| Freeport Indonesia cuts copper sales forecast due to El Nino | |
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JAKARTA, Sept 10 (Reuters) - Freeport-McMoRan has revised down its forecast for copper concentrate sales from its Indonesian unit, an official at the U.S. mining giant said, after milling operations were hurt by the El Nino dry weather pattern. Freeport, which runs one of the world's largest copper mines in Papua in eastern Indonesia, said a lack of water supply would cut its 2015 sales by 25 million pounds, or 3 percent, from its earlier sales estimate of 860 million pounds for the year. "During the third quarter, milling operations have been impacted by a reduction in process water available under current El Nino conditions," company spokesman Eric Kinneberg said in an email late on Wednesday. Indonesia is expected to face moderate El Nino conditions from July to November, affecting provinces from Sumatra to eastern Indonesia, although the weather pattern could strengthen from September to December. Exports from Freeport Indonesia's Grasberg mine complex in remote Papua have already been hindered this quarter by new payment rules for buyers and the closure of the company's domestic smelter. Freeport Indonesia usually produces about 220,000 tonnes of copper ore per day, which is then converted to copper concentrate. Kinneberg declined to provide daily output details for the mine. Union officials said last week that Freeport sent a letter to employees on Aug. 20 asking for greater efficiency and emphasizing the need for cost-saving. (Reporting by Michael Taylor; Editing by Tom Hogue)
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a gold and copper producing company based in United states of america. Freeport McMoran produces gold, copper, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 68.1 billions as of today (€ 59.6 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on March 28, 2024 at US$ 47.02. Freeport McMoran has 1 448 000 000 shares outstanding. |