Freeport reports improvement in Q4
Wednesday, January 18 2006 - 03:35 AM WIB
New Orleans-based copper and gold miner Freeport-McMoRan Copper & Gold Inc (FCX) reported Tuesday that its Indonesian subsidiary PT Freeport Indonesia (PT-FI) achieved significantly higher sales in the fourth quarter and full year of 2005.
FCX said PT-FI sold 468.4 million pounds of copper and 1.1 million ounces of gold in the fourth quarter of 2005, compared to 419.2 million pounds of gold and 618,000 ounces of gold in the last quarter of 2004.
Sales for the full year of 2005 reached 1.45 billion pounds of copper and 2.79 million ounces of gold, compared to the 2004 sales which stood at 0.99 billion pounds for copper and 1.44 milion ounces for gold.
FCX, however, said it expected sales of copper and gold to be lower in 2006 to approximate 1.3 billion pounds of copper and 1.7 million ounces of gold.
The shortfall is expected to be substantially recovered in 2007, FCX added. (robert)