Freeport-McMoRan Drops on Mine News
Freeport-McMoRan Copper & Gold(FCX Quote) said Thursday a slippage of material in an Indonesian mine killed two workers, injured five others and left six missing.
Separately, the mining company said it expects third-quarter earnings to exceed its previous estimates. Freeport said the accident at the mine, operated by affiliate PT Freeport Indonesia, may defer metal-production plans from the fourth quarter of 2003 and into 2004, but that it is not expected to affect the unit's long-term mine plans. Work is currently halted at the mine as emergency crews search for the missing employees. Meanwhile, ahead of its Oct. 16 earnings release, Freeport forecast copper sales of 345 million pounds and gold sales of approximately 764,000 ounces in the third quarter. That is up from previous estimates of 320 million pounds of copper and 644,000 ounces of gold. Freeport-McMoRan shares were down $1.75, or 4.7%, at $35.65 in midday trading Thursday.- Loading Comments...
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