China smelter group agrees to lower Q1 copper charges
The charges tend to fall when ore supply declines and rise when more concentrate is available.
Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) approved a US$850 million expansion at the Tenke Fungurume mining operations in the Democratic Republic of Congo. Lundin Mining (TSE:LUN), a partner at the mine, made the announcement in a press release on Tuesday night.
The phase two expansion, targeted for completion in 2013, will increase copper production by 50% to about 195,000 tonnes of copper cathode and 15,000 tonnes of cobalt in hydroxide.
Funding will be split 70:30 between the mines two partners, FCX and Lundin Mining. The companies expect that capital costs will be funded by surplus cash from Tenke Fungurume operations.
Average feed grades will be 4.0 % total copper and 0.40 % total cobalt. The average recoveries over the next five years are expected to be 89% copper and 74% cobalt.
The companies say that limited early works on the expansion started earlier this year in order to take advantage of the dry season for civil works and enabling the start of concrete installation. Some critical equipment was also ordered.
The Tenke Fungurume is the world’s largest known world’s largest known copper-cobalt resources.
2 Comments
Fayeemmerson
I worked on Phase one. Well done FMI.
Aries
who is the contractor of this project?