Freeport to weather slump

Freeport to weather slump

SHANGHAI (Dow Jones): PT Freeport Indonesia's President Adrianto Machribie said world copper prices are oversold, but added that the company is well-equipped to ride out the storm.

"Even with the very depressed price, we are still doing relatively well," he said, in an interview with Dow Jones Newswires Wednesday, on the sidelines of an International Copper Association conference.

PT Freeport Indonesia is a unit of U.S.-based Freeport-McMoRan Copper & Gold Inc. and runs the world's largest copper and gold mine in Irian Jaya, Indonesia.

Copper prices have plunged over the last number of months on fears of slowing demand amid retreating global economic growth.

Three-month copper on the London Metal Exchange was trading at $1,553 a metric ton at 0306 GMT (10.06 a.m. Jakarta time) Thursday. The year's high was $1,844/ton recorded on March 6.

Machribie said that while he is enthusiastic about China's surging copper concentrate needs, PT Freeport Indonesia's product is already tied up in long-term contracts, such as to its smelters in Spain and Indonesia.