Freeport-McMoRan Copper & Gold Inc. (FCX) expects its
Grasberg mining and milling operations to reach full production in
the second quarter as its Indonesia unit has restarted operations
after a labor-related shutdown on Feb. 23.
The mining company expects the recent work stoppage and earlier
work interruptions to reduce first-quarter production and sales by
about 80 million pounds of copper and 125,000 ounces of gold.
Freeport-McMoRan now expects first-quarter consolidated sales
volumes of 795 million pounds of copper and 300,000 ounces of gold,
down from its January guidance of 875 million pounds of copper and
425,000 ounces of gold, including 210 million pounds and 400,000
ounces from its PT Freeport Indonesia unit.
The company reported in January its fourth-quarter earnings fell
59% as disruptions at its Indonesia operations contributed to a 26%
drop in revenue. Prior to the labor disputes, the world's largest
copper producer had reported strong results thanks to rising prices
for copper and gold.
Shares were recently trading 1.5% higher at $38.70 premarket.
The stock is up 3.6% so far this year.
-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com
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