Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Tenke Mining Corp (TNK) -- Ignore unavailable to you. Want to Upgrade?

To: Gunnar who wrote (448)	5/3/2001 2:56:24 PM
From: Greywolf	Read Replies (1) \| Respond to of 486

Phelps Dodge Joins In BHP's Option Agreement With Tenke For The Tenke Fungurume Copper/Cobalt Project In DRC VANCOUVER, BRITISH COLUMBIA--Tenke Mining Corp. (the ``Company'') is pleased to announce that Phelps Dodge Corp. has joined BHP World Exploration Inc. in its option agreement with Tenke for the proposed development of the Tenke Fungurume copper/cobalt deposits in the Democratic Republic of Congo. The Tenke Fungurume concessions are located in Katanga Province in the southernmost part of the country. The concessions host large, high-grade copper/cobalt deposits that are world renowned and considered as one of the largest and richest undeveloped copper/cobalt deposits. BHP holds an option to acquire a controlling interest in Tenke Fungurume and to function as the primary operator of the project. Since the middle of 2000, Tenke has been working closely with BHP on the preparation of technical and economic studies related to potential future development of Tenke Fungurume. The agreement provides Phelps Dodge with the opportunity to earn up to 50 percent of BHP's position in the project. ``Our strategy is to advance the project as quickly as possible, and having Phelps Dodge join with BHP significantly strengthens our ability to do this,'' said Adolf H. Lundin, President of Tenke Mining Corp. ``This agreement will bring the resources of two of the world's largest copper producers to bear on the development of this world-class deposit,'' he said. Discussions are ongoing with Gecamines, the DRC State mining company, focused on the best approach for future development of the project. These discussions are expected to continue over the next few months.