PT Freeport?s Q3 sales higher than projected
Wednesday, October 18 2006 - 02:55 AM WIB
FCX said the figures were higher than previously estimated of 280.0 million pounds of copper and 320.0 thousand ounces of gold.
?The higher than previously projected third-quarter sales reflect the mining of a high-grade section of the Grasberg pit previously scheduled to be mined in future periods. PT-FI will continue to seek to advance metal production when opportunities are available within safety and long-term productivity criteria,? FCX added.
In the third quarter of 2006, copper ore grades averaged 0.85 percent and recovery rates averaged 85.9 percent, compared with 1.06 percent and 87.8 percent for the third quarter of 2005.
Meanwhile, gold ore grades averaged 0.83 grams per metric ton (g/t) and recovery rates averaged 80.5 percent in the third quarter of 2006, compared with 1.16 g/t and 80.6 percent for the third quarter of 2005.
The highest grades of 2006 are expected to be mined in the fourth quarter.
FCX also said realized copper prices nearly doubled to an average of US$3.43 per pound in the third quarter of 2006 from $1.73 per pound in the third quarter of 2005, while realized gold prices improved by 37 percent to an average of $608.57 per ounce in the third quarter of 2006 from $445.79 per ounce in the third quarter of 2005.
The company added that PT-FI?s share of annual sales in 2006 is currently projected to approximate 1.2 billion pounds of copper and 1.7 million ounces of gold. (Robert)