Freeport-McMoRan Copper & Gold Inc reports 4Q and 2005 results

CHEMICAL BUSINESS NEWSBASE - COMPANY REPORTS - CBNB

Freeport-McMoRan Copper & Gold Inc reported a net income of $463.2 M in 4Q ended Dec 2005 (net income of $212.5 M in 4Q ended Dec 2004). For year ended Dec 2005 net income of $934.6 M (net income of $156.8 M for year ended Dec 2004). PT Freeport Indonesia's (PT-FI), FCX's Indonesian mining unit, share of 4Q 2005 sales was a record 468.4 M pounds of copper and 1.1 M ounces of gold (419.2 M pounds of copper and 618,000 ounces of gold in 4Q 2004). PT-FI's share of 2005 sales totalled 1.46 bn pounds of copper and a record 2.8 M ounces of gold, (1 bn pounds of copper and 1.44 M ounces of gold for 2004). PT-FI's share of estimated recoverable reserves as of 31 Dec 2005 totalled 40.3 bn pounds of copper and 43.9 M ounces of gold. Mill throughput, which varies depending on ore types being processed, averaged 236,900 tons/day of ore in 4Q 2005 (229,800 tons of ore in 4Q 2004). Production from PT-FI's Deep Ore Zone (DOZ) underground mine averaged 41,800 tons/day of ore per day in 4Q 2005, representing 18% of mill throughput. PT-FI's share of annual sales in 2006 is expected to about 1.3 bn pounds of copper and 1.7 M ounces of gold, compared with previous estimates of 1.4 bn pounds of copper and 1.9 M ounces of gold, with the shortfall expected to be substantially recovered in 2007. The following tables are included: summary financial table of Freeport-McMoRan Copper & Gold Inc; share of sales of copper and gold; unit net cash (credits) costs; reserve additions, exploration and mine development activities for copper, gold and silver; selected operating data; consolidated statements of income (unaudited); consolidated statements of cash flows (unaudited); product revenues and production costs; cathode cash unit; consolidated financial statements; consolidated provision for income taxes; business segments; and condensed consolidated balance sheets data (unaudited) as of 31 Dec 2004 and 2005.

Sources:
Elsevier Engineering Information
Financial Times Information Limited
Asia Intelligence Wire