Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Freeport-McMoRan Inc    FCX   US35671D8570

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

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

02/28/2013 | 12:47am US/Eastern
   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

React to this article
Latest news on FREEPORT-MCMORAN INC
10h ago FREEPORT MCMORAN : Announces Offer to Purchase Certain Outstanding Senior Notes ..
2d ago FREEPORT MCMORAN : Atlantic Copper Receives Safety Award
3d ago FREEPORT MCMORAN : Other Events (form 8-K)
6d ago FREEPORT MCMORAN : Entry into a Material Definitive Agreement, Creation of a Dir..
6d ago FREEPORT MCMORAN : Completes Sale of $3.0 Billion of Senior Notes
11/12 FREEPORT MCMORAN : Prices $3.0 Billion of Senior Notes
11/11 FREEPORT MCMORAN : Gives Over $500,000 in Grants to Arizona Communities
11/10 FREEPORT MCMORAN : Prices $3.0 Billion of Senior Notes
11/07 FREEPORT MCMORAN : Management's Discussion and Analysis of Financial Condition a..
11/06 FREEPORT MCMORAN : Finalizes Sale of Its Interests in Candelaria/Ojos
Advertisement
Chart
Duration : Period :
Freeport-McMoRan Inc Technical Analysis Chart | FCX | US35671D8570 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF