FCX reports lower output and sales in Q1

New Orleans-based copper and gold miner Freeport-McMoRan Copper & Gold Inc (FCX) reported Tuesday that its Indonesian subsidiary PT Freeport Indonesia (PT-FI) sold 225.2 million pounds of copper and 472.5 thousand ounces of gold in the first quarter 2006, compared with 328.1 million pounds and 595.3 thousand ounces in the first quarter last year.

FCX said PT-FI?s share of first-quarter 2006 sales, as projected, was approximately 15 million pounds below previous estimates for copper and 132,500 ounces above previous estimates for gold.

FCX said PT-FI?s share is expected to sell around 280 million pounds of copper and 275,000 ounces of gold in the second quarter of 2006, while annual sales in 2006 is currently projected to approximate 1.3 billion pounds of copper and 1.7 million ounces of gold.

PT-FI?s 2006 sales estimates, however, will be dependent, among other factors, on the achievement of targeted mining rates, the successful operation of PT-FI production facilities and systems and concentrate loading systems, FCX added.

?We are currently undertaking studies to incorporate recent geotechnical data in our future mine plans. These studies are expected to be completed and mine plans revised in the third quarter of 2006,? FCX added.

In February 2006, PT-FI operations were suspended for about four days when illegal miners blocked a road leading to the mill. (Robert)