(Ecofin Agency) - Multinational Corporation Lundin has received from its American partner, Freeport McMoran, an extension to decide whether or not to buy the latter’s interest in the Tenke Fungurume (TF) copper project, in the Democratic Republic of Congo. Deadline was extended from August 8 to September 15, 2016.

In May 2016, Freeport sent a notice to Lundin indicating that it intends to sell its 70% interest in TF Holdings, which holds an 80% stake in the TF mine, to China Molybdenum (CMOC) for US$2.65 billion. Lundin Mining which detains the remaining 30% of TF Holdings indeed had first right to acquire Freeport’s indirect stake in case it decided to exit the project. Freeport then gave Lundin until August 8 to decide, indicating that if its answer was positive, the stake would go at the same purchase price and on the same terms and conditions offered by CMOC.

Lundin said on Wednesday it was consulting with its legal and financial advisors adding it was still studying all its options regarding the offer.

It should be recalled that the decision of Freeport McMoran, 18th largest mining firm according to PwC’s report, to exit the project sparked much controversy. Truly, the Congolese State said the firm was “unilateral” and called Freeport and its partners in the project to keep their commitments to the nation.

The Tenke Fungurume project holds one of the world’s largest copper and cobalt deposits, with adjacent permits extending over more than 1,500 km² in Katanga.

Louis-Nino Kansoun