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Oct. 1, 2013, 8:59 AM
- Freeport McMoRan (FCX) says its Tenke Fungurume copper and cobalt mine in the Democratic Republic of Congo has reduced its operating rates due to frequent electricity outages in recent weeks.
- FCX says it is working with the state-owned electricity provider SNEL and the government to resolve the problems; copper and cobalt-rich Katanga province has a power shortage of more than 300 mw, and SNEL is supposed to purchase power from neighboring Zambia to make up for part of the shortfall.
- FCX owns 56% of the mine, Lundin Mining (LUNMF.PK, LUNCF.PK) has a 24% stake and the rest is controlled by Congo’s state-owned mining company.
- FCX -1.8% premarket.
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