Monday, March 05, 2007

Tenke Mining Gecamines Update

Tenke Mining TA is Here

"KINSHASA, March 2 (Reuters) - Democratic Republic of Congo's new government refused to accept the dismissal of the head of state-owned copper and cobalt mining company Gecamines on Friday, a day after the decision provoked protests by employees"

"Much of Gecamines' mining infrastructure is currently in ruins and its debt currently stands at $2.4 billion. However, a World Bank-backed plan to save the company has succeeded in bringing in new investors.In December, Phelps-Dodge (PD.N: Quote, Profile , Research) announced it planned to go ahead with development of its Tenke Fungureme concession in Katanga, on the same day Kabila took office as Congo's first democratically elected president in more than four decades.Tenke Fungurume is considered to be one of the largest, highest grade, undeveloped copper/cobalt concessions in the world. And the mining giant has conditionally agreed to sink an initial $650 million into the project, which is expected to be at full production in two years."

We are slowly getting there: latest TNK Fact Sheet

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