SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 2, 2001
FREEPORT-McMoRan COPPER & GOLD INC.
Delaware 1-9916 74-2480931
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation or Number)
organization)
1615 Poydras Street
New Orleans, Louisiana 70112
Registrant's telephone number, including area code: (504) 582-4000
Item 5. Other Events and Regulation FD Disclosure.
On January 2, 2001, Freeport-McMoRan Copper & Gold Inc. issued
the following press release:
FREEPORT McMoRan COPPER & GOLD INC. ANNOUNCES
-NORMAL MINING OPERATIONS RESUMED AT GRASBERG MINE
-FOURTH QUARTER PRODUCTION TO EXCEED PREVIOUS ESTIMATES
-PT-FI TO ESTABLISH NEW RECORD FOR QUARTERLY COPPER SALES
NEW ORLEANS, LA, January 2, 2001-- Freeport-McMoRan Copper & Gold
Inc. (FCX) announced today that its principal mining unit, PT
Freeport Indonesia (PT-FI), has resumed normal mining operations at
its Grasberg open pit mine in Irian Jaya, Indonesia. As previously
announced, mining operations from the Grasberg pit were voluntarily
limited to 200,000 metric tons of ore per day mined (MTPD) during
the last eight months, while PT-FI and the Government of
Indonesia's Energy and Natural Resources Department conducted a
comprehensive study of an overburden stockpile slippage in May,
2000. Following a review of a comprehensive study by PT-FI and
outside consultants led by a team from the Institute of Technology
of Bandung (Indonesia), and the involvement of the local
communities in the area, the Government of Indonesia has approved
PT-FI's resumption of normal mining operations at Grasberg,
including the placement of overburden on the Wanagon overburden
stockpile. The entire Grasberg mining complex has returned to
normal operational status in accordance with Freeport's approved
plan for long-term mining and overburden management.
PT-FI's fourth quarter operating results will reflect improved
ore grades at the Grasberg mining complex. PT-FI's aggregate
production for the fourth quarter of 2000 is anticipated to exceed
500 million pounds of copper and 875 thousand ounces of gold
bringing aggregate 2000 production at the mine to approximately 1.6
billion pounds of copper and 2.3 million ounces of gold. PT-FI's
share of sales for the quarter is expected to exceed previous
estimates and are anticipated to exceed 430 million pounds of
copper, a new record for quarterly PT-FI copper sales, and 700
thousand ounces of gold, PT-FI's second highest quarterly gold
sales to date. These fourth quarter sales bring PT-FI's total
sales for 2000 to approximately 1.4 billion pounds of copper and
1.9 million ounces of gold. FCX will remain the lowest cost copper
producer in the world with anticipated net cash production costs,
after gold credits, of approximately 11 cents per pound of copper
in the fourth quarter of 2000 and approximately 24 cents per pound
for the year.
For 2001, PT-FI estimates aggregate production at the Grasberg
mining complex to be approximately 1.6 billion pounds of copper and
in excess of 3.0 million ounces of gold. PT-FI's share of sales
are anticipated to approximate 1.4 billion pounds of copper and 2.3
million ounces of gold, an increase from 2000 of over 400,000
ounces of gold.
FCX is engaged in mineral exploration and development, mining and
milling of copper, gold and silver in Indonesia, and the smelting
and refining of copper concentrates in Spain and Indonesia.
Additional information about FCX is available on our internet web
site (www.fcx.com).
Cautionary Statement. This press release contains forward-looking
statements in which we discuss factors we believe may affect our
performance in the future. Forward-looking statements are all
statements other than historical facts, such as statements
regarding anticipated production and sales volumes, ore grade and
costs. Important factors that might cause future results to differ
from these projections include industry risks, commodity prices,
Indonesian political risks and other factors described in FCX's
Form 10-K for the year ended December 31, 1999 filed with the
Securities and Exchange Commission.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
FREEPORT-McMoRan COPPER & GOLD INC.
By: \s\ C. Donald Whitmire
--------------------------------
C. Donald Whitmire
Controller - Financial Reporting
(authorized signatory and
Principal Accounting Officer)
Date: January 2, 2001
