Freeport profit declines<\/p>\n
NEW ORLEANS (Reuters): Increased production and lower costs of
\nIndonesian operations blunted the impact of lower copper prices
\non Freeport-McMoRan Copper & Gold Inc.'s third quarter profits,
\nthe company said on Tuesday.<\/p>\n
Profits declined to US$23.8 million, or 14 cents per share,
\nmatching the First Call consensus for the third quarter. This
\ncompares with earnings of $36.6 million, or 19 cents per share,
\nin 1997's September quarter.<\/p>\n
Cash production costs of the company's Indonesian mining unit,
\nPT Freeport Indonesia Co., dropped to 16 cents per pound of
\ncopper in the latest quarter, the company said, forecasting the
\ncosts would average 15 cents a pound for all of 1998. For the
\nfirst nine months of the year, these costs -- which are net of
\ncredits for gold and silver sales -- were 17 cents a pound.<\/p>",
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