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BUZZ-China Molybdenum says no change in control of Tenke copper-cobalt mine; shares surge

reuters.com · 06/10/2022 03:36
BUZZ-China Molybdenum says no change in control of Tenke copper-cobalt mine; shares surge

** Hong Kong shares of metals smelter and processor China Molybdenum Co Ltd 3993.HK rise 2.6% to HK$4.33, their highest since April 21

** Stock on course to end the week up 12.5%, the biggest weekly pct gain since mid-February

** Third biggest pct gainer in Hang Seng material index .HSCIM

** China Molybdenum said there has been "no change" in control of its Congo subsidiary Tenke Fungurume Mining, contradicting a state mining company official who said that a temporary administrator had taken control of the world's second-largest cobalt producer nL1N2XX0B2

** Says China Molybdenum and Congo's state mining company Gecamines are continuing talks over royalty payments

** China Molybdenum controls 80% of Tenke Fungurume Mining, while Gecamines owns 20% nL8N2XW5XD

** China Molybdenum's Shanghai shares CMCLF jump 6.9% to 5.76 yuan, highest since March 8

** Hang Seng Composite Index .HSCI slips 0.2%, material index .HSCIM falls 0.5%, and Hang Seng Index .HSI eases 0.3%


(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))