Country: Democratic Republic of Congo
Capital Cost: $450 million
Nickel and Cobalt Mining
has principal: La Generale Des Carriers Et Des Mines (45%)
has principal: Tenke Mining Corporation (55%)
Development of the Tenke Fungurume copper cobalt deposits have been suspended following the declaration of force majeure in 1999 by Tenke Mining Company. In late 2001, all interested parties met with DRC officials and an MoU is hoped to be signed with the Government so that development can continue. State owned Gecamines are partners in the project that has completed a draft feasibility study over the high grade deposits that have a Total Mineral Resourceof 547 million tonnes with a grade of 3.5% copper and 0.27% cobalt. Prior to suspension of the project, an agreement had been signed with the public power utility SNEL. BHP Billiton and Phelps Dodge both have options to earn into the project.