UPDATE: Freeport Sees 09 Copper Sales Unchanged At 3.9 Billion Lbs
2009年7月21日 - 10:23PM
Dow Jones News
Improving demand from customers in Europe and Asia Tuesday led
U.S. producer Freeport McMoRan Copper & Gold Inc. (FCX) to
increase its forecast for 2009 molybdenum sales, but the company
kept its annual copper estimate unchanged.
Freeport said it expects molybdenum output to be 56 million
pounds, up 12% from a previous estimate of 50 million pounds but
still down from 71 million pounds in 2008. Expectations for copper
sales were maintained at 3.9 billion pounds for the year, of which
910 million pounds is expected in the third quarter.
Earlier this year, the company said it estimated a further cut
in copper sales next year, to 3.8 billion pounds.
The move came as the company took steps to cope with the
deteriorating economic backdrop and slashed production at its
operations in the U.S. and South America.
Around 90% of Freeport's molybdenum sales are expected to be
priced at prevailing market prices, which are currently around
$12.30/lb. The company is the world's largest producer of the
metal, used in aircraft parts and alloys used in stainless
steel.
Its Henderson molybdenum mine is still operating at 60% of
capacity with output at Cerro Verde curtailed.
"Freeport will continue to review its operating plans and adjust
its operating rates to reflect market conditions," it said.
-By Andrea Hotter, Dow Jones Newswires; +44 (0)20 7842 9413;
andrea.hotter@dowjones.com