Freeport halves Indonesian exploration budget
Tuesday, February 24 2009 - 01:22 AM WIB
Giant miner Freeport-McMoRan Copper & Gold will significantly cut 2009 global exploration spending to US$75 million from $248 million last year amid plunging commodity prices.
The company showed in presentation on Monday that Indonesian exploration budget would be cut to $15 million from $32.24 million in 2008.
Freeport through its subsidiary PT.Freeport Indonesia runs a giant copper and gold mining complex in Papua province.
The company is planning to sell 1.3 billion pounds of copper and 2.1 million ounces of gold from the Papua mine this year compared to 1.1billion pound of copper and 1.2 million ounces of gold it sold last year. (denny)