Watchdog Says Congo's Tenke Fungurume Not Done Enough For Community

Date : 04/26/2012 @ 4:35AM
Source : Dow Jones News
Stock : Freeport-Mcmoran, Inc. (FCX)
Quote : 12.75  -0.26 (-2.00%) @ 7:40PM

Watchdog Says Congo's Tenke Fungurume Not Done Enough For Community

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Shareholders in the Tenke Fungurume copper mine in Congo haven't done enough to fulfill their community obligations, Johannesburg-based non-profit Southern Africa Resource Watch said Thursday.

In a report, SARW said the two mining companies that have shares in the mine, Freeport McMoRan Copper and Gold (FCX) and Lundin Mining Corp. (LUN.T), along with the government mining company have failed to bring adequate jobs, economic growth and community development to the copper-rich Katanga province where the mine is located.

The mining companies weren't immediately available for comment.

"Tenke Fungurume Mining has failed to live up to its promises to local communities, as it continues to put profits before people," the SARW report said.

The report alleges that the mining consortium hasn't "adequately" compensated farmers for lost land and that it's hiring mostly workers from outside the area. The watchdog also said it's concerned that the international mining companies have too close a relationship with the Congolese government.

SARW said the mining consortium could still drive economic development in the region if mining profits start to spill over into the local community.

Freeport McMoRan has a 56% stake in the mine, the government mining company a 20% stake and Lundin the remainder. Freeport is the world's biggest listed copper producer.

-By Devon Maylie, Dow Jones Newswires; +27117837848; devon.maylie@dowjones.com




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