China Molybdenum increased its stake to 80% in Tenke Cooper Mine.

China Molybdenum agreed to buy a BHR Newwood DRC for $1.14bn in order to increase its control in Democratic Republic of Congo’s massive Tenke copper mine. China Moly, already the majority owner of Tenke, will have an 80% stake in the mine after the acquisition of BHR Newwood DRC, a holding company set up by private equity firm BHR to buy a 24% stake in Tenke in 2017. China Moly previously bought 56% stake in Tenke for $2.65bn in 2016 from Freeport McMoRan Inc. “The purchase will increase the company’s control in Tenke copper mine and further enhance company’s profitability and resilience,” China Moly said in the filing.