*Reluctant to fully suspend Grasberg block cave expansion, would take months to reassemble highly-skilled workers, posing "significant operational issue"- CEO Richard Adkerson. *Grasberg mine ramp up targets mill rate of less than 200,000 tons in Q2, reaching 200,000 tons by end of Q2- Chief Financial Officer Kathleen Quirk. *Q1 conference call ends Source text...
FREEPORT- MCMORAN RELUCTANT TO FULLY SUSPEND GRASBERG BLOCK CAVE EXPANSION, WOULD TAKE MONTHS TO REASSEMBLE HIGHLY-SKILLED WORKERS, POSING "SIGNIFICANT OPERATIONAL ISSUE"- CEO ADKERSON.
*CEO Richard Adkerson says close to 100,000 tons copper concentrate stored at Grasberg portside and storage facilities, will use series of ships with 25,000 ton capacity to reduce inventory. *Freeport's Adkerson says recent Indonesia visit by U.S. VP Mike Pence was positive, company getting support from others in U.S. gov't: state department, Congress and...
FREEPORT'S ADKERSON SAYS RECENT INDONESIA VISIT BY U.S VP MIKE PENCE WAS POSITIVE, COMPANY GETTING SUPPORT FROM OTHERS IN U.S.
FREEPORT WORKER ABSENTEEISM AFFECTED BY RECENT DEMONSTRATION, IN WHICH SOME INJURED BY POLICE USE OF RUBBER BULLETS, UNION ALSO CONCERNED BY FREEPORT PLANS TO REDUCE EMPLOYMENT- CEO.
FREEPORT IN TALKS WITH UNION REPRESENTING 12,000 OF 32,000 GRASBERG WORKFORCE TO END ABSENTEEISM, GETTING SUPPORT FROM POLICE, GOV'T- CEO.
FREEPORT-MCMORAN CEO RICHARD ADKERSON SAYS CLOSE TO 100,000 TONS COPPER CONCENTRATE STORED AT GRASBERG PORTSIDE AND STORAGE FACILITIES, WILL USE SERIES OF SHIPS WITH 25,000 TON CAPACITY TO REDUCE INVENTORY.
FREEPORT DOES NOT UNDERESTIMATE CHALLENGES IN LONG-TERM PERMIT TALKS WITH GOV'T, ARBITRATION REMAINS OPTION, IN MID-JUNE EITHER FREEPORT OR GOV'T CAN PURSUE, FREEPORT HOPES TO AVOID-CEO.
*CEO Richard Adkerson says capital spending at Indonesia's Grasberg mine slowed by about one-third in first quarter, now spending about $40 million each month on Grasberg block cave. *Freeport says Indonesia's government has lost almost $500 mln in taxes, royalties during 3- month export ban-CEO. *Freeport has spent $3 billion to date on Grasberg block cave...
FREEPORT HAS SPENT $3 BLN TO DATE ON GRASBERG BLOCK CAVE DEVELOPMENT, JUST OVER HALFWAY THROUGH THAT DEVELOPMENT-CEO.