Freeport-McMoRan Copper & Gold Inc. is nearing an agreement with the Congo government for the company to expand its copper-cobalt mine in the country.

"The government has been realigned within the last month...and there are positive indications that we are within sight of having a conclusion to this process," CEO Richard Adkerson said.

The expansion has been delayed by the Kinshasa government's decision to review all mining contracts in the country, the report said.

"I am confident," Adkerson said about the status of the contract review, "I will tell you there are risks associated with this investment. I am confident, or we wouldn't be doing it. But I wouldn't underestimate the risk of doing business in a country like the DRC."