An intensifying feud between shareholders of the giant Tenke Fungurume mine in the Democratic Republic of Congo may lead a court-appointed administratorThe 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.
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.
“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.
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