Freeport reports better third quarter sales

New Orleans-based Freeport-McMoran Copper and Gold Inc. said on Friday that its third quarter sales would exceed previous estimates. The company is scheduled to release its official third quarter earnings on October 16, 2003.

Freeport, which has the world?s largest gold mine in Indonesia?s Papua province, reported on its website that its copper sales for the third quarter reached 345 million pounds, which was about 25 million pounds higher than the previous forecast. Gold sales reached 764,000 ounces, which was about 120,000 ounces higher than expected.

For the period until September 30, 2003, Freeport has sold approximately 1.13 billion pounds of copper and 2.2 million ounces of gold approximating 80 percent of its previously-reported annual copper sales estimate of 1.4 billion pounds and 85 percent of its previously-reported annual gold sales estimate of 2.6 million ounces.

Two mine workers of the company were killed and six others were missing in an accident caused by a landslide on Thursday morning at its key mining site in Papua, Indonesia.

Freeport has said it would likely defer some production planned for the fourth quarter to early 2004, but it maintained its long-term mine plans. (*)