Freeport Copper mill expansion plan 'on schedule'<\/p>\n
NEW ORLEANS (Reuter): Freeport-McMoRan Copper & Gold Inc said
\nyesterday the fourth concentrator mill expansion undertaken by
\nits principal mining unit, P.T. Freeport Indonesia Co, is on
\nschedule and on budget, and proceeding toward no later than a
\nmid-1998 start-up.<\/p>\n
PT-FI achieved record average quarterly mill throughput of
\n130,800 metric tons of ore per day.<\/p>\n
The optimum rate following this expansion is expected to be at
\nleast 190,000 to 200,000 tons per day, subject to certain
\napprovals, Freeport said.<\/p>\n
It said PT-FI's exploration activities within Block A continue
\nto yield positive results and will favorably impact future mine
\nplanning and expansion decisions.<\/p>\n
The Amole adit has now advanced approximately halfway across
\nthe Grasberg intrusive and exploration activities within the adit
\ncontinue to confirm geologic and reserve models, the company
\nsaid.<\/p>\n
At Freeport Copper's Wabu porphyry prospect in Block B,
\ngeophysical surveying and surface mapping and sampling have
\nidentified a potential copper\/gold target.<\/p>\n
This target may represent the source of the mineralizing
\nsolutions responsible for the 3-4 million ounce gold resource
\npreviously announced at the Wabu Ridge prospect, Freeport said.<\/p>\n
It said drilling activities at Wabu Ridge have continued to
\nyield promising results and the near surface gold resource is
\nexpanding.<\/p>\n
Exploration activities also continue in the Eastern Mining
\nBlocks I, II and III areas. Three rigs are actively exploring in
\nBlock I to follow up on geophysical and geochemical anomalies
\npreviously identified.<\/p>\n
Surface mineralization has been discovered in the Block II
\narea and drilling activities are under way. Several anomalies
\nhave also been identified within Block III where follow-up
\nexploration is planned for the second half of the year.<\/p>\n
In the second quarter of 1997, Freeport said, its exploration
\njoint ventures with Rio Tinto Plc incurred $11.8 million of
\nexploration costs compared with $6.9 million in the 1996 quarter.<\/p>\n
Freeport Copper said it reported $6.2 million of exploration
\nexpense in the second quarter of 1997 primarily for exploration
\ncosts incurred in the Eastern Mining and PT-FI Block B areas.<\/p>\n
Costs in these areas are now being shared 60 percent by
\nFreeport and 40 percent by Rio Tinto.<\/p>\n
About $17 million remains to be applied toward the Rio Tinto
\nexploration funding received in 1996 for PT-FI's Block A area,
\nFreeport said.<\/p>\n
The company said its smelter\/refining unit in Spain, Atlantic
\nCopper Holding SA, completed its $13 million \"debottlenecking\"
\nproject in June, increasing smelter capacity by 20,000 metric
\ntons to 290,000 tons per year.<\/p>\n
Atlantic is now fine-tuning its operations and working to
\nincrease its refining capacity to enhance profits further.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/freeport-copper-mill-expansion-plan-on-schedule-1447893297",
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"sponsor": "Okusi Associates",
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