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Gold/Mining/Energy : Copper - analysis
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From: russwinter9/13/2005 11:18:10 AM
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FCX coming up 40 million lbs short on Q3 copper production:

8:21AM Freeport-McMoRan updates Q3 operations (FCX) 44.29 :Co announced that PT Freeport Indonesia's share of Q3 copper and gold sales is expected to approximate 340 mln pounds of copper and 460k ounces of gold, compared with previous ests of 380 mln pounds of copper and 575k ounces of gold. ""Our operations are achieving high overall mining rates as we continue to operate at full capacity in the Grasberg pit. However, we have not achieved targeted mining rates in certain high grade sections of '6 South,' resulting in reduced third quarter sales. We expect to gain access to areas where we will be able to establish more traditional mining set-ups during the fourth quarter which would provide access to higher grade material, enabling us to generate significantly higher sales in the fourth quarter."
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