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LUNDIN MINING AND Tenke Mining are to merge. Lundin Mining, a European copper and zinc producer has agreed to purchase Canadian Tenke Mining Corp for about C$1.54bn (U$1.34bn) to gain cobalt, copper and gold operations in Africa and South America.
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The Tenke Fungurume copper/cobalt deposit located in Katanga province, Democratic Republic of Congo (DRC), which is one of the world's largest undeveloped copper deposits has site infrastructure and process facility layouts designed for significant expansion. Tenke's has a 24.75 per cent interest in the Tenke Fungurume copper/cobalt deposits. Their operating partner is the major Freeport-McMoran Copper & Gold (formerly Phelps Dodge) which holds 57.75 per cent of the equity and La Generate des Carriers et des Mines, the DRC state mining company holds the rest of the 17.5 per cent equity.
A 40-year mine plan has been developed and construction…