Freeport Optimistic about Growth Amid Global Coronavirus Crisis
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11 March 2020 10:15 WIB
TEMPO.CO, Jakarta - Freeport - McMoRan Inc. announced on Monday that it has continued to progress in growing copper and gold volumes by 30 - 40 percent. This comes amid the COVID-19 or coronavirus crisis in the United States and Indonesia.
“Despite market volatility and potential economic impacts of the Coronavirus and turmoil in the global oil market, our team remains focused on the execution of our plans to enhance performance at low copper prices and provide opportunities for superior performance as market conditions improve,” said Richard C. Adkerson, Freeport - McMoRan Inc. President and Chief Executive Officer in the press release.
The mining firm that registers as FCX at the New York Stock Exchange said in Monday’s press release that it remains focused on increasing volumes from its underground orebodies in Papua, Indonesia.
FCX also announced that there have been no significant disruptions to its supply chain or product shipments since the outbreak of the Coronavirus.
The Company continues to monitor the situation closely and will carefully manage all costs, capital expenditures and production plans during this period of uncertainty. The Company has a strong liquidity position and no significant near-term debt maturities.
“Copper is an essential element of the global economy and its fundamental long-term outlook remains favorable,” he added.
Freeport claims that the growth has reduced net unit cash costs of copper by 25 percent to approximately $1.30 per pound and more than doubling cash flows by 2021 compared with 2019.
Quarter-to-date through March 5, 2020, production from the Grasberg Block Cave and Deep MLZ orebodies averaged approximately 35,000 metric tonnes of ore per day, 35 percent above the fourth quarter 2019 average and in line with expectations.
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