How Did Democratic Republic of Congo’s Tenke Fungurume Become One Of The World’s Largest Mining Sites?

Tenke Fungurume is home to one of the largest mining sites in the world rich in copper and cobalt. The Tenke Fungurume mine is located in Katanga Province in the Democratic Republic of Congo (DRC), Africa. It cost a consortium of 3 foreign companies approximately $3 Billion to build and develop Tenke Fungurume mine since 2009. Nonetheless, it is most unfortunate that the Tenke Fungurume mine was sold in 2016 and the citizens of poverty-ridden Democratic Republic of Congo got absolutely nothing from the deal. The majority shares of approximately 60% was sold to China Molybdenum company by former owner Freeport-McMoRan. In the exit deal, Freeport-McMoRan gain over $2.5 Billion. Freeport-McMoRan sold all stakes in Tenke Fungurume and exited Africa in an effort to reduce the company’s risky debt of over $20 Billion. Despite being a country rich in natural resources, the Democratic Republic of Congo is one of the least developed countries in the world with a poverty rate of over 75%. Since independence, millions of people have been killed in instances of war and extreme violence brought on by poverty in the DRC. The GDP per capita in the DRC is one of the lowest in the world at $700 compared to the USA at $60,000.

 

 

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