Gecamines Selling Stake In Glencore Xstrata’s Kamoto Copper Co.
The Democratic Republic of Congo’s mining company, Gecamines, may be selling it 20 percent stake in Glencore Xstrata Plc’s Kamoto Copper Co., reports Bloomberg.
The change comes as the company seeks ways to raise money for other projects.
“‘We’ve been in discussions with 14 groups who’ve gone through a tender and the process is ongoing,’ Yuma said in an Oct. 3 interview in the Congolese capital, Kinshasa. Glencore’sKatanga Mining Ltd. (KAT), which owns 75 percent of KCC, would have right of first refusal of any sale, he said.”
Dropping 1.0 percent, US copper producer grade 110 price was the biggest mover on Friday, October 4. The price of US copper producer grade 122 weakened by 1.0 percent. The price of US copper producer grade 102 declined 1.0 percent. The cash price of primary Japanese copper finished the market day up 0.3 percent per metric ton.
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Chinese copper prices closed flat for the day. The price of Chinese copper bar continues to hover for the fifth day in a row. The Chinese copper cash price held steady. The price of Chinese copper wire was unchanged. For the fifth consecutive day, the price of Chinese bright copper scrap held flat.
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The 3-month price of copper rose 0.9 percent on the LME to $7,245 per metric ton after a two-day drop. Following a two-day drop, the primary copper cash price increased by 0.8 percent on the LME to $7,215 per metric ton.