Freeport McMoRan CEO: Seeing 'Progress' In Indonesia Operations

Date : 04/19/2012 @ 11:15AM
Source : Dow Jones News
Stock : Freeport-Mcmoran, Inc. (FCX)
Quote : 14.5  0.0 (0.00%) @ 4:09AM

Freeport McMoRan CEO: Seeing 'Progress' In Indonesia Operations

Freeport-McMoRan Inc. (NYSE:FCX)
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Freeport McMoRan Copper & Gold Inc.'s (FCX) copper-mining operations in Indonesia are back on track after labor-related disruptions during the first quarter, Chief Executive Richard Adkerson said.

Freeport's Indonesia operations suffered a disruption in March 2012 as union and non-union workers returned to the mine early this year following a three-month strike at the end of 2011.

"We had a roughly three-week suspension of activities as we met with our workforce to discuss certain issues," Adkerson said during a conference call to discuss the company's first-quarter earnings.

"We are seeing progress in returning to normal operations," Adkerson said, adding that milling rates are back above 200,000 tons per day, after being limited to around 115,000 tons per day throughout the first quarter.

The shutdown resulted in Freeport losing around 80 million pounds of copper output and around 125,000 ounces of gold production, helping to slash first-quarter earnings by 49%.

-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; tatyana.shumsky@dowjones.com

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