DRC: Chinese company Tenke Fungurume Mining “TFM” paid 3.5 billion USD in taxes since the start of its project in 2006
The mining company Tenke Fungurume Mining (TFM) has paid the Congolese public treasury $ 3.5 billion in taxes since the start of the project in 2006 for its exploitation of copper and cobalt. This is what documents in our possession reveal.
One of the largest copper producers in the DRC and the largest cobalt producer in the world. TFM achieves an average annual copper production of around 180,000 tonnes and its average annual cobalt production varies between 16,500 to 18,000 tonnes.
This world-class company contributed to the Congolese public treasury in the first half of 2021 a total of 247.49 million USD. And in the second quarter of 2021, it reported to the public treasury a total of $ 182.46 million.
As part of its social responsibility, TFM has made direct investments in the community a total of 227 million USD since 2006. And 4.3 million in the first half of 2021. In 2010, Tenke Fungurume Mining launched the “Community Social Fund” , with a view to responding promptly to the needs of the community. TFM allocates to this fund 0.3% of the net income from the sale of its metals. Since its creation in 2010, this Fund has already benefited from an allocation level of over 48.5 million. Its services translate into achievements in several vital areas of community life, including education, health, access to drinking water, agriculture, infrastructure, etc.
TFM provides a vital source for the development of the region and the country.
A subsidiary of China Molybdenum Co. (CMOC), a listed company with its head office in Luoyang, China, Tenke Fungurume Mining is located in Lubudi territory, Lualaba province. It is located 100 km west of Kolwezi, the capital of Lualaba province, and 200 km northeast of Lubumbashi. Its concession covers nearly 1,600 km2, and includes approximately 166 villages and hamlets. Its population is estimated at over 300,000 inhabitants.
In 2018, China Molybdenum Co Ltd invested $ 1.14 billion and became the majority shareholder with 80% of the shares and Gécamines retains its 20% share.
