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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (34742)	3/26/2009 10:09:10 PM
From: LoneClone	Read Replies (1) \| Respond to of 193918

Freeport-McMoRan's contracts with Congo won't be significantly altered by The Times-Picayune Thursday March 26, 2009, 11:05 AM nola.com The Democratic Republic of Congo completed its mining review process and won't "significantly" alter its contracts with Freeport-McMoRan Copper & Gold Inc. and other mining companies, according to Bloomberg News. Congo began reviewing 61 mining contracts in 2007 as part of a plan to boost state revenue from the industry. The central African country depends on proceeds from its mineral reserves, which include a third of the world's cobalt and 4 percent of all copper, to rebuild an economy shattered by persistent civil wars. But Congo Mines Minister Martin Kabwelulu said today that the company does not need to give Congo a larger stake in its mines or make any other major changes to its contracts. "Freeport has invested a lot of money," Kabwelulu said. "We decided to let them carry on as they are. We haven't significantly changed those contracts." Freeport moved its headquarters from New Orleans to Phoenix in 2007 as a result of its acquisition of Phelps Dodge. The company maintains an office in the Crescent City with approximately 200 employees.