May 17, 2020

Lundin Mining and $1.36 billion Tenke sale

Lundin Mining
Copper Mining
cobalt mining
Dale Benton
3 min
Lundin Mining and $1.36 billion Tenke sale
Lundin Mining, the diversified Canadian metals mining company, has announced this week that it plans to sell its indirest stake in TF Holdings to an aff...

Lundin Mining, the diversified Canadian metals mining company, has announced this week that it plans to sell its indirest stake in TF Holdings to an affiliate of Chinese PE firm BHR Partners.

The cost? Just under $1.14 billion in cash.

Who owns what and where?

To crunch the numbers, TF Holdings owns 80 percent interest in Tenke Fungurume Mining SA, Lundin Mining owns an indirevt 30 percent stake in TF Holdings, which means Lundin has a 24 percent interest in Tenke.

Are you still with us? Lundin will be selling its 30 percent stake in TF Holdings to BHR Partners.

Thank you and good night…

Mr. Paul Conibear, President and CEO commented on the deal: "The decision to sell our minority interest in Tenke has been arrived at following a careful and lengthy consideration of all options open to us. It was a difficult decision, respecting the 20 years of Lundin involvement in Tenke, and the special nature of this world class asset,”

“We want to thank our long-standing partners, Freeport and Gécamines, who have been instrumental in the development of Tenke into a world class operation to be proud of."

The Transaction is expected close in the first half of 2017.

Starte for Tenke: What you need to know about the Tenke Fungurume deposits

For starters, the Tenke mine consists of copper and cobalt operations in the DRC.

The operations are believed to be one of the world’s largest known copper-cobalt resources.

It is located in the South-East Region of the Democratic Republic of Congo (DRC). As of December 2015, it has probable and proven reserves of 144 mt at 2.6 percent Copper, and 0,4 cobalt.

Tenke has a mine life of over 40 years. It is here to stay.

Tenke Fungurume deposits date back to the early 1900s, but it wasn’t until 1996 when the Tenke Fungurume Mining SARL was established to develop the copper and cobalt deposits.

Construction of the deposits, by then owner FMC, began in 2007 with an open pit and oxide ore processing facilities designed to produce 115, 000 tpa of cathode copper and over 8,000 tpa of cobalt in hydroxide.

Tenke Fungurume Mining (TFM), the collective name for the operations, has invested more than $3billion in the project to date, including investments in local and regional development initiatives.

It’s not all about us…

TFM has been a committed ambassador for managing the mine in a way that realises the maximum benefit for the local community and an ambassador for promoting good governance, respecting local culture and having a minimal impact on the local environment.

The mantra is very much “an investment in the future of the DRC”.

TFM has around 3,400 full time employees and 3,900 contractors.

Better yet, 98 percent of those employees are DRC citizens.

 The next generation…

TFM has constructed six schools, refurbished one and continues to provide financial assistance for them. The schools host around 12,000 students and TFM invest heavily in nurturing the future generation of workers, be that in mining or other careers.

Of course, these are just a few key examples of the work that TFM does to create a better future and lasting legacy for the DRC.

For a full breakdown, you can read TFM Tenke Fast Facts


The November issue of Mining Global Magazine is live!

Follow @MiningGlobal

Get in touch with our editor Dale Benton at [email protected]


Share article

May 13, 2021

BHP, Rio Tinto & Vale launch Charge On Innovation Challenge

Rio Tinto
Charge On Innovation Challenge
3 min
BHP, Rio Tinto & Vale launch 'Charge On' Innovation Challenge - a competition for tech innovators to reduce truck emissions via electrification

Mining giants BHP, Vale and Rio Tinto have launched the 'Charge On' Innovation Challenge to solve one of the biggest challenges the industry faces today - decarbonising mining operations.

'Charge On' Innovation Challenge

In partnership with Austmine, Australia's leading mining equipment, technology and services industry association, founding patrons BHP, Vale and Rio Tinto have launched the competition to encourage technology innovators to develop new concepts for large-scale haul truck electrification systems. The main goal is cutting emissions from surface mining operations.

“The mining industry needs to be at the forefront of tackling the climate challenge. The Charge On Innovation Challenge is a great example of the current collaborative work being done by the mining industry and mobile equipment manufacturers to decarbonise mining fleets,” the trio said in a media statement.

“In addition to providing a zero-carbon energy source, the conversion of mobile mining equipment to battery-electric can potentially unlock value, as electric motors have fewer moving parts when compared to standard equipment.”

A number of non-traditional mining sector vendors are actively developing technologies that can assist in mine electrification. By submitting a Challenge to the market, the Patrons of Charge On expect to:

  • Demonstrate there is an emerging market for charging solutions in mining
  • Accelerate commercialization of solutions
  • Indicate to suppliers, the mining industry seeks interoperable solutions
  • Maintain multiple actors and competition in the supply chain
  • Integrate innovations from other sectors into the mining sector

"We expect some solutions identified in the Challenge could provide propulsion to existing diesel-electric trucks. This may present a pathway to early implementation for dynamic charging solutions," the trio said.

Charge On

Paris Agreement

Found patrons BHP, Vale and Rio Tinto are pledging their commitment to fighting climate change:

"The mining industry has an important role to reduce emissions and do our part to achieve the Paris Agreement goals to limit the impacts of climate change."

The Charge On Innovation Challenge asks vendors to present interoperable solutions that can safely deliver electricity to large battery-electric off-road haul trucks in a way that maintains or improves current productivity levels. Specifically, mechanisms capable of delivering in the order of 400kWh of electricity to each truck within a haul cycle (ie load, travel, dump, return, queue). The delivered electricity is to charge a battery, and if applicable directly propel the truck.

Austmine CEO Christine Gibbs Stewart commented: “We expect the Challenge will attract companies from a broad range of sectors including mining, automotive, aerospace, agriculture, and defence to deliver selected charging concepts to create a standard product that can interface with all trucks."

More information about the challenge will be released on May 18.


The competition echoes growing efforts being made across the industry to tackle emmissions and promote electrification. In march this year, the Electric Mine Consortium was launched. It's founding members include Gold Fields, Dassualt Systemes and Sandvik who pledged their commitment to decarbonising mining operations.

Share article