Freeport awards copper concentrate at 13.90 cents TC/RC
Thursday, October 5 2000 - 02:00 AM WIB
PT Freeport Indonesia (PT-FI) on Wednesday completed its first Internet auction of spot copper concentrate via its website at www.copperconcentrate.com.
The winning bid for the 10,000-tonne parcel, for shipment in the first or second quarter of 2001, came in at 13.90 cents per pound combined smelting and payable copper refining charge.
PT-FI's opening price at the auction, launched on Tuesday and closed at 1300 GMT on Wednesday, was 16.85 cents.
PT-FI, a unit of U.S.based Freeport-McMoRan Copper & Gold Inc (NYSE:FCX), has annual copper concentrate sales of around 2.5 million tonnes from its Grasberg mining and milling complex in Irian Jaya (Papua), Indonesia.
Spot sales are expected to be less than five percent of that total this year.
The company expects to sell spot material via its internet site on a periodic basis. The next auction is set for November 8. (*)