Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

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

News SummaryMost relevantAll newsSector 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
06/24 FREEPORT MCMORAN : FCX Declares Quarterly Cash Dividend on Common Stock
06/24 FREEPORT MCMORAN : FCX) is Trading Higher on Unusual Volume for June 24
06/24 FREEPORT MCMORAN : Declares Quarterly Cash Dividend on Common Stock
06/24 Lennar, Box, Monsanto, Netflix and Freeport-McMoRan are big market movers
06/23 FREEPORT MCMORAN : Oil & Gas Inc. Files Registration Statement for Initial Publi..
06/23DJFreeport McMoRan Oil & Gas Inc. Files for IPO
06/23DJFreeport McMoRan Oil & Gas Files for IPO
06/23DJFreeport McMoRan Oil & Gas Inc. Files for IPO
06/20 5 TOP TSXV STOCKS : Quaterra Resources in Top Spot Following Freeport News
06/16 FREEPORT MCMORAN : ASU Lodestar Center Receives $170,000 Grant from Freeport-McM..
Duration : Period :
Freeport-McMoRan Inc Technical Analysis Chart | FCX | US35671D8570 | 4-Traders
Income Statement Evolution
More Financials