Gecamines offers $1 million to block Chinese deal with cobalt miner Chemaf
Chemaf agreed to sell its assets to Chinese defence and industrial giant, China North Industries Corp, or Norinco in June.
The CEO of Freeport-McMoRan said on October 19 that the company will not construct a new copper refinery due to the abundant supply of copper and the low profit margin of copper.
The company is under pressure from Indonesia to build more copper refineries in the country.
The vice president of Freeport-McMoRan believes that in the next two years global copper concentrates will be in short supply, but there will be a surplus of copper smelting capacity.
Source (Chinese): yicai.com
