Freeport Raises 2011 Gold Sales Outlook To 1.6 Million Oz From 1.4 Million
20 April 2011 - 6:16PM
Dow Jones News
Freeport-McMoRan Copper & Gold Inc.'s (FCX) on Wednesday
raised its estimates for 2011 gold sales to 1.6 million ounces from
the 1.4 million ounces it had projected last quarter.
The higher sales forecast comes as the Phoenix-based company has
been able to access higher grade ore at its Grasberg mine in
Indonesia more quickly than previously expected.
However, Freeport lowered its expected gold sales for 2012 to
1.2 million ounces, from previous guidance of 1.3 million
ounces.
The world's second-largest copper producer after Chile's
state-owned Codelco also tweaked its forecast sales of the red
metal for this year to 3.9 billion pounds from 3.85 billion pounds
it previously expected. It lowered its 2012 copper sales guidance
to four billion pounds from 4.1 billion pounds.
It said it also expects to sell 73 million pounds of molybdenum
in 2011, up from previous guidance of 70 million pounds.
-By Matt Whittaker, Dow Jones Newswires;
212-416-2139; matt.whittaker@dowjones.com
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