Vancouver — Taking aim at advancing the long-stalled Fungurume copper-cobalt project, partners BHP-Billiton (BHP-N), Phelps Dodge (P-N) and Tenke Mining (TNK-T) have met with new government officials in the Democratic Republic of Congo (DRC).
Located in the southernmost part of the country, the easing of political tensions have provided some breathing room for the partners, who are trying to develop the huge copper-cobalt project. Follow-up meetings are being scheduled and Tenke feels that terms for the development can be reached in the near future.
The junior originally had rights to a 55% interest in the project. The remainder is held by Gecamines, the state mining company. It has since granted BHP an option to acquire 45% of its interest. Since taking over as operator, the major has focused its efforts on technical and economic studies related to potential future development. The latest agreement allows Phelps Dodge to earn 50% of BHP’s position.
A preliminary study calls for a solvent-extraction electrowinning operation treating 85 million tonnes with an acid-soluble grade of 3.19% copper and 0.29% cobalt over a 15-year mine life.
The overall resource for Fungurume stands at 547 million tonnes of 3.5% copper and 0.29% cobalt (acid-soluble grade).
Be the first to comment on "Partners hold talks in the DRC"