Freeport, Lundin Eye Congo Expansion After Contract Approval
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Freeport-McMoRan Copper & Gold Inc. and Lundin Mining Corp. may proceed with plans for an expansion of the $2 billion Tenke project in the Democratic Republic of Congo after their revised contract with the government received presidential approval.
Congolese President Joseph Kabila gave final consent to Tenke Fungurume Mining Sarl’s renegotiated contract earlier this month, Freeport Chief Executive Officer Richard Adkerson said on a conference call today that was broadcast on its website. The revised deal gives 20 percent of Tenke to state-owned Gecamines, leaving Phoenix-based Freeport with 56 percent and Toronto’s Lundin with 24 percent.