Mercuria and Glencore Renew Copper Deal with Gécamines
Mercuria Energy Group Ltd. and Glencore Plc have renewed their agreement to purchase copper from the Democratic Republic of Congo’s state-owned miner, Gécamines. This move aligns with Gécamines’ strategy to independently market its share of output from joint ventures.
According to sources familiar with the matter, the two commodity traders successfully bid for copper from the Tenke Fungurume mine, which is majority-owned by China’s CMOC Group Ltd. Mercuria secured 50% of Gécamines’ allocated copper, while Glencore obtained 25%. The remaining 25% has yet to be assigned.
These allocations mirror last year’s distribution when Gécamines first marketed its share of production to enhance transparency in pricing. In that sale, Trafigura Group acquired the final 25%.
Spokespeople for Mercuria and Glencore declined to comment, while Gécamines has yet to respond to inquiries.
Tenke Fungurume produced 409,410 tons of copper and 24,003 tons of cobalt in 2023, according to Congolese government data. Gécamines holds a 20% equity stake in the mine.
