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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
12/04/201419:37:46Buyout Shops Caught in Crude Exposure
11/30/201416:48:30Freeport-McMoRan Nears Settlement of Shareholder Lawsuit -- 2nd...
11/30/201416:30:37Freeport-McMoRan Nears Settlement of Shareholder Lawsuit -- Update
11/30/201415:56:34Freeport-McMoRan Nears Settlement Over McMoRan, Plains Deals
11/03/201403:14:11Indonesia September Trade Deficit Wider Than Expected
10/28/201414:40:06Threats of Mine Strikes Lift Copper Prices
10/28/201410:36:39Copper Futures Climb on Worries Of Reduced Metal Supply
10/27/201418:21:07Freeport to Address Situation in Indonesia -- Earnings Preview
09/27/201407:25:14Indonesia Mine Halts Production After Four Killed in Crash
09/15/201402:30:28Freeport-McMoRan's Indonesia Operations Unaffected by Fatal Accident
08/07/201413:04:17Freeport-McMoRan Said Considering $5 Billion Sale of California...
08/05/201422:20:41Freeport Indonesia Resumes Copper Concentrate Exports Wednesday...
08/05/201408:36:30Indonesia 2Q GDP Growth Slows to 5.12% -- Update
08/04/201405:45:24Freeport Indonesian Unit May Start Exporting Copper Concentrate...
07/25/201402:15:05Indonesia President Approves New Contract Terms With Freeport...
07/17/201404:14:23Indonesia Demands Newmont Withdraw Arbitration Filing
07/07/201404:06:22Indonesia and Freeport Agree on New Mining Contract Terms: Minister
07/01/201407:09:48Newmont Files for Arbitration Against Indonesia Government on...
06/05/201415:31:48Newmont Mining Declares Force Majeure in Indonesia -- 2nd Update
06/03/201403:16:20Newmont Stops Copper Concentrate Production in Indonesia

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