Freeport-McMoRan 2014 Annual Report Download - page 17

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OPERATIONAL OVERVIEW
AFRICA MINING
rough its subsidiary, Tenke Fungurume Mining S.A. (TFM),
FCX operates the copper and cobalt mining concessions in the
Tenke Fungurume minerals district in the Katanga province of the
Democratic Republic of Congo.
TFM completed its second phase expansion project in early 2013,
which included increasing mine, mill and processing capacity.
Construction of a second sulphuric acid plant is under way, with
completion expected in 2016. FCX continues to engage in exploration
activities and metallurgical testing to evaluate the potential of
the highly prospective Tenke Fungurume minerals district. ese
analyses are being incorporated into future plans for potential
expansions of production capacity.
Consolidated sales from Africa mining totaled 425 million pounds
of copper (at an average realized price of $3.06 per pound) and 30
million pounds of cobalt (at an average realized price of $9.66 per
pound) in 2014, compared with 454 million pounds of copper (at an
average realized price of $3.21 per pound) and 25 million pounds
of cobalt (at an average realized price of $8.02 per pound) in 2013.
Lower copper sales volumes in 2014 primarily reected lower ore
grades. FCX expects sales from Africa to approximate 445 million
pounds of copper and 32 million pounds of cobalt in 2015.
With the second
phase expansion of
Tenke Fungurume’s
mining and processing
operations complete,
exploration activities
in the copper-rich
African minerals
belt target potential
resources for future
growth.
15