At the Grasberg mine, the sequencing of mining areas with varying ore grades also causes fluctuations in the timing of ore production resulting in varying quarterly and annual sales of copper and gold. FCX expects sales from Indonesia to approximate 0.7 billion pounds of copper and 0.9 million ounces of gold for the year 2012, compared with 846 million pounds of copper and 1.3 million ounces of gold for the year 2011. Indonesia's current sales estimates for 2012 are approximately 40 million pounds of copper and 45,000 ounces of gold lower than the July estimates because of mine plan changes in the Grasberg open pit, which delayed access to higher grade material, and a slower ramp-up of the DOZ mine. FCX expects sales from Indonesia to increase in the second half of 2013 as PT Freeport Indonesia gains access to higher ore grades.Indonesia's unit net cash costs (including gold and silver credits) of $1.65 per pound of copper in third-quarter 2012 were significantly higher than unit net cash credits of $0.48 per pound in third-quarter 2011 primarily reflecting lower sales volumes.
Freeport-McMoRan Copper & Gold Inc. Reports Third-Quarter And Nine-Month 2012 Results
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