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"Freeport is continuing to work cooperatively with the Congo government to resolve the ongoing contract review," the company said in a statement accompanying its third quarter of 2009 results. "Freeport believes its contract is fair and equitable, complies with Congolese law and is enforceable without modification."
The dispute is at the Tenke Fungurume, on which Freeport has spent around $2 billion already and which is believed to be one of the world's largest untapped copper and cobalt deposits. It had been hoped a resolution could be found last week, although there is no specific timetable.
The government wants to increase its stake in the project to as much as 45% from 17.50% currently. Freeport holds a 57.75% stake, while Lundin Mining Corp (LUN.T) holds 24.75%.
"The review process has not affected the development schedule or current operations," Freeport said.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413; andrea.hotter@dowjones.com
(END) Dow Jones Newswires
10-21-09 0850ET
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