In an endeavor to better serve communities near Tenke Fungurume Mining (TFM) operations, TFM created a Social Community Fund. The Fund is designed for the primary benefit of the community members impacted by the TFM project by investing in sustainable community development projects supporting infrastructure and relevant services including health, education and agriculture.
Based on a pledge in the TFM mining convention with the Democratic Republic of Congo government, TFM contributes 0.3 percent of its annual net metal sales to the Fund. The Fund Board of Directors is comprised of two local community representatives, one representative nominated by the Governor of Katanga Province and four TFM representatives. A community Stakeholder Forum comprised of 40 community representatives provides increased community participation and input regarding project priorities, community needs, and transparency of Fund management. Contributions commenced when mining began in 2009, and through 2011 have totaled $7.6 million.
In 2012, TFM accrued $3.7 million to the TFM Social Community Fund and a total of $11.2 million has been committed to the Fund since 2009. Since approving its first projects in Q2 2011, the Fund has approved $7 million in community development projects ranging from provision of new water supply wells and sanitation projects to construction of schools clinics, and roads.
The Fund prioritizes the use of local labor contracts, which created over 980 employment opportunities in 2012.
For further information about Freeport-McMoRan Copper & Gold Inc.’s social investment commitments, please see http://www.fcx.com/envir/comm_invest.htm
Please see the 2011 Working Toward Sustainable Development Report for more information on all of their social, economic and environmental efforts. http://www.fcx.com/envir/wtsd/pdf-wtsd/2011/WTSD_Bk_2011.pdf
KEYWORDS: Community Trust Fund, Democratic Republic of Congo, Freeport-McMoRan Copper & Gold, Tenke Fungurume Mining, Stakeholder Forum, Health, Education, agriculture