{
    "success": true,
    "data": {
        "id": 1430230,
        "msgid": "freeport-to-cut-copper-output-1447893297",
        "date": "1999-01-25 00:00:00",
        "title": "Freeport to cut copper output",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Freeport to cut copper output JAKARTA (JP): Mining giant PT Freeport Indonesia, a subsidiary of the U.S. mining firm Freeport McMoRan Copper & Gold, is planning to reduce its copper production at its Grasberg mine in Irian Jaya by 14 percent to 1.5 billion pounds this year from 1.75 billion pounds last year.",
        "content": "<p>Freeport to cut copper output<\/p>\n<p>JAKARTA (JP): Mining giant PT Freeport Indonesia, a subsidiary<br>\nof the U.S. mining firm Freeport McMoRan Copper &amp; Gold, is<br>\nplanning to reduce its copper production at its Grasberg mine in<br>\nIrian Jaya by 14 percent to 1.5 billion pounds this year from<br>\n1.75 billion pounds last year.<\/p>\n<p>Freeport McMoRan's chief executive officer (CEO) James Moffett<br>\nsaid on Saturday the company estimated that its gold production<br>\nfor this year would be approximately the same as last year's<br>\nwhich reached three million ounces.<\/p>\n<p>Moffett, however, refused to explain the reason behind the<br>\nplanned decrease in copper output.<\/p>\n<p>\"The production will go up and down as we move around,\"<br>\nMoffett told journalists after meeting President B.J. Habibie<br>\nhere.<\/p>\n<p>Freeport has been applying for the government's approval to<br>\nboost its daily ore output to 300,000 tons from 160,000 tons at<br>\npresent.<\/p>\n<p>But, the Ministry of Mines and Energy has not yet approved the<br>\nexpansion plan despite the fact that Freeport had received an<br>\nenvironmental impact analysis certificate from the Ministry of<br>\nEnvironment and had invested a lot of money for the expansion<br>\nplan.<\/p>\n<p>According to Moffett, Freeport's copper output from Grasberg<br>\nrose by 51 percent to 1.74 billion pounds last year from 1.16<br>\nbillion pounds in 1997.<\/p>\n<p>Gold production from the mine jumped by 66 percent to three<br>\nmillion ounces last year from 1.8 million ounces in 1997.<\/p>\n<p>The Grasberg mine is believed to contain one of the world's<br>\nlargest copper and gold reserves.<\/p>\n<p>Freeport Indonesia estimated in 1997 its mine to contain<br>\nrecoverable copper reserves of 37.8 billion pounds and those of<br>\ngold of 51.3 million ounces.<\/p>\n<p>Freeport Indonesia is 81.28 percent owned by Freeport McMoRan,<br>\nwhich is listed on the New York Stock Exchange, 9.26 percent by<br>\nthe Indonesian government and 9.36 percent by PT Indocopper<br>\nInvestama Corporation.<\/p>\n<p>Indocopper, which is listed on the Surabaya Stock Exchange, is<br>\n50.48 percent owned by Nusamba Mineral Industries, 49 percent by<br>\nFreeport McMoRan and 0.52 percent by public minority<br>\nshareholders.<\/p>\n<p>Nusamba Mineral is owned by the Nusamba group controlled by<br>\nMohamad \"Bob\" Hasan, a golfing buddy of former President<br>\nSoeharto. (jsk\/prb)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/freeport-to-cut-copper-output-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}