Freeport Finally Gets Thumbs Up For Congo's Tenke License
22 Oktober 2010 - 12:46PM
Dow Jones News
Freeport McMoRan Copper & Gold (FCX) has finally been given
the thumbs up by the government of Congo following a review of its
mining operation license that has lasted several years and resulted
in a number of concessions to the state.
The U.S. copper producer, the second largest in the world after
Chile's Codelco, can now breathe easy, now that its investments in
Congo are in good standing.
"This important milestone provides the basis for future
cooperation and enables Tenke to pursue additional investments to
develop this massive project to its full potential," said
Freeport's chief executive Richard Adkerson.
Just ten days ago, Adkerson told Dow Jones Newswires in an
interview in London that he was optimistic a resolution was very
close.
The government has upped its stake in the mineral-rich Tenke
Fungurume copper and cobalt mine to 20% from 17.5% previously, will
pay an additional royalty of $1.2 million for each 100,000 metric
tons of proven and probable copper reserves above 2.5 million
metric tons, and will make additional payments totaling $30 million
in six installments upon reaching certain production
milestones.
Freeport has also agreed to convert $50 million in intercompany
loans to equity and pay $5 million for surface area fees.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024