Freeport to boost output

Freeport to boost output

ZURICH (Reuter): Freeport-McMoran Pacific plans to further expand gold and copper output by 1999 at its resource-rich property in Indonesia's Irian Jaya province, president and chief operating officer Louis Clinton said.

Gold production is due to rise to 2.0 million ounces from an estimated 1.65 million this year and copper output will jump to 1.5 billion pounds from 1.1 billion, Clinton told a gold conference in Zurich.

Last year the company completed an expansion program that boosted mill throughput by 73 percent in 1995 over the previous year.

Freeport-McMoran Copper and Gold Inc of the U.S. owns 86 percent of Freeport-McMoran Pacific.

By September a feasibility study should be wrapped up and the additional production is due to begin in late 1998 at the property, which has the largest gold reserve and the third largest copper reserve in the world, he added.

Exploration is continuing on the 5.8-million-acre concession under a joint venture with RTZ Corp, which is providing US$100 million in costs.

Proceeds from new development projects will be split 60 percent for Freeport and 40 percent for RTZ, Clinton said.