Freeport Indonesia Posts Fall in Net Profit

Freeport Indonesia Posts Fall in Net Profit

Asia Pulse/Antara

February 21 2005

Jakarta - U.S. copper and gold mining company Freeport Indonesia (FI) said it posted a decline in net profit to US$446 million in 2004, down from US$485 million in 2003.

FI President Adrianto Machribie attributed the decline to an 8% fall in its gold ore production to 185,000 tons per day in 2004, compared with 203,000 tons in the previous year.

Machribie said in a written statement to Commission VII of the House of Representatives that the gold peak production of the company was 238,000 tons per day in 2000.

In 2004, its gold concentrate production was 1.8 million tons, with content of 26.9 grams of gold, 82.1 grams of silver and copper making up 28.8%.