The African Development Bank boost Copper & Cobalt mining in DRC USD 100 million to the Tenke Fungurume Project
Tunis, 2 October 2007- The Board of Directors of the African Development Bank (ADB) approved a US $ 100 million senior loan under its private sector window to the Tenke Fungurume Copper and Cobalt Project in the DRC.
The Tenke Fungurume project (the Project) involves mining the Tenke oxide ore deposit and its treatment in a conventional hydrometallurgical plant to recover copper and cobalt. Project output will be 115,000 tons per annum (tpa) of LME Grade A copper cathode and 10,000 tpa of cobalt metal (mix of refined form and hydroxide metal). The project includes the development of a mine and upgrade of supporting infrastructure such as power, roads, and water.
The project will produce 115,000 tpa Grade A copper cathode, 8,000 tpa high-grade electro won cobalt and 2,000 tpa of cobalt as hydroxide intermediate. The Project scope includes: i) the development of access roads to mine the 3 ore bodies; ii) the construction of a processing plant to produce the specified metal quantities; iii) the upgrade of supporting infrastructure (power, roads, water, sewer and accommodation) required for the mining and processing operations; and iv) tailing facility capable of storing life-of-mine tailings, residue and water from the plant, mine and waste rock area.
Development impact of this project will engender positive socio-cultural and economic impact in the Katanga regions where unemployment is high. Representing 11% of GDP, the project has a substantial foreign direct investment in the country and thus will have impacts both in terms of employment creation and contribution to Gross Domestic Product.
The project will create opportunities for local enterprises, including SMEs for providing goods, works and services. Infrastructure improved by this project (upgrade of roads, railway and power facilities) can be used by the public during the project operations and after closure of the project, and will bring significant long-term benefits.
A community development fund will be established to provide education, health and social benefits to the local population.
Tenke is the first private sector mining project financed by the Bank in DRC. Under the private sector window, the Bank has financed seven projects in other countries in the extractive industry sector. These projects include: Graphtan (graphite) in Tanzania, Moma (titanium) in Mozambique, Sasol (gas) in South Africa, Samira (gold) in Niger, Kwale (titanium) in Kenya, Lumwana (copper)in Zambia and the Ambatovy (nickel) project in Madagascar.
Contact ADB: Mrs. Onike NICOL, Email: email@example.com, Tel: 00216 7110 3227, Fax: 00 216 71 834 178
Private Sector Department– Tel.: +216 71 10 28 43 – Fax: +216 71 83 41 78 – E-mail: firstname.lastname@example.org