINSHASA)
    • EQUATORIAL GUINEA
    • GABON
  • EAST AFRICA
    • BURUNDI
    • COMOROS
    • DJIBOUTI
    • ERITREA
    • ETHIOPIA
    • KENYA
    • MADAGASCAR
    • MALAWI
    • MAURITIUS
    • MAYOTTE
    • MOZAMBIQUE
  • NORTH AFRICA
    • EGYPT
    • LIBYA
    • MAURITANIA
    • MOROCCO
    • TUNISIA
    • WEST SAHARA
    • ALGERIA
  • WEST AFRICA
    • BENIN
    • BURKINA FASO
    • CAPE VERDE
    • CÔTE D’IVOIRE
    • THE GAMBIA
    • GHANA
    • GUINEA
    • GUINEA-BISSAU
    • LIBERIA
    • MALI
    • NIGER
    • NIGERIA
    • SENEGAL
    • SIERRA LEONE
    • TOGO
  • SOUTHERN AFRICA
    • BOTSWANA
    • ESWATINI (SWAZILAND)
    • LESOTHO
    • NAMIBIA
    • SOUTH AFRICA
  • MINES
  • MINERALS
  • TRADING
  • TECHNOLOGY
  • BENEFICIATION
  • TRAINING
  • ENVIRONMENT
  • COMPANIES
  • CONTRACTS
  • FINANCE
  • MARKETS
  • FINISHED PRODUCTS
  • EVENTS
  • CONTACT US

Copyright © 2020 African Mining and Minerals.Com. A PAN MEDIA COMPANY ABUJA, NIGERIA.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In