Freeport-McMoRan Copper & Gold Inc. Provides Update on Grasberg Operations
15 März 2012 - 1:30PM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) announced
today that PT Freeport Indonesia (PT-FI) has commenced restart
operations at its Grasberg mining and milling operations following
a temporary labor-related shutdown on February 23, 2012. Recent
discussions between PT-FI management, union leaders, members of the
workforce and the local community have focused on returning to work
in a harmonious and productive fashion. Mobilization of the
workforce commenced on March 12, 2012 and mining and milling
activities are being ramped up. Full production is expected to be
reached in the second quarter of 2012.
FCX estimates the impact from the recent work stoppage and work
interruptions experienced earlier in the quarter will reduce first
quarter 2012 production and sales by approximately 80 million
pounds of copper and 125,000 ounces of gold. FCX’s January 2012
estimates on a consolidated basis for first quarter sales volumes
were 875 million pounds of copper and 425,000 ounces of gold,
including 210 million pounds and 400,000 ounces from PT-FI. FCX is
revising its consolidated first quarter sales volumes to 795
million pounds of copper and 300,000 ounces of gold to reflect the
production disruptions at Grasberg. The achievement of first
quarter sales volumes is dependent on a number of factors,
including ramp-up activities at Grasberg.
FCX is reviewing its annual plans and will be updating its
annual sales estimates in connection with the reporting of its
first quarter results.
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 in Indonesia, the world’s largest copper and gold mine in
terms of recoverable reserves; significant mining operations in the
Americas, including the large scale Morenci minerals district in
North America and the Cerro Verde and El Abra operations in South
America; and the Tenke Fungurume minerals district in the
Democratic Republic of Congo. 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, 2011, filed with the U.S. Securities
and Exchange Commission (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 more frequently
than quarterly 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.
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