Kinshasa, DR Congo - Tenke Fungurume Mining (TFM), a mining subsidiary of a US company exploiting copper deposits in Tenke and Fungurume hills in south-eastern DR Congo, in 2010, produced 120,300 tonnes of copper cathodes and 9,200 tonnes of cobalt in the form of cobalt hydroxide, said a statement made available to PANA Sunday. The production was described as a outstanding, since the original plant of TFM launched in 2009 was designed for a capacity of 115,000 tonnes of copper and 8,000 tonnes of cobalt per year, the ststement said. TFM has paid a total US$ 331 million taxes and other fees to the government through the public treasury, since the project started in 2006. It paid US$ 91 million as social contribution and related liabilities, US$ 96 million as customs duties, US$ 28 million for work permits, visas for expatriate staffers and US$ 116 million as royalties and other tax obligations.

In October 2010, the government of DRC announced the completion of the review process of TFM mining contracts.

After this process, the current TFM mining contracts were declared to be in good standing and the rights and benefits from these contracts were recognized.

As part of the revision, TFM made several commitments, which were reflected in protocols amending the mining agreements signed by all parties in December 2010.

This is, among other things, an increment of Gecamines, from 17.5 per cent to 20 per cent of additional royalty payments related to the production disbursed to Gecamines and the application of duties of about US$ 800,000 per year.

The company also reiterated its commitment to use local services for different jobs and to hire Congo citizens.

TFM spent US$ 40 million on social projects, with the relocation of villages with houses built with sustainable materials by villagers, construction of schools, rehabilitation of roads, drinking water supply, health care, among others.

Pana 11/04/2011