Freeport-McMoRan Provides Operational Update
Ramp-up of production from Underground Transition at Grasberg district remains on track
Reaffirms outlook for significant cash flow generation in 2021 and beyond
The Company remains focused on increasing volumes from its underground orebodies in
Papua, Indonesia. 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.
Lone Starproject in Arizonais nearing completion and is expected to be commissioned during 2020.
- Innovation and technology initiatives to enhance productivity and unit cost performance are ongoing and achieving durable results.
Execution on these three important initiatives is expected to significantly enhance the Company’s cash flows in 2021 and beyond. At copper prices ranging from
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.
FCX is a leading international mining company with headquarters in
FCX’s portfolio of assets includes the Grasberg minerals district in
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements in which FCX discusses its potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to ore grades and milling rates; production and sales volumes; unit net cash costs; operating cash flows; capital expenditures; FCX’s expectations regarding its share of PT Freeport Indonesia’s (PT-FI) net (loss) income and future cash flows through
FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of, copper, gold and molybdenum; mine sequencing; changes in mine plans; production rates; timing of shipments; results of feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; the potential effects of violence in
Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it does not intend to update forward-looking statements more frequently than quarterly notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes, and FCX undertakes no obligation to update any forward-looking statements.
David P. Joint, 504-582-4203
Kathleen L. Quirk, 602-366-8016
David P. Joint, 504-582-4203
Linda S. Hayes, 602-366-7824