Trading giants bid for Luoyang Molybdenum's Congo JV copper mine copper production

Event overview: Canadean, Mercuria Energy Group and Trafigura were successful in their bid to buy copper from Luoyang Molybdenum's 

Tenke Fungurume mine, a joint venture with the Congolese state-owned mining company, marking the first sale of metal from the joint venture project.

MARKET IMPACT: The transaction highlights the high market demand for copper production from the Tenke mine, which is expected to further

 drive copper prices higher.

Highlights: Mercuria secured a 50% share of the Gecamines tender for Tenke copper, with Glencore and Trafigura splitting the remaining 50%.The

 Tenke mine exported 361,000 tonnes of copper and 23,000 tonnes of cobalt last year, demonstrating the scale and importance of its production.