DRC to reach Freeport contract decision soon -WBank

CAPE TOWN Feb 3 (Reuters) - Democratic Republic of Congo expects to finalise talks with U.S. miner Freeport McMoRan Copper & Gold Inc over the jointly owned $900 Tenke Fungurume copper/cobalt project, a World Bank official said on Wednesday.

The mine, in which in which Freeport (FCX.N) holds a majority stake, is widely considered to be the largest and highest grade undeveloped copper and cobalt project in the world. It is situated in mineral-rich Katanga province.

"The honourable Minister of Mines (Martin Labilo) of the DRC... (said) that there is still one case that has not been finalised in these renegotiations and that is Tenke Fungurume, the Freeport mining investment," Paulo de Sa, oil, gas and mining policy manager at the World Bank, told Reuters on the sidelines of a mining conference in Cape Town.

"He (Labilo) said in a week or so he was expecting to have a positive outcome of the renegotiations, so I'm sure all the investors are eager to hear some good news on that side,"

The DRC has reviewed 61 mining licenses, and approved 43 but rejected 17 contracts in its bid to transform the mining sector. The Freeport issue is the only oustanding matter.

(Reporting by Wendell Roelf; Editing by James Macharia)