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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; devon.maylie@dowjones.com

Stock News for Freeport Mcmoran (FCX)
DateTimeHeadline
04/28/201608:07:23Additional Proxy Soliciting Materials (definitive) (defa14a)
04/28/201608:05:11Proxy Statement (definitive) (def 14a)
04/26/201616:33:00Materials Up as Dollar Weakens -- Materials Roundup
04/26/201614:39:00Freeport-McMoRan Loss Widens, Unveils Job Cuts -- Update
04/26/201612:53:44Current Report Filing (8-k)
04/26/201609:30:00Freeport-McMoRan Loss Widens, Unveils Job Cuts
04/26/201609:17:00Freeport-McMoRan Loss Widens, Unveils Job Cuts in Oil-And-Gas...
04/26/201608:00:00Freeport-McMoRan Reports First-Quarter 2016 Results
04/15/201617:21:57Proxy Statement - Notice of Shareholders Meeting (preliminary...
04/05/201616:47:46Current Report Filing (8-k)
04/05/201608:00:00Freeport-McMoRan Announces New Organizational Structure for Oil...
04/04/201617:37:45Statement of Changes in Beneficial Ownership (4)
04/04/201617:36:28Statement of Changes in Beneficial Ownership (4)
04/04/201617:36:28Statement of Changes in Beneficial Ownership (4)
04/04/201617:36:28Statement of Changes in Beneficial Ownership (4)
03/29/201610:06:00MARKET SNAPSHOT: U.S. Stocks Fall, Tracking Drop In Oil Prices...
03/29/201610:06:00MARKET SNAPSHOT: U.S. Stocks Fall, Tracking Drop In Oil Prices...
03/24/201617:48:004-Day Deadline Alert: Lundin Law PC Announces Securities Class...
03/23/201615:45:48SHAREHOLDER ALERT: Levi & Korsinsky, LLP Reminds Shareholders...
03/23/201614:24:00MARCH 28 DEADLINE: Lundin Law PC Announces Investigation of Freeport-McMoRan...

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