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China Moly Back in Control of the Massive TFM Mine in the DR Congo

In a surprising reversal, the office of Congolese Prime Minister Sama Lukonde issued a statement late Monday night that suspended all legal proceedings against mining giant China Molybdenum (China Moly) and paves the way for the company to regain control of the massive Tenke Fungurume (TFM) copper and cobalt mine.

Last December, the DRC’s state-run mining company Gécamines sued China Moly for allegedly under-reporting TFM’s reserves. Then, in February, the court dealt China Moly a major blow when it temporarily stopped the company from operating the mine and appointed a Gécamines administrator. That administrator was named to give Gécamines access to the reserves information that it felt it had been denied.

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