Freeport-McMoRan 2004 Annual Report Download - page 6
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Please find page 6 of the 2004 Freeport-McMoRan annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Successfulactionscompletedin2004intheGrasbergopen-pitmine
provideuswithaccesstohigher-gradeoresin2005withprojected
salesof1.5billionpoundsofcopperand2.9millionouncesofgold.
Asweentered2004,theoperations
ofourminingaffiliate,PTFreeportIndonesia,focused
onrecoveryfromthefourth-quarter2003Grasberg
open-pitslippageanddebrisflowevents.Bytheend
of2004,operationsnotonlyreturnedtofullcapacity
—withminingresuminginthehigher-gradeportionsof
theGrasbergmine—butourproductionteamachieved
dozensofnewoperatingrecordsintheprocesswhile
alsoimprovingoursafetyperformance.AstheGrasberg
pitrecoveryprogressedduringtheyear,ourunderground
divisionachievedrecordresults,performingabove
operatingcapacitywithoutincreasingmanpoweror
equipment.Ourmilldivisionacceleratedmaintenance
programsforourconcentratingoperationsduringlower
productionfromGrasbergearlyintheyear,enablingusto
rampupproductionduringthesecondhalfof2004.
Salesfor2004totaled1.0billionpoundsofcopper
and1.44millionouncesofgold,which,asanticipated,
werelowerthan2003totalsof1.3billionpoundsof
copperand2.5millionouncesofgold,aspitrecovery
effortsdeferredsomeminingofhigher-gradeoreuntil
2005.Afterachievingsafeaccesstohigher-gradeareas
oftheGrasbergmine,fourthquarterproductionincreased
significantly.Forthefinalquarterof2004,PTFreeport
Indonesia’sshareofsalestotaled419millionpounds
ofcopperand618,000ouncesofgold.Thesuccessful
actionscompletedin2004provideuswithaccessto
higher-gradeoresin2005withprojectedsalesof1.5
billionpoundsofcopperand2.9millionouncesofgold,
representingestimatedincreasesof50percentforcopper
and100percentforgoldfrom2004levels.
Background photo:
Truckandshoveloperationsinthehigh-volumeGrasbergopenpit.
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