At the Grasberg mine, the sequencing of mining areas with varying ore grades 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 1.1 billion pounds of copper and 1.2 million ounces of gold for the year 2013, compared with 716 million pounds of copper and 915 thousand ounces of gold for the year 2012. FCX expects sales from Indonesia to increase in fourth-quarter 2013 as PT Freeport Indonesia gains access to higher ore grades and achieves the targeted ramp up in production from the DOZ mine. Approximately 33 percent of Indonesia's projected copper sales and 38 percent of projected gold sales are expected in fourth-quarter 2013.Indonesia's unit net cash costs (including gold and silver credits) of $1.33 per pound of copper in fourth-quarter 2012 were lower than unit net cash costs of $3.57 per pound in fourth-quarter 2011 primarily reflecting higher sales volumes. Fourth-quarter 2011 costs also included $66 million, or $1.30 per pound of copper, for bonuses and other strike-related costs.
Freeport-McMoRan Copper & Gold Inc. Reports Fourth-Quarter And Year Ended December 31, 2012 Results
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