FCX reports lower output, sales in Q2
Wednesday, July 19 2006 - 02:29 AM WIB
FCX said PT-FI?s share of second-quarter 2006 production totaled 237.1 million pounds of copper and 307.3 thousand ounces of gold. Meanwhile, copper sales also declined to 220.1 million pounds compared with the previous estimate of 235.0 million pounds due to weather related shipping delays at the end of June.
FCX said copper ore grades averaged 0.72 percent and recovery rates averaged 84.1 percent in the second quarter of 2006 compared with 0.98 percent and 87.4 percent for the second quarter of 2005. ?Operations improved during June as PT-FI gained access to better ore types,? FCX added.
FCX said PT-FI?s share of annual sales in 2006 was currently projected to approximate 1.2 billion pounds of copper and 1.7 million ounces of gold, compared with previous estimates of 1.3 billion pounds and 1.7 million ounces.
The reduction in estimated copper sales primarily reflects the operational issues experienced in the second quarter and the impact of mine plan revisions to incorporate geotechnical data, FCX said.
FCX also said PT-FI was expanding the capacity of the DOZ underground operation, one of the world?s largest underground mines, to a sustained rate of 50,000 metric tons per day with the installation of a second crusher and additional ventilation, expected to be completed in mid-2007.
PT-FI also plans to expand the capacity of the DOZ mine to 80,000 metric tons per day, FCX added.
PT-FI operates the huge Papua copper and gold mine. FCX owns 91 percent shares in PT-FI. (Robert)
