PT Smelting production, sales up in Q3

New Orleans-based mining company Freeport-McMoRan Copper & Gold Inc (FCX) reported Thursday that cathode production and sales at PT Smelting increased to 125.2 million pounds and 123.6 million pounds in the third quarter of 2003, from 91.5 million pounds and 95.5 million pounds in the same quarter last year.

FCX said copper cathode cash production in this quarter was managed at US$0.10 per pound or lower than last year?s corresponding period of US$0.12 per pound.

PT Smelting treated 209,900 metric tons of concentrates in the third quarter of 2003, compared with 192,200 metric tons in the year-ago period, said FCX in its quarterly report.

PT Smelting, located in Gresik (East Java), is the only copper smelter in Indonesia. FCX owns 25 percent shares in the smelting company through its Indonesian unit PT Freeport Indonesia, the supplier of copper concentrate. The others ownership in the smelter are Mitsubishi Materials Corporation (60.5 percent), Mitsubishi Corporation (9.5 percent), Nippon Mining & Metals Co (5 percent). (robert)