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Freeport McMoRan's Indonesia Mine Recovers from 1st Quarter Problems

By Tatyana Shumsky NEW YORK -(Dow Jones)- Freeport McMoRan Copper & Gold Inc.'s (FCX) Indonesia operations are approaching "normal" levels after a first quarter marked by labor disruptions, chief executive Richard Adkerson said on the company's second-quarter earnings conference call. Labor unrest at the world's third-largest open-pit copper mine, Grasberg in Indonesia, took a toll on Freeport's profitability earlier this year. A shut-down from late February to mid-March saw the company lose about 80 million pounds of copper and around 125,000 ounces of gold production, cutting first-quarter earnings by 49%. However, operations at the open pit mine are returning to "normal" levels, Mr. Adkerson said. "Our relationships with our workforce has improved significantly," he said, adding that the company has "made further progress to improve productivity." "We are now in sight of completion of our mining in the pit," he said, adding that the company is set to complete open pit mining at Grasberg in 2016, moving operations underground thereafter. The Grasberg disruptions have raised Freeport's company-wide copper-mining costs by about 30 cents a pound, Mr. Adkerson said. The cost of getting a pound of copper out of the ground, excluding company-wide costs like overhead and depreciation, are now seen at $1.47 a pound in 2012. This is up from previous forecasts of $1.43. Freeport continues to work "cooperatively" with the Indonesian government on the review of the company's contract of work agreement and on extending that contract to 2041 from 2021, Mr. Adkerson said. He declined further details of the talks, as discussions are ongoing. -By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; Order free Annual Report for Freeport-McMoRan Copper & Gold, Inc. Visit or call +44 (0)208 391 6028 Subscribe to WSJ:

Stock News for Freeport Mcmoran (FCX)
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08/27/201517:47:00Correction to Freeport-McMoRan Story
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08/27/201517:18:58Current Report Filing (8-k)
08/27/201517:11:00Icahn Sets Freeport-McMoRan in His Sights
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08/27/201516:27:51Current Report Filing (8-k)
08/27/201516:03:52Statement of Beneficial Ownership (sc 13d)
08/27/201509:23:00Freeport-McMoRan Cuts Capital Spending Plans by 29% -- Update
08/27/201509:10:00Freeport-McMoRan Cuts Capex 29%
08/27/201509:03:00Freeport-McMoRan to Cut Capital Spending Plans by 29%
08/27/201508:00:00Freeport-McMoRan Announces Further Spending Cuts in Response...
08/25/201517:15:17Statement of Changes in Beneficial Ownership (4)
08/19/201517:36:08Statement of Changes in Beneficial Ownership (4)
08/10/201508:06:43Quarterly Report (10-q)
08/10/201506:28:00Freeport-McMoRan Files Prospectus Supplement for At-the-Market...
08/10/201506:24:56Current Report Filing (8-k)
08/10/201506:21:23Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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