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.