PHOENIX (Yosefardi) – Freeport-McMoRan Copper & Gold Inc. targets its sales from Indonesia mining are expected to approximate 1.1 billion pounds of copper for the year 2014, a 25% growth compared with 885 million pounds of copper in 2013, and 1.6 million ounces of gold, 1 45% growth compared to 1.1 million ounces last year.
Sales from Indonesia mining are expected to increase in 2014 through 2016 as Freeport Indonesia gains access to higher grade ore.
At the Grasberg minerals district in Papua, Freeport Indonesia operates a proportionately consolidated joint venture, which produces copper concentrates that contain significant quantities of gold and silver.
Development of the Grasberg Block Cave and Deep Mill Level Zone (DMLZ) mines is advancing to enable DMLZ to commence production in 2015 and the Grasberg Block Cave mine to commence production in 2017.
Over the next five years, estimated aggregate capital spending on these projects is currently expected to average $0.9 billion per year ($0.7 billion per year net to Freeport Indonesia).