Freeport sees strong Indonesian sales<\/p>\n
SYDNEY (Reuter): Freeport McMoRan Copper & Gold Inc said it
\nexpects strong gold sales during the 1996 year from its unit PT
\nFreeport Indonesia Company (PT-FI).<\/p>\n
"PT-FI has obtained commitments for essentially all of its
\nexpected 1996 concentrate sales which are now estimated to yield
\napproximately 1.1 billion pounds of copper and 1.55 million
\nounces of gold," Freeport said.<\/p>\n
"Strong 1996 gold sales reflect the expectation of producing
\ngreater than mine life gold grades during the year," it said.<\/p>\n
Earlier, Freeport reported net income per share of common
\nstock of US$0.27 in the 1995 fourth quarter.<\/p>\n
"However, first-quarter 1996 production will be adversely
\naffected by the anticipated mining of lower grade ore and sales,
\nexpected to approximate 175 million pounds of copper and 225,000
\nounces of gold, will be affected by the timing of concentrate
\nshipments," Freeport said.<\/p>\n
Furthermore, at December 31, 1995, copper sales totaling 249
\nmillion pounds, which were recorded in 1995 at an average price
\nof $1.20 per pound, remained to be contractually priced and are
\nsubject to price adjustments during the first quarter, it said.<\/p>\n
PT-FI operates the giant Grasberg gold and copper mine in
\nIrian Jaya, Indonesia.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/freeport-sees-strong-indonesian-sales-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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