Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Lundin Mining Falls After Congo Halts Some Copper Exports

Lundin Mining Corp., a Canadian diversified mining company with investments in Africa, slumped after the Democratic Republic of Congo banned exports of copper and cobalt concentrates.

Lundin Mining fell 9.9 percent to C$3.73 at the close in Toronto, the most since Dec. 19, 2011.

Congo took measures to block exports of the metals to force mining companies to add value to the commodities before shipping them outside the country, Mines Minster Martin Kabwelulu said today in a phone message.

Lundin Mining, based in Toronto, has a 24 percent stake in the Tenke Fungurume mining project in Congo, according to its website. Phoenix-based Freeport-McMoRan Copper & Gold Inc. operates Tenke and owns 56 percent. The remainder belongs to Congo’s state-owned mining company.

“We want companies to export mineral products with great added value,” Kabwelulu said. Producers of the commodities in Congo have 90 days to clear their inventories of concentrated minerals, he said.

Sophia Shane, a Vancouver-based spokeswoman for Lundin Mining, said the restrictions aren’t expected to affect Tenke’s copper shipments.

“Most of what we produce is pure, refined copper,” she said by telephone today. “We do not produce copper concentrate.”

Shane wasn’t aware of whether the new export rules would affect Tenke’s cobalt shipments.

Congo was the world’s eighth-largest producer of copper and the biggest producer of cobalt last year, according to the U.S. Geological Survey. Tenke, Congo’s biggest mining project, produced 11,669 metric tons of cobalt last year, according to data on Lundin Mining’s website.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.