FCX approves second phase expansion of DRC project

2 November 2011 (Last Updated November 2nd, 2011 18:30)

Freeport-McMoRan Copper & Gold's (FCX) board has approved the second phase of expansion at the Tenke Fungurmue project in the Democratic Republic of Congo (DRC).

Freeport-McMoRan Copper & Gold's (FCX) board has approved the second phase of expansion at the Tenke Fungurmue project in the Democratic Republic of Congo (DRC).

Tenke Fungurume project is a 70:30 joint venture between FCX and Lundin Mining.

The $850m expansion of the project is expected to increase the production capacity to 195,000t of copper cathode and 15,000t of cobalt in hydroxide.

Expansion work will include the addition of mining equipment, mill upgrades, acid plant expansion and an increase in the capacity of the existing tank house.

The capital cost for the second phase of expansion, which is expected to be completed in 2013, will be funded out of surplus cash from Tenke Fungurume operations.