China Molybdenum Co. (aka China Moly), the world’s second-largest copper and cobalt mining company, has denied reports that its contracts for the massive Tenke Fungurume Mine (TFM) in the Democratic Republic of the Congo are now under review by the government in Kinshasa. There is no “so-called investigation,” said the company in response to questions by the popular Chinese news site Guancha (观察).
The unnamed China Moly representative quoted in the story referred to a Congolese government statement that these contractual reviews are not specifically targeting Chinese or other foreign investors. Rather, the purpose of the investigation is to ensure that the quantity of copper and cobalt detailed in the original contract corresponds to what’s actually coming out of the ground.
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