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Glencore acquires concession from Congo state miner

Reuters - UK Focus

KINSHASA, June 24 (Reuters) - A Glencore (Xetra: A1JAGV - news) controlled mine in Democratic Republic of Congo has acquired a concession from state miner Gecamines' joint venture, a Glencore spokesman said on Wednesday.

Swiss commodities trading house Glencore holds a majority stake in the Mutanda copper and cobalt mine in southeastern Congo's Katanga province, while Israeli billionaire Dan Gertler's Fleurette Group owns the remainder.

Glencore spokesman Charles Watenphul said that its Mutanda unit had bought the rights to a permit located within the concession from Chabara, a joint venture between Gecamines and Dino Steel International.

He declined to provide the value of the transaction.

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A representative from Congo's mines ministry said that the ministry learned of the transaction last week and has requested details from Gecamines but has yet to receive them.

The chairman of Gecamines was not available for immediate comment.

Congo is Africa's top copper producer and home to half the world's cobalt reserves. Mutanda, one of the country's largest mines, produced 197,129 tonnes of copper and 14,409 tonnes of cobalt in 2014. (Reporting by Aaron Ross; editing by Emma Farge and Jason Neely)