China Molybdenum to acquire a 24% stake in Tenke Fungurume Mining from BHR Newwood for $1.1bn.

China Molybdenum, the largest molybdenum producer in Mainland China, agreed to acquire a 24% stake in Tenke Fungurume Mining, one of the largest copper and cobalt producers in the Democratic Republic of Congo, from BHR Newwood for $1.1bn. Following the acquisition of the holding company, China Moly, which was already the majority owner of Tenke Fungurume, will have an 80% stake in the mine. In a filing to the Shanghai Stock Exchange, China Moly stated that the acquisition will boost the company’s profitability.