PT Smelting?s Q1 production up
Saturday, April 19 2003 - 02:28 AM WIB
New Orleans-based mining company Freeport-McMoRan Copper & Gold Inc (FCX) reported Thursday that copper cathode production at PT Smelting had reached 121,000 pounds in the first quarter of 2003, slightly up from last year?s corresponding period production of 117,800 pounds.
During the quarter, the smelter had treated 212,300 metric tons of concentrates with cash costs production of $0.10 per pound, compared with 177,700 metric tons at $0.12 per pound in the year-ago period, FCX said.
FCX owns shares in the smelting company through its Indonesian unit PT Freeport Indonesia, the supplier of copper concentrate.
PT Smelting, located in Gresik (East Java), is the only one copper smelter in Indonesia. Its current ownership is Mitsubishi Materials Corporation (60.5 percent), PT Freeport Indonesia (25), Mitsubishi Corporation (9.5), Nippon Mining & Metals Co (5).(robert)