UPDATE: Lundin Says First Copper Produced At Tenke Fungurume
March 31 2009 - 10:48AM
Dow Jones News
The first copper cathode has been produced at the Tenke
Fungurume copper-cobalt mine in Congo, Lundin Mining Corp. (LUN.T),
one of its shareholders, said Tuesday.
Ramp up of copper production will continue over the next several
months in parallel to completion of the cobalt circuit and acid
plant.
Full production is initially slated at 115,000 metric tons of
copper and 8,000 tons of cobalt, and is expected during the second
half of the year.
Tenke is about 110 miles northwest of Lubumbashi in Congo's
mineral-rich Katanga Province. The aim is to develop an operation
within five to seven years capable of profitable, cost-effective
production of more than 400,000 tons of copper a year.
Lundin has a 24.75% stake in Tenke, while Freeport-McMoRan
Copper and Gold Inc. (FCX) - the project's operator - has a 57.75%
stake and Congo's state-owned miner, Gecamines, holds the
remainder.
Freeport is funding 70% of the Tenke development costs and is
also responsible for financing its partner's share of certain
project overruns. Around $1.4 billion in aggregate project costs
have been incurred through the end of 2008, Freeport said.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com