The Tenke Fungurume Mining copper and cobalt project in the Democratic Republic of Congo will surpass its projected targets in 2010, according to Richard Robinson, Social Programs Manager of the mine, benefiting Freeport-McMoRan (NYSE:FCX) and Lundin Mining (TSE:LUN) more than expected, along with their other partner, Gecamines, the state mining firm.
Freeport-McMoRan has the largest stake in the project at 57.75 percent, Lundin in next with a share of 24.75 percent, and Gecamines has a 17.5 percent stake in the mine.
The mine has now reached production capacity, producing 2,300 tons of cobalt and 29,000 tons of copper in the first quarter. Projected out, that will go beyond the estimated 8,000 tons of cobalt and 115,000 tons of copper originally targeted for the year.
There are an estimated 119 million ton of reserves, having average ore grades of 0.4 percent cobalt and 2.6 percent copper.
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