With stock successfully resolved "Cup and handle" formation to the upside and hitting new heights of 19.8CAD full scale development in Congo is in the making:
"GRD Minproc has been awarded the EPCM contract for the development of Freeport-McMoRan’s Tenke Fungurume project in the Katanga province of the Democratic Republic of Congo. The project has a capital value of approximately US$650 million and is being developed by Tenke Fungurume Mining, of which Freeport-McMoRan Copper & Gold Inc owns 57.75%. Freeport acquired this interest through its recently completed acquisition of Phelps Dodge."
"As for Tenke Fungurume, Phelps Dodge's 600-square-mile (1,554-square-km) concession in Democratic Congo, Adkerson said he thought it held little value in the Phelps Dodge share price ahead of the merger and was not the driver of the transaction, but provides a "huge something extra."
No equity financing is planned at the time, over 90 million in Cash, new resources update to include drilling in 2006 by mid 2007.
More on Tenke mining.
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