Wednesday, July 22, 2009

Freeport Indonesia copper & gold output surged

Freeport McMoRan (FCX) reported strong output growth at Freeport Indonesia for both copper and gold in the first six months of 2009 to compensate lower prices. Freeport Indonesia booked net sales of about US$2.87 billion in H1 2009, increased 35% from the same period last year.
FCX told New York Stock Exchange on Tuesday that copper production reached 807 million of recoverable pounds in the first half 2009, almost doubled from 422 million pounds in the same period last year. Sales increased from 436 million pounds to 801 million pounds. The average realized price for copper in the first six months of 2009 is US$2.06 per pound, dropped significantly from US$3.84 per pound in H1 2008.
Meanwhile, gold production increased from 467,000 ounces to 1.348 million ounces in the period with average realized price of US$919 per ounce, inched up slightly from US$917 in H1 2008.
As a result, combined sales revenue of Freeport Indonesia is estimated at US$2.87 billion in H1 2009 against US$2.12 billion in H1 2008. Wondering how much the company paid to Indonesian government in terms of taxes and royalties, and how much shared down to the Papuans.
FCX controls 90.64% shares in PT Freeport Indonesia. FCX share price surged 259% from its bottom at US$16.8 in December 2008 to US$60.4 in June 11, but then retreated to US$58.7 on Tuesday, July 21.

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