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Watchdog Says Congo's Tenke Fungurume Not Done Enough For Community

JOHANNESBURG -(Dow Jones)- Shareholders in the Tenke Fungurume copper mine in Congo haven't done enough to fulfill their community obligations, Johannesburg-based non-profit Southern Africa Resource Watch said Thursday. In a report, SARW said the two mining companies that have shares in the mine, Freeport McMoRan Copper and Gold (FCX) and Lundin Mining Corp. (LUN.T), along with the government mining company have failed to bring adequate jobs, economic growth and community development to the copper-rich Katanga province where the mine is located. The mining companies weren't immediately available for comment. "Tenke Fungurume Mining has failed to live up to its promises to local communities, as it continues to put profits before people," the SARW report said. The report alleges that the mining consortium hasn't "adequately" compensated farmers for lost land and that it's hiring mostly workers from outside the area. The watchdog also said it's concerned that the international mining companies have too close a relationship with the Congolese government. SARW said the mining consortium could still drive economic development in the region if mining profits start to spill over into the local community. Freeport McMoRan has a 56% stake in the mine, the government mining company a 20% stake and Lundin the remainder. Freeport is the world's biggest listed copper producer. -By Devon Maylie, Dow Jones Newswires; +27117837848; [email protected]

Stock News for Freeport Mcmoran (FCX)
DateTimeHeadline
03/22/201701:29:00Freeport Indonesia Resumes Copper Concentrate Production, But...
03/21/201714:47:00Metals: Copper Falls as Supply Concerns Diminish
03/21/201711:40:00Correction to Freeport Indonesia Story (on March 18)
03/21/201708:09:00Copper Falls as Supply Concerns Diminish
03/18/201707:29:00Freeport's Dispute With Indonesia Is Hitting Output From Giant...
03/13/201716:10:00Metals: Weaker Dollar and Mine Strikes Lift Copper
03/13/201708:25:00Metals Advance Ahead of U.S. Rates Decision
03/02/201707:06:00Metals Pull Back as Dollar Climbs
02/28/201707:17:00Copper Pulls Back Ahead of Trump's Address
02/27/201706:52:00Copper Gains as Supply Tightens
02/24/201713:13:22Annual Report (10-k)
02/24/201706:40:00Copper Gains on Weak Dollar, Supply Worries
02/23/201707:09:00Copper Falls on Weak Demand
02/22/201706:25:00Copper Pulls Back Ahead of Fed Minutes
02/21/201706:57:17Current Report Filing (8-k)
02/21/201706:24:00Copper Pulls Back as Dollar Strengthens
02/20/201711:28:00Freeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal...
02/20/201711:04:00Freeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal...
02/20/201710:52:00Freeport-McMoRan Refuses Indonesia's Permit Deal
02/20/201709:28:00Freeport-McMoRan Updates Status of PT Freeport Indonesia Operations

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