Tuesday, May 25, 2010

Freeport exceeds targets in Congo

Freeport-McMoRan says it's Tenke Fungurume copper and cobalt mine in Congo has reached production capacity and will exceed targets for 2010, according to an interview they gave to Reuters. They say,
"Freeport-McMoRan has a 57.75 percent share of the project, which has cost $2 billion to set up and is Congo's largest private investment. Tenke produced 29,000 tonnes of copper and 2,300 tonnes of cobalt in the first quarter of 2010, on track to break a year-end target of 115,000 tonnes of copper and 8,000 tonnes of cobalt.

The project, estimated to have reserves of 119 million tonnes with average ore grades of 2.6 percent copper and 0.4 percent cobalt, produced 70,000 tonnes of copper and 2,600 tonnes of cobalt in 2009. It reached full production in October last year after testing began in March."

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