Log in
Login
Password
Remember
Lost password
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
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
Latest news on FREEPORT-MCMORAN INC
01:56pDJMARKET SNAPSHOT : U.S. Stock Declines Tick Higher, But Up For The Week
01:34pDJMARKET SNAPSHOT : U.S. Stocks Turn Lower, But Up For The Week
12:04pDJMARKET SNAPSHOT : U.S. Stocks Turn Lower, But Up For The Week
12:03p FREEPORT MCMORAN : shares up after Icahn buys stake, costs cut
11:56aDJMARKET SNAPSHOT : Dow Heads Lower; U.S. Stocks Up For The Week
11:50aDJMARKET SNAPSHOT : Dow Struggles To Push Higher; U.S. Stocks Up For The Week
11:34aDJMARKET SNAPSHOT : Dow Struggles To Push Higher; U.S. Stocks Still Up For The Wee..
10:27aDJMARKET SNAPSHOT : U.S. Stocks Fall, But Still Up For The Week
08:53aDJMARKET SNAPSHOT : U.S. Stocks Set To Fall As Volatile Week Leaves Investors Wary
07:34aDJMARKET SNAPSHOT : U.S. Stocks Set To Fall As Volatile Week Leaves Investors Wary
Advertisement
Chart
Duration : Period :
Freeport-McMoRan Inc Technical Analysis Chart | FCX | US35671D8570 | 4-Traders
Income Statement Evolution
More Financials