The Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo shipped its first concentrate a couple days ago, according to Mineweb.com. Majority owner Freeport McMoRan Copper & Gold made the announcement during its quarterly financial report. [right, mine facilities. Credit, Lundin Mining Corp.]
Phoenix-based Freeport's income dropped from $1.1 billion ($2.64 per share) in 1st quarter last year to $43 million ($0.11 per share) this past quarter.
The company's exploration program has dropped from $248 million in 2008 to $75 million this year.