Freeport-McMoRan Copper & Gold Inc. Announces Successful Resolution of PT-FI Labor Issues and Updates Status of PT-FI Operati...
14 Dezember 2011 - 2:30PM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported
today that PT Freeport Indonesia (PT-FI) has reached terms with
union officials to be incorporated in a two year extension of its
Collective Labor Agreement. The labor strike, which commenced on
September 15, 2011, has ended and workers will begin reporting to
their positions in the coming days.
Pursuant to the agreed terms, PT-FI agreed to increase base
wages by 24 percent in the first year and by 13 percent in the
second year (equivalent to a 40 percent increase over two-years on
a compounded basis). In addition, PT-FI has agreed to provide
improved benefits, including enhancements to housing allowances,
educational assistance and retirement savings plans. For
humanitarian purposes, PT-FI also agreed to pay a one-time signing
bonus equivalent to three months of base wages. The parties also
agreed that future wage negotiations would be based on living costs
and the competitiveness of wages within Indonesia.
As previously reported, milling operations have been suspended
since October 22, 2011, pending repairs to concentrate and fuel
pipelines damaged as a result of civil unrest which occurred during
the course of the strike. The repairs to the damaged pipelines are
substantially complete and PT-FI has begun to ramp-up milling
operations. Shipments of concentrate are expected to be limited
until full operations are restored, which is expected by early
2012.
James R. Moffett, Chairman of the Board and Richard C.
Adkerson, President and Chief Executive Officer said: “We are
pleased that the parties have reached a mutually satisfactory
resolution on terms for a new labor agreement. Our operating
team is focused on resuming normal operations in a safe, harmonious
and efficient manner. We appreciate the assistance and
strong support of the Government of Indonesia and look forward to a
bright future for the Grasberg district for the benefit of all
stakeholders.”
FCX also updated its estimates of fourth quarter 2011
consolidated sales volumes, incorporating the estimated impacts
from the disruption resulting from damage to the concentrate
pipeline. FCX estimates consolidated sales for the fourth quarter
of 2011 to approximate 800 million pounds of copper and 105,000
ounces of gold compared with the October 19, 2011 estimate of 915
million pounds of copper and 305,000 ounces of gold. Actual fourth
quarter sales are dependent on the timing of shipping schedules in
the balance of the year and are subject to change depending on
various factors.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX has a dynamic portfolio of
operating, expansion and growth projects in the copper industry and
is the world's largest producer of molybdenum.
The company's portfolio of assets includes the Grasberg minerals
district, the world's largest copper and gold mine in terms of
recoverable reserves; significant mining operations in the
Americas, including the large-scale Morenci and Safford minerals
districts in North America and the Cerro Verde and El Abra
operations in South America; and the Tenke Fungurume minerals
district in the DRC. Additional information about FCX is available
on FCX's website at “www.fcx.com.”
Cautionary Statement. This press release contains
forward-looking statements in which FCX discusses its potential
future performance. Forward-looking statements are all statements
other than statements of historical facts, such as those statements
regarding projected ore grades and milling rates, projected
production and sales volumes, projected unit net cash costs,
projected operating cash flows, projected capital expenditures,
exploration efforts and results, mine production and development
plans, the impact of deferred intercompany profits on earnings,
liquidity, other financial commitments and tax rates, the impact of
copper, gold, molybdenum and cobalt price changes, potential
prepayments of debt, future dividend payments and potential share
purchases. The words “anticipates,” “may,” “can,” “plans,”
“believes,” “estimates,” “expects,” “projects,” “intends,”
“likely,” “will,” “should,” “to be,” and any similar expressions
are intended to identify those assertions as forward-looking
statements.
FCX cautions readers that forward-looking statements are not
guarantees of future performance and its actual results may differ
materially from those anticipated, projected or assumed in the
forward-looking statements. Important factors that can cause FCX's
actual results to differ materially from those anticipated in the
forward-looking statements include commodity prices, mine
sequencing, production rates, industry risks, regulatory changes,
political risks, the potential effects of violence in Indonesia,
the resolution of administrative disputes in the Democratic
Republic of Congo, weather- and climate-related risks, labor
relations, environmental risks, litigation results, currency
translation risks and other factors described in more detail under
the heading “Risk Factors” in FCX's Annual Report on Form 10-K for
the year ended December 31, 2010, filed with the U.S. Securities
and Exchange Commission (SEC) as updated by our subsequent filings
with the SEC.
Investors are cautioned that many of the assumptions on which
our forward-looking statements are based are likely to change after
our forward-looking statements are made, including for example
commodity prices, which we cannot control, and production volumes
and costs, some aspects of which we may or may not be able to
control. Further, we may make changes to our business plans that
could or will affect our results. We caution investors that we do
not intend to update our forward-looking statements notwithstanding
any changes in our assumptions, changes in our business plans, our
actual experience or other changes, and we undertake no obligation
to update any forward-looking statements more frequently than
quarterly.
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