Tenke Fungurume Mining Reports Strong Production and Community Impact in H1 2024
Tenke Fungurume Mining (TFM) has announced its mining production results for the first half of 2024 in the Democratic Republic of Congo (DRC).
According to a press release issued on Tuesday, TFM produced approximately 102,405 tonnes of copper cathodes and 7,061 tonnes of cobalt metal in the form of cobalt hydroxide.
As of the first quarter of 2024, the company reported paying approximately USD 171.69 million in taxes and related payments to the DRC.
Since the project commenced in 2006, TFM has contributed around USD 6.063 billion in total payments, which includes income taxes, royalties, and other tax obligations.
Social Impact
TFM’s current operations have created jobs for approximately 3,705 permanent employees and 13,701 contractors. The significant increase in contractors is attributed to ongoing development projects.
In addition to its mining activities, TFM has made substantial investments in community impact initiatives. Since 2006, the company has funded USD 297.23 million in impact mitigation and community development projects, including USD 13.20 million in the first quarter of this year. TFM also allocates 0.3% of its net proceeds from metal sales to the TFM Social Community Fund.
Since the start of production, contributions to this fund have totaled USD 71.49 million, including USD 2.65 million in the first quarter.
As of the end of 2023, the management of the fund was transferred to DOT-TFM, a new committee led by the Congolese government, with TFM and local communities participating as joint members.
