TFM took part in the 17th edition of DRC Mining Week
After two years without organization due to the coronavirus epidemic, the great mining forum of the Democratic Republic of Congo, “DRC Mining Week”, has signed its return to face-to-face in Lubumbashi, the copper capital. From June 1-3, 2022 , for three days, mining companies, mining investors and suppliers from all walks of life stormed the Pullman Grand Karavia Hotel for active participation.
Tenke Fungurume Mining, mining giant in the DRC, marked this mining summit with a special cachet. At the well decorated TFM stand for the occasion, several investors and mining suppliers inquired not only about TFM’s expertise but also about the opportunity to provide various services.
The National Minister of Mines, Mrs. Antoinette Nsamba, who had the privilege of launching the work of this forum, wondered during her inauguration speech about the role of the mining industry in strengthening the resilience and sustainability in the national economy. She further underlined that the Congolese economy remains attached to its mining sector.
For his part, Mr. André Wameso, Deputy Chief of Staff to His Excellency the President of the Republic, in the name of the President of the Republic expressed the wish to see the creation of a real value chain for Congolese industry around of a win-win partnership.
The expansion of TFM’s mining operations, its tax contribution and the importance of its specifications for the benefit of communities earned it the attention of more than one participant in this mining forum. The Deputy Chief of Staff of the Head of State, Madam National Minister of Mines, Madam Governor ai of Lualaba and several other distinguished personalities did not fail to congratulate and encourage TFM for the work accomplished.
As a reminder, Tenke Fungurume Mining has, during the first quarter of 2022, produced approximately 62,434 tons of copper cathodes and 5,108 tons of cobalt metal in the form of cobalt hydroxide. The company paid a net amount of approximately USD 250.57 million in taxes and other related payments to the Treasury and other government departments in the country. And in January 2021, Tenke Fungurume Mining engaged with the community through the specifications to be carried out, a five-year socio-economic development plan to the tune of more than 31 million USD.
The company has contributed enormously in the field of community development. Since the beginning of its operations, TFM has financed a total of 236.51 million USD in community projects. In addition, TFM allocates 0.3% of the net proceeds from the sale of its metals to the fund called TFM Social Community Fund. Since its creation in 2010, this non-profit association of TFM has received 57.4 million USD.
Since the start of the project in 2006, these payments have reached an amount of approximately 4.03 billion USD. In view of the tax conditions provided for in the mining agreement, TFM estimates that more than half of the economic benefits generated by the project remain in the DRC in the form of taxes, royalties and duties.
As if to say TFM remains an important player in the Congolese economy.
