Thursday, April 23, 2009

Freeport ships first concentrate from Congo mine

The Tenke Fungurume copper-cobalt mine in the Democratic Republic of Congo shipped its first concentrate a couple days ago, according to 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.

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