December 9, 2016 / 12:12 PM / 8 months ago

Congo blocks Tenke mine administrator appointment

1 Min Read

KINSHASA, Dec 9 (Reuters) - The appointment of a temporary administrator to run the Tenke copper has been blocked by an appeals body, the mine said on Friday, removing a hurdle to a takeover by China Molybdenum.

China Molybdenum agreed in May to pay $2.65 billion for a 56 percent stake in the mine owned by Freeport McMoRan.

However, state miner and minority shareholder Gecamines challenged the sale, saying its right to buy the stake was not respected, and called for a temporary administrator to be appointed. (Reporting by Aaron Ross; editing by Edward McAllister and Jason Neely)

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