Tenke Fungurume Reports Strong Third-Quarter Production and Significant Contributions to the DRC
In the third quarter of 2023, Tenke Fungurume Mining (TFM) achieved notable milestones, producing approximately 69,755 tonnes of copper cathodes and 5,686 tonnes of cobalt metal in the form of cobalt hydroxide.
The company’s tax and related payments to the National Treasury and other public administrative services of the Democratic Republic of Congo amounted to approximately USD 361.57 million during the same period.
TFM’s new crushing facilities demonstrated excellent performance, boasting an average capacity of 34,696 tonnes per day in the third quarter.
The company also emphasized its commitment to community development, having invested a total of USD 279.39 million in community projects since 2006.
Additionally, TFM allocates 0.3% of net proceeds from metal sales to the Community Social Fund, with contributions estimated at USD 65.39 million, including USD 6.33 million in the first three quarters of 2023.
Led by representatives from local communities, the provincial government, and TFM, the fund aims to support community initiatives.
In total, TFM’s financial contributions and investments in community development in the DRC, including tax payments, transfer premiums, consultancy fees, low-interest loans to Gécamines, local asset payments, and contributions to the Community Social Fund, amount to 6.16 billion.
Considering current fiscal conditions, over half of the economic benefits generated by the project remain in the DRC through taxes, royalties, and duties. Including local service provision, such as energy purchase from SNEL, more than two-thirds of the project’s benefits contribute to the country’s economic growth.
As one of the largest copper producers in the DRC, TFM expresses pride in its role in fostering economic growth in this dynamic nation, with promising prospects for continued success and expansion.
