Freeport: Tenke Copper Output Seen +16% At 290 Million Lbs In 2011
21 Juli 2010 - 7:35PM
Dow Jones News
Production of copper at the Tenke Fungurume copper mine in Congo
is expected to rise by 16% in 2011 from current levels, according
to its majority owner Freeport McMoRan Copper & Gold Inc.
(FCX).
This means annual production will increase from 250 million
pounds to around 290 million pounds during 2011.
Freeport is currently enhancing the mine plan at Tenke--the
subject of a dispute between the company and the Congo
government--by buying equipment to enable additional high-grade
material to be mined.
The milling facilities, which were designed to produce at a
capacity rate of 8,000 metric tons of ore per day, have been
performing above capacity in recent months. The company said it
expects daily ore throughout to rise to 10,000 tons.
Freeport owns a 57.75% stake in the project, while Lundin Mining
Corp (LUN.T) holds a 24.75% stake. The mine, located in the
mineral-rich Katanga Province, has been fraught with problems since
early 2009, when the Congo government said Freeport had failed to
meet the requirements of its mining license review.
Talks between Freeport and the Congolese government still
haven't resolved the dispute.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com
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