China’s CMOC to Pay $800 Million to End Congo Mining Spat

Chinese mining company CMOC Group has agreed to pay $800 million to Congo’s state mining firm Gecamines, settling a two-year dispute over one of the world’s biggest copper and cobalt mines.

CMOC said it will start paying the money in batches between 2023 and 2028 to resolve a royalty disagreement over the Tenke Fungurume Mine (TFM) with its local partner. Starting this year, the Chinese company will also pay at least $1.2 billion in cumulative dividends to Gecamines over the life of the project.