Lundin Mining LUN.to LMC Tenke Fungurume

Nothing is new here, DRC government would like to get bigger cut, the most important news are that contracts are valid and Tenke Fungurume NPV can sustain bigger payout to DRC.

"Without going into the exact demands made, the common themes identifiable from the statements released thus far seem to be:
More for the DRC government;
More for local communities;
No need to disrupt operations so long as companies accept the new terms."

http://www.resourceinvestor.com/pebble.asp?relid=40694

Lundin Mining LUN.to LMC Tenke Fungurume

"Freeport-McMoRan Copper & Gold Inc said on Wednesday it was confident a review of foreign mining contracts in the Democratic Republic of the Congo would allow it to go ahead and develop the Tenke Fungurume copper-cobalt mine project in the African nation."

http://www.mining-journal.com/Breaking_News.aspx?breaking_news_article_id=4455

Lundin mining LUN.to LMC Tenke Fungurume

Lundin mining and Freeport-McMoRan are ready for a run - I do not expect any material changes to thier contracts, removed uncertainty will bring both stocks back onto uptrend.

Congo mining review results in two weeks - minister

By Joe Bavier
KINSHASA (Reuters) - Democratic Republic of Congo (DRC) will announce the results of a long-delayed review of mining contracts in two weeks' time, the central African country's deputy mines minister said on Thursday.
The former Belgian colony set up a commission to review some 60 mining contracts last year after a new government was named following the first democratic elections in more than four decades in 2006.
The process, which aims to clean up deals agreed during the chaos of a 1998-2003 war and ensure a fair share of mining revenues for the state, has been repeatedly delayed.
The contracts include deals with international firms such as Freeport McMoRan Copper & Gold Inc, BHP Billiton and Nikanor.
"It is in the interests of DRC and its investors that the elements of contracts that need to be adjusted are dealt with quickly and clearly," Deputy Mines Minister Victor Kasongo said in a statement.
Companies with contracts under review would receive a summary of the commission's findings in two weeks, the statement said. They would then be consulted on any changes or renegotiation of the current agreements.
On Tuesday, Kasongo announced during the Indaba mining conference in Cape Town that the commission was planning to fast-track the review process.
"Our task is to get these contracts through the process, and to ensure as a result that the mining companies in DRC combine high profits and shareholder value with absolute political and legal security," Kasongo said.
Last year the country's mines minister reassured investors, saying most mining companies operating in Congo would remain in the long term despite the review.
However, in November, a leaked preliminary report from the commission said that all the contracts under review should be cancelled or renegotiated and that no contract it saw was considered "viable" in its current form.
Interest in the former Belgian colony's once mighty mining sector -- a potential treasure trove of unexploited concessions -- has boomed since the 2006 elections, meant to draw a line under years of conflict and decades of mismanagement.

http://africa.reuters.com/business/news/usnBAN824493.html

Lundin Mining LUN.to LMC "$900mDRC copper mine to come on stream in '09"

"It was announced on Wednesday that mine production at the $900-million Tenke Fungurume copper-cobalt project in the Democratic Republic of Congo (DRC) would begin next year.Lundin Mining Senior vice president of projects Paul Conibear stated that the Tenke Fungurume project, which had an inferred resource of 235-million tons of copper, would mine the world’s largest and richest deposit of copper-cobalt.Lundin Mining held a 24,75% interest in the Tenke Fungurume project while the company's operating partner, Freeport-McMoRan Copper and Gold held a 57,75% interest and La Generale des Carrieres et des Mines, the DRC State-mining company, held the remaining 17,5% interest.Conibear stated that construction of the initial phase of operations was well under way, although he admitted that production start-up was slightly behind the initial schedule of the fourth quarter 2008.This was due to due to delays in construction works. Nevertheless, he said that to date approximately 55% of design and 70% of procurement had been completed.In addition some 15% of the construction work has been completed, which included the bulk earthworks at the plant site and shop areas as well as the concrete work.Conibear said that the project was about 40% complete overall."

"Conibear also stated that aggressive exploration work was in progress on the Tenke Fungurume mineral concessions with the aim of upgrading resources to reserves to support expansion plans. To date, 31 000 m had been drilled and nine rigs were currently active across the concession."

http://www.miningweekly.co.za/article.php?a_id=126247

"Fast-track" is what we need now to remove uncertainty:

DRC to launch "fast track" appeal for mining review

http://www.mining-journal.com/Breaking_News.aspx?breaking_news_article_id=4403

Lundin Mining LUN.to LMC Freeport-MacMoRan FCX Hot Commodities CNBC

"Tenke Fungurume is a Major project we are very exited about. Government is encouranging us to move forward, we have begun construction and expecting contract to be approved."

http://www.cnbc.com/id/15840232?video=633485197&play=1