Freeport McMoRan CEO: Morenci Expansion To Reach Full Rates By 2014

Date : 07/19/2012 @ 11:12AM
Source : Dow Jones News
Stock : Freeport-Mcmoran, Inc. (FCX)
Quote : 14.48  0.0 (0.00%) @ 6:34AM

Freeport McMoRan CEO: Morenci Expansion To Reach Full Rates By 2014

Freeport-McMoRan Inc. (NYSE:FCX)
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   By Tatyana Shumsky 
 

NEW YORK--Freeport McMoRan Copper & Gold Inc. (FCX) expects to complete its mining and milling expansion at its Morenci operations in Arizona within two years, Chief Executive Richard Adkerson said.

The company is expanding Morenci's milling operations to process 115,000 tons per day and increasing mining rates to 900,000 tons per day from 700,000 tons. The capital costs of this project are around $1.4 billion and will add 225 million pounds of copper a year to the company's output.

"We expect to have this expansion project at full rates by 2014," Mr. Adkerson said on the company's conference call.

Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com

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