Friday, November 13, 2009

Freeport Indonesia gold output surged 166%

PT Freeport Indonesia's gold output and sales surged substantially in Jan-Sep 2009. Gold sales soared 166% to 2.015 million ounces at average realized price of US$944/oz or about US$1.9 billion. 
Gold production skyrocketed by 178% to 2.03 million oz in the period. How about copper? Well, copper sales in Jan-Sep 2009 jumped 61.6% to 1.13 billion pounds at average realized price of US$2.41/pound or about US$2.73 billion against US$2.33 billion in the same period last year, mainly due to lower price (US$3.33/pound in Jan-Sep 2008). 
So, the combined sales revenue at PT Freeport Indonesia is about US$4.63 billion to make it the largest mining company in Indonesia.
Freeport McMoRan (FCX) owns 90.64% shares in PT Freeport Indonesia, while the remaining 9.36% is owned by Indonesian government.
FCX expects Indonesia sales of 1.4 billion pounds of copper and 2.4 million ounces of gold for 2009. Using the average realized price in Jan-Sep 2009, the Grasberg mine in Papua will contribute US$5.63 billion sales revenue to FCX.

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