ID :
92858
Thu, 12/03/2009 - 00:22
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https://www.oananews.org//node/92858
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FREEPORT PLANNING TO PRODUCE 60.4 TONS OF GOLD
Jakarta, Dec 2 (ANTARA) - PT Freeport Indonesia plans to produce 1.941 million troy ounces or 60.4 tons of gold and 1.424 billion pounds or 635,000 tons of copper in 2010, its president director said.
Armando Mahler, the president director, said in a hearing with House Commission VII here on Wednesday the production is lower than this year.
"In 2009 the company's production of gold is projected at 2.785 million troy ounces and copper at 1.596 billion pounds," he said.
He said the 2009 projection is higher than the initial target st at 1.450 billion pounds of copper and 2.279 million troy ounces of gold.
He said Freeport plans to process 235,000 tons of ore a day with a copper content of 0.9 percent and gold content of 0.9 grams per ton.
The ore comes from its open-pit mine in Grasberg totaling 155,000 tons a day and an underground pit 80,000 tons a day.
"The ore processing will produce concentrate with copper content at an average 26.5 percent and gold content 24.7 grams per ton," he said.
Armando said in 2009 the company's net profit is projected to reach US$2.33 billion, up from US$034.8 million in 2008.
The hike in profit is the result of an increase in production and the price of gold and copper in the middle of 2009 following the improving global economy.
"The price of copper in 2009 reaches an average US$2.45 per pounds while that of gold US$953 per troy ounces," he said.
He said the company's profit in 2008 dropped drastically the previous year's that reached US$2.05 billion as a result of the price of copper that dropped following global crisis.
Armando said the value of Freeport investment in 2009 was predicted to reach US$292 million.
By December 31, 2008 the reserve of ore at the company's mine was recorded at 2.66 billion tons with copper content reaching 1.01 percent, gold 0.89 grams and silver 4.26 grams.
In the reserve, copper content reaches 59.3 billion pounds which is an equivalent of 26.9 million tons, gold content 76.1 million troy ounces similar to 2,368 tons and silver 365.3 million troy ounces equal to 11,361 tons.
The proven reserves are located in Grasberg namely in DOZ/Ertsberg Stockwork Zone, Deep Mill Level Zone, Big Gossan and Kucing Liar.
Right now 41 percent of the total concentrate produced is for meeting domestic needs while the rest is exported to Sweden, Germany, Finland, Bulgaria, China, the Philippines, Korea, India, Japan and Spain.
At home the concentrate is refined at a plant belonging to PT Smelting Gresik that has a capacity of producing 270,000 tons of copper cathode. ***2***
Armando Mahler, the president director, said in a hearing with House Commission VII here on Wednesday the production is lower than this year.
"In 2009 the company's production of gold is projected at 2.785 million troy ounces and copper at 1.596 billion pounds," he said.
He said the 2009 projection is higher than the initial target st at 1.450 billion pounds of copper and 2.279 million troy ounces of gold.
He said Freeport plans to process 235,000 tons of ore a day with a copper content of 0.9 percent and gold content of 0.9 grams per ton.
The ore comes from its open-pit mine in Grasberg totaling 155,000 tons a day and an underground pit 80,000 tons a day.
"The ore processing will produce concentrate with copper content at an average 26.5 percent and gold content 24.7 grams per ton," he said.
Armando said in 2009 the company's net profit is projected to reach US$2.33 billion, up from US$034.8 million in 2008.
The hike in profit is the result of an increase in production and the price of gold and copper in the middle of 2009 following the improving global economy.
"The price of copper in 2009 reaches an average US$2.45 per pounds while that of gold US$953 per troy ounces," he said.
He said the company's profit in 2008 dropped drastically the previous year's that reached US$2.05 billion as a result of the price of copper that dropped following global crisis.
Armando said the value of Freeport investment in 2009 was predicted to reach US$292 million.
By December 31, 2008 the reserve of ore at the company's mine was recorded at 2.66 billion tons with copper content reaching 1.01 percent, gold 0.89 grams and silver 4.26 grams.
In the reserve, copper content reaches 59.3 billion pounds which is an equivalent of 26.9 million tons, gold content 76.1 million troy ounces similar to 2,368 tons and silver 365.3 million troy ounces equal to 11,361 tons.
The proven reserves are located in Grasberg namely in DOZ/Ertsberg Stockwork Zone, Deep Mill Level Zone, Big Gossan and Kucing Liar.
Right now 41 percent of the total concentrate produced is for meeting domestic needs while the rest is exported to Sweden, Germany, Finland, Bulgaria, China, the Philippines, Korea, India, Japan and Spain.
At home the concentrate is refined at a plant belonging to PT Smelting Gresik that has a capacity of producing 270,000 tons of copper cathode. ***2***
