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4-Traders Homepage  >  Equities  >  Nyse  >  Freeport-McMoRan Inc    FCX

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Freeport-McMoRan Copper & Gold Inc. : Freeport Indonesia CEO : 2013 Output Likely +30% Vs 2012

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02/28/2013 | 06:47am CET
   By I Made Sentana 
 

JAKARTA--PT Freeport Indonesia expects output from its Grasberg copper and gold mine to rise 30% this year, after falling around 40% last year, the chief executive said Thursday.

"We expect production to recover this year, but I'm not sure it will reach the level before the labor strike [of 2011]," Rozik B. Soetjipto, CEO of the Indonesian unit of Freeport-McMoRan Copper & Gold Inc. (FCX), told Dow Jones Newswires on the sidelines of the Economist Conferences Indonesia Summit.

A rise in production is likely this year as the company will be entering an area with a higher mineral content, said Mr. Soetjipto, a former Minister of Public Works.

Freeport Indonesia during the first three months of last year was still affected by the impact of a prolonged labor strike, and was mining an area with 20% less mineral content "than usual," Mr. Soetjipto said.

The company signed a 30-year 'contract of work' with the government in 1991, with options for two 10-year extensions.

It is discussing with the government to extend the contract, before deciding on further investment, Mr. Soetjipto said.

Freeport-McMoRan is willing to sell up to 10.64% of Freeport Indonesia to local investors by 2021, to satisfy a condition for extension; the government, which owns 9.36%, hasn't yet accepted the offer, Mr. Soetjipto said.

Write to I Made Sentana at i-made.sentana@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

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Financials ($)
Sales 2016 15 189 M
EBIT 2016 1 171 M
Net income 2016 -3 399 M
Debt 2016 12 860 M
Yield 2016 0,04%
P/E ratio 2016 -
P/E ratio 2017 11,04
EV / Sales 2016 2,19x
EV / Sales 2017 1,99x
Capitalization 20 466 M
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Mean consensus HOLD
Number of Analysts 20
Average target price 12,5 $
Spread / Average Target -17%
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NameTitle
Richard C. Adkerson Vice Chairman, President & Chief Executive Officer
Gerald J. Ford Non-Executive Chairman
Kathleen L. Quirk Chief Financial Officer, Treasurer & Executive VP
James R. Moffett Chairman-Emeritus
Jon C. Madonna Independent Director
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