Freeport reports higher 2003 CD funds

Copper and gold giant PT Freeport Indonesia has spent about US$21.5 million (around Rp183 billion) worth of funds last year to finance community development activities in Papua, Koran Tempo daily reported on Tuesday.

The community development (CD) program covers areas like education, health, and village development program, the paper said.

The size of CD funds distributed in 2003 was larger than the previous year's disbursement of around $18.3 million.

Freeport Indonesia's senior communications manager Siddharta Moersjid was quoted by the paper as saying that the company also distributed around $93 million worth of funds for environmental-related projects last year, which was also higher than the $87 million funds spent for the same program in the previous year.

According to Siddharta, the total community development funds are about one percent of the company?s gross revenues.

Elsewhere, Siddharta said the company planned to immediately hold a long-delayed general shareholders meeting for the 2002 financial accounts. The delay has caused the government to be unable to obtain dividend for the financial year. According to a source, the meeting would be held within two weeks time.(*)