Derived from the deployed data layer at build · dataset v2.4.3 · record reviewed 2026-05-02 · machine-readable: /api/v1/deposits/tenke-fungurume.json
Investment screen
DFI · investment house — is this fundable, watchable, or a pass?
Life-cycle stageproducing Derived
Operating statusOperating at 5-line steady state Sourced
Reserve (P+P)172.1 Mt @ 2.1% Cu, 0.3% Co Sourced
Reserve basis (verbatim)100% project basis
Risk-adjusted rate (§10)not published — asset-level screening not yet worked (base formula is public; see gaps below) Absent
Value anchors
advisory · corporate development — what does the record support?
Resource (M+I+I)832.1 Mt @ 2.26% Cu, 0.26% Co Sourced
Resource basis (verbatim)100% project basis
Primary sourceCMOC Group Annual Report 2024 (HKEX); JORC 2012 / S-K 1300 compliance post HKEX listing requirements [Sourced 2026-05-02] Sourced
Comparables (Cu-matched)5 African M&A · 1 intl · 1 financing/benchmark — set spans, not market curves · dealsSourced
Risk read
mining major · insurer — what is the exposure?
Province IC compositeLufilian Arc — 6.75/10 Derived
Ownership structureCMOC majority via 2019 acquisition; Gécamines retains 20% non-dilutable. JV operates under HKEX listing requirements with JORC 2012 / S-K 1300 reporting. Sourced
Recent events (record)Mixed Ore Project full nameplate Dec 2024; DRC cobalt export suspension Feb-Jun 2025 navigated via ~25 kt hydroxide stockpile (liquidated H2 2025 on price rebound); 2026 guidance 450-500 kt Cu / 35-40 kt Co … Sourced
What this record does not yet support — disclosed, not estimated
Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.