Congo's Gécamines shelves sale of stake in Glencore copper mine

Congo state-owned mining company Gécamines says it is shelving a plan to sell its stake in Glencore (GLCNF, GLNCY) controlled Komoto Copper valued at ~$1B.

Gécamines last year put its 20% share of Kamoto on the block in a bid to pay down some of its debt and fund an expansion in its own copper production, but it now says it is assessing other modes of financing.

Komoto's majority owner, Glencore's Toronto-listed unit Katanga Mining (KATFF), was one of many potential suitors invited to bid for the stake; Katanga has first right of refusal on any sale.

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