BIGGER, FASTER IN THE DRC
Freeport reiterated its previous forecast of achieving first production next year at the Tenke Fungurume mine, in the DRC, despite a mining contract review being carried out by the country's government.
Jitters rippled through the mining community in November last year, after an unofficial report was leaked to the media claiming that almost all of the 60-plus mining contracts in the DRC would be affected by the review.
Since then, however, the government has been largely silent, in the public domain at least, over the status of the review.
“There has been no official word from the government on that process...but ...the government is encouraging us to go forward with the project and to go forward faster and bigger,” Adkerson said in response to an analyst question.
Tenke Fungurume could be the largest, undeveloped, high-grade copper/cobalt project in the world, according to the company, which has budgeted $500-million in capital expenditure for the project this year.
Freeport-McMoRan had also committed to finance an electrical power project that would service the Tenke Fungurume mine, VP for communications Bill Collier told Mining Weekly Online.
He declined to provide further details regarding the project or what costs would be involved.
Freeport-McMoRan owns a 57,75% stake in the mine, while Vancouver-based Lundin Mining holds 24,75% and DRC State-owned miner Gecamines owns the balance.
'the government is encouraging us to go forward with the project '
Adkerson said that the company was pursuing an “aggressive” exploration programme, aimed at identifying further potential for mines on the Tenke Fungurume orebody.
About 22% of the group's exploration budget for this year had been allocated to Tenke Fungurume, and the nearby Kisanfu prospect, also in the DRC. (This will be next catalyst S.)
The current project, which will have its first full year of output in 2010, will produce an average of 250-million pounds of copper and 18-million pounds of cobalt a year.
Freeport reiterated its previous forecast of achieving first production next year at the Tenke Fungurume mine, in the DRC, despite a mining contract review being carried out by the country's government.
Jitters rippled through the mining community in November last year, after an unofficial report was leaked to the media claiming that almost all of the 60-plus mining contracts in the DRC would be affected by the review.
Since then, however, the government has been largely silent, in the public domain at least, over the status of the review.
“There has been no official word from the government on that process...but ...the government is encouraging us to go forward with the project and to go forward faster and bigger,” Adkerson said in response to an analyst question.
Tenke Fungurume could be the largest, undeveloped, high-grade copper/cobalt project in the world, according to the company, which has budgeted $500-million in capital expenditure for the project this year.
Freeport-McMoRan had also committed to finance an electrical power project that would service the Tenke Fungurume mine, VP for communications Bill Collier told Mining Weekly Online.
He declined to provide further details regarding the project or what costs would be involved.
Freeport-McMoRan owns a 57,75% stake in the mine, while Vancouver-based Lundin Mining holds 24,75% and DRC State-owned miner Gecamines owns the balance.
'the government is encouraging us to go forward with the project '
Adkerson said that the company was pursuing an “aggressive” exploration programme, aimed at identifying further potential for mines on the Tenke Fungurume orebody.
About 22% of the group's exploration budget for this year had been allocated to Tenke Fungurume, and the nearby Kisanfu prospect, also in the DRC. (This will be next catalyst S.)
The current project, which will have its first full year of output in 2010, will produce an average of 250-million pounds of copper and 18-million pounds of cobalt a year.
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