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(Bloomberg) — Glencore Plc reached an agreement with the Democratic Republic of Congo’s state mining company over a land package that the commodity giant said will increase production at its Kamoto Copper Co.
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KCC will lease “a comprehensive package of long-term mining titles and leases” from state-owned Gecamines, Glencore said in a statement on Wednesday. The deal will allow the subsidiary to expand its tailings storage facility and waste dump capacities, it said.
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“This agreement will allow us to unlock the full potential of KCC,” Mark Davis, Glencore’s chief operating officer for Africa, said in the statement. The additional land in the mining hub of Kolwezi will help KCC reach its annual copper output target of 300,000 tons and extend the asset’s life into the mid-2040s, according to Davis.
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Glencore owns 70% of KCC, which produced about 190,000 tons of copper last year. Mining executives are looking to bulk up in copper as prices have recently surged to record highs. Demand for the metal is expected to soar with electrification and the broader energy transition.
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Gecamines will keep the rights to any copper and cobalt extracted from within the leased land package, the statement said.
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KCC has been trying to finalize the land deal for years. A previous agreement announced in 2019 for the Glencore unit to acquire the titles outright for $250 million was never completed. The new arrangement is likely to close in the coming months, according to the statement.
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Glencore also controls a second copper-cobalt mine in Congo called Mutanda Mining. Orion CMC — an investment vehicle with backing from the state-owned US International Development Finance Corp. — this month announced a preliminary deal to buy minority stakes in both assets.
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