PT Smelting's Q2 output increases 68%

New Orleans-based copper and gold miner Freeport-McMoRan Copper &Gold (FCX) reported Tuesday that PT Smelting had increased its output by 68 percent to 146.1 million pounds of cathodes in the second quarter of 2005, compared with 86.9 million pounds during the second quarter of 2004.

FCX said PT Smelting treated 230,700 metric tons of concentrates in the second quarter of 2005, compared with 135,400 metric tons in the year-ago period, reflecting the major maintenance turnaround that was completed during the prior year period.

PT Smelting's cathode cash unit costs per pound totaled $0.10 per pound in the second quarter of 2005 and $0.22 per pound in the year-ago period, reflecting the benefit of higher volumes in 2005, FCX said.

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. Other owners are Mitsubishi Materials Corporation (60.5 percent), Mitsubishi Corporation (9.5 percent), Nippon Mining & Metals Co (5 percent). (robert)