Freeport-McMoRan Copper & Gold Inc. Announces Resumption of Open Pit Operations at PT Freeport Indonesia
24 Juni 2013 - 2:00PM
Business Wire
Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) today
announced that PT Freeport Indonesia (PT-FI) has resumed open pit
mining and concentrating activities at its Grasberg operations in
Papua, Indonesia following approval from Indonesia’s Department of
Energy and Mineral Resources (DEMR) on June 21, 2013. The
resumption of production activities is being conducted in a phased
approach. Open pit and milling operations have commenced initially
and underground operations are expected to be ramped up upon
further approvals and inspections from the DEMR. PT-FI has
conducted safety inspections throughout its operations and is
working cooperatively with government authorities to resume
underground operations as soon as practical.
Although the May 14, 2013 tragic accident occurred outside the
area of mining operations, PT-FI temporarily suspended mining and
processing activities at the Grasberg complex out of respect for
and in sympathy of the deceased and injured workers and their
families, and to conduct inspections of its facilities in
coordination with Indonesian government authorities.
James R. Moffett, Chairman of the Board of FCX, and Richard
C. Adkerson, Vice Chairman, President and Chief Executive Officer
of FCX, said: “We again offer our deepest condolences to the
families of our deceased and injured workers. We express our
appreciation to the Government of Indonesia for its thorough review
of these matters and reiterate our commitment to the highest
international standards for worker safety. This was an
unprecedented event in our more than 40-year history of operations
in Papua and we are taking all actions required to prevent future
incidents and to assure the safety of our workforce.”
For the period between May 15, 2013 and June 21, 2013, the
estimated impact on PT-FI production approximated 115 million
pounds of copper and 115,000 ounces of gold (approximately 3
million pounds of copper and 3,000 ounces of gold per day for the
38 day period). The impact of the ongoing suspension of underground
operations approximates 1 million pounds of copper and 1,000 ounces
of gold per day. PT-FI is actively working with government
authorities on a return to full operations and will update its
production outlook as additional information becomes available.
FCX is a premier U.S.-based natural resource company with an
industry leading global portfolio of mineral assets, significant
oil and gas resources and a growing production profile. FCX is the
world’s largest publicly traded copper producer.
FCX’s portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world’s largest copper and gold
deposits; 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; the Tenke
Fungurume minerals district in the Democratic Republic of Congo;
and significant oil and natural gas assets in North America,
including reserves in the Deepwater Gulf of Mexico, onshore and
offshore California, in the Eagle Ford and Haynesville shale plays
and an industry leading position in the emerging shallow water,
ultra-deep gas trend on the Shelf of the Gulf of Mexico and onshore
in South Louisiana. Additional information about FCX is available
on FCX's website at www.fcx.com.
Cautionary Statement Regarding Forward Looking
Statements: This press release contains forward-looking
statements, which are all statements other than statements of
historical facts, such as those statements regarding the impact of
the ongoing suspension of underground operation. 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 the outcome of the investigation
of the tunnel collapse in the underground training facility at
PT-FI 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, 2012, 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
FCX's forward-looking statements are based are likely to change
after its forward-looking statements are made, including for
example commodity prices, which FCX cannot control, and production
volumes and costs, some aspects of which FCX may or may not be able
to control. Further, FCX may make changes to its business plans
that could or will affect its results. FCX cautions investors that
it does not intend to update forward-looking statements more
frequently than quarterly notwithstanding any changes in FCX's
assumptions, changes in business plans, actual experience or other
changes, and FCX undertakes no obligation to update any
forward-looking statements.
Financial Contacts:Kathleen L. Quirk,
602-366-8016orDavid P. Joint,
504-582-4203orMedia Contact:Eric E. Kinneberg,
602-366-7994
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