The state of Congo has denounced as unilateral, the decision by US firm, Freeport McMoran, to exit Tenke Fungurume Mining (TFM), the country’s leading copper producer. It also said it got the news through media, from a press release dated May 9, 2016, published by the American firm, indicating that agreements related to the sales of its stake in TFM were “definitive”.

While waiting for further details, it reminds Freeport McMoran, TFM Gécamines, TF Holdings and Lundin Mining, all shareholders in the project, of their commitment with Congo; which enabled the signing of the mining agreement that allows TFM to operate. It thus invites them to respect the terms of this agreement and the corresponding legislation, in case a TMF’s stake was to be directly or indirectly sold.

Moreover, the government promised TFM’s partners and employees it will insure that the concerned legislation and agreements are respected. In addition, it said it was concerned about how the transaction initiated by Freeport McMoran affected the development of the Tenke Fungurume project as well as about the firm’s good running.

The Tenke Fungurume project is one of the world’s biggest copper and copper deposits, on adjacent permits extending over 1,500 km2 in Katanga. Up till the decision to exit, Freeport-McMoRan Copper & Gold Inc (USA) was the leading shareholder in the project with 56%. Lundin Mining holds 24% and Gécamines (Générale des Carrières et des Mines) 20%.

Louis-Nino Kansoun