PHOENIX, AZ, November 1, 2011 - Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported the following
update on the status of operations at PT Freeport Indonesia's Grasberg mining complex.
PT-FI continues to seek a mutually acceptable resolution to the ongoing labor strike which commenced
on September 15, 2011. The Company is following the established Indonesian legal process, including pursuit of
a resolution through a labor court process, while continuing to seek to negotiate with the union in good faith.
PT-FI is operating the Grasberg open pit mine and the DOZ underground mine at reduced rates using
non-striking employees and contractors. Since October 22, 2011, milling operations have been temporarily
suspended pending repairs to concentrate pipelines damaged as a result of civil unrest which has occurred during
the course of the strike.
PT-FI has initiated repairs to the damaged pipelines but has not been able to gain full access to the
affected areas of the pipelines because of road blockages by striking workers. PT-FI is working with local
authorities to restore access to the road and the pipelines so that repairs can be completed and milling operations
restarted.
As previously reported on October 19, 2011, FCX's fourth quarter 2011 sales estimates of 915 million
pounds of copper and 305,000 ounces of gold included 185 million pounds of copper and 280,000 ounces of gold
from PT-FI (average daily production from PT-FI of 2 million pounds of copper and 3,000 ounces of gold). These
estimates were based on PT-FI achieving fourth quarter mill throughput averaging approximately 175,000 tonnes
per day (approximately 75% of normal rates). The quarter-to-date average through October 31, 2011, including
the currently on-going suspension of milling and concentrate delivery operations since October 22, 2011, has
been approximately 120,000 tonnes per day.
FCX will provide further updates on the status of operations and revised estimates of fourth quarter
production when access is restored and repairs are completed.
Click to Search
Search
[{{{type}}}] {{{reason}}}
{{/data.error.root_cause}}{{texts.summary}} {{#options.result.rssIcon}} RSS {{/options.result.rssIcon}}
{{/texts.summary}} {{#data.hits.hits}}
{{{_source.title}}} {{#_source.showPrice}} {{{_source.displayPrice}}} {{/_source.showPrice}}
{{#_source.showLink}} {{/_source.showLink}} {{#_source.showDate}}{{{_source.displayDate}}}
{{/_source.showDate}}{{{_source.description}}}
{{#_source.additionalInfo}}{{#_source.additionalFields}} {{#title}} {{{label}}}: {{{title}}} {{/title}} {{/_source.additionalFields}}
{{/_source.additionalInfo}}
Freeport-McMoRan Copper & Gold Inc. gives update on Grasberg mining complex in Indomesia
- Category: Front Page News
Content on the Beat
WARNING: All articles and photos with a byline or photo credit are copyrighted to the author or photographer. You may not use any information found within the articles without asking permission AND giving attribution to the source. Photos can be requested and may incur a nominal fee for use personally or commercially.
Disclaimer: If you find errors in articles not written by the Beat team but sent to us from other content providers, please contact the writer, not the Beat. For example, obituaries are always provided by the funeral home or a family member. We can fix errors, but please give details on where the error is so we can find it. News releases from government and non-profit entities are posted generally without change, except for legal notices, which incur a small charge.
NOTE: If an article does not have a byline, it was written by someone not affiliated with the Beat and then sent to the Beat for posting.
Images: We have received complaints about large images blocking parts of other articles. If you encounter this problem, click on the title of the article you want to read and it will take you to that article's page, which shows only that article without any intruders.
New Columnists: The Beat continues to bring you new columnists. And check out the old faithfuls who continue to provide content.
Newsletter: If you opt in to the Join GCB Three Times Weekly Updates option above this to the right, you will be subscribed to email notifications with links to recently posted articles.
Editor's Notes
It has come to this editor's attention that people are sending information to the Grant County Beat Facebook page. Please be aware that the editor does not regularly monitor the page. If you have items you want to send to the editor, please send them to editor@grantcountybeat.com. Thanks!
Here for YOU: Consider the Beat your DAILY newspaper for up-to-date information about Grant County. It's at your fingertips! One Click to Local News. Thanks for your support for and your readership of Grant County's online news source—www.grantcountybeat.com
Feel free to notify editor@grantcountybeat.com if you notice any technical problems on the site. Your convenience is my desire for the Beat. The Beat totally appreciates its readers and subscribers!
Compliance: Because you are an esteemed member of The Grant County Beat readership, be assured that we at the Beat continue to do everything we can to be in full compliance with GDPR and pertinent US law, so that the information you have chosen to give to us cannot be compromised.
Submitting to the Beat
Those new to providing news releases to the Beat are asked to please check out submission guidelines at https://www.grantcountybeat.com/about/submissions. They are for your information to make life easier on the readers, as well as for the editor.
Advertising: Don't forget to tell advertisers that you saw their ads on the Beat.
Classifieds: We have changed Classifieds to a simpler option. Check periodically to see if any new ones have popped up. Send your information to editor@grantcountybeat.com and we will post it as soon as we can. Instructions and prices are on the page.