There are no plans to increase mining at the Safford or Morenci mines at this time, Freeport spokesman Richard Peterson said.
The report was released Oct. 21 — in a week that saw copper prices continue to rise. According to the London Metals Exchange on Oct. 23, the price of copper was $3.024 per pound.
The Freeport third-quarter report shows that net income for the third quarter 2009 was $925 million — $2.07 per share. In comparison, Freeport's net income for the third quarter 2008 was $523 million — $1.31 per share.
Freeport announced that its board of directors reinstated an annual cash dividend on its common stock of $0.60 per share. This translates into a $0.15 dividend per quarter beginning Feb. 1, the report states.
The restart of copper production at the Miami mine will include improved efficiency of ongoing reclamation projects.
"During the approximate five-year mine life, (Freeport) expects to ramp up production to approximately 100 million pounds of copper per year by the second half of 2011," the report states. "This project, which was initially expected to require a $100 million investment, was deferred in late 2008 in response to market conditions."
According to the report, Freeport intends to transfer existing mining equipment from other North American sites to reduce the investment in the project to approximately $40 million.
"Operating plans at the North American sites continue to be reviewed, and additional adjustments will be made in response to changes in market conditions," the report states.
Freeport continues to conduct exploration activities near its existing mines. Expanded drilling during 2007 and 2008 were successful "in providing significant reserve additions and in identifying potential additional ore adjacent to existing ore bodies," the report states.
Results from exploration and drilling show opportunities for "significant future potential reserve additions" at Morenci, Sierrita and Bagdad. The results were also positive at Cerro Verde in South America and in the Tenke Fungurume district in Africa, according to the report.
Exploration spending in 2009 is estimated to be around $75 million, compared with $248 million in 2008.



Comments
28 comment(s)it is what it is wrote on Dec 4, 2009 2:10 PM:
PDClay wrote on Oct 31, 2009 11:53 AM:
TO pro whatever wrote on Oct 30, 2009 10:16 AM:
I agree wrote on Oct 30, 2009 7:27 AM:
bwana wrote on Oct 29, 2009 2:45 PM:
You are full of it!
There were a lot of hard working, intelligent, reliable people retained and layed off! I agree that the point system was sloppily done by HR....But the fact is that those employees who did keep their jobs do not deserve to be demeaned and insulted. "
pro whatever wrote on Oct 29, 2009 1:04 AM:
pro whatever wrote on Oct 29, 2009 12:58 AM:
Wetback wrote on Oct 28, 2009 1:07 PM:
Change wrote on Oct 27, 2009 3:08 PM:
Pro Company wrote on Oct 27, 2009 11:53 AM:
Right On Loco wrote on Oct 27, 2009 11:17 AM:
1loco wrote on Oct 27, 2009 9:23 AM:
brian wrote on Oct 26, 2009 7:39 PM:
Pro Company wrote on Oct 26, 2009 6:00 PM:
lacey wrote on Oct 26, 2009 4:13 PM:
please wrote on Oct 25, 2009 8:19 PM:
PLEAZ wrote on Oct 25, 2009 8:10 PM:
You are worth as much as your education. May be you should consider more of it? "
Tell Us wrote on Oct 25, 2009 7:09 PM:
To Pro Company wrote on Oct 25, 2009 3:36 PM:
bwana wrote on Oct 25, 2009 2:29 PM:
PD would have done the same thing. Besides that, FMI has not been as stingy with the bonuses, gift cards, etc...
Locally, there are people in authority that made poor choices and handled the RIF in an amateur fashion, but you can't blame the whole company for the actions of a few. "
APatriot wrote on Oct 25, 2009 10:03 AM:
Pro Company wrote on Oct 25, 2009 8:51 AM:
Unions are a form of legal communism: They control the wages and promotion of members, control your political views and freedom of choice. Members pay into the union and receive “peanuts” back when the money is needed. If you like being controlled and your freedom taken away, then the union is for you. "
Miner wrote on Oct 25, 2009 4:31 AM:
Non-Sequitur wrote on Oct 24, 2009 8:52 PM:
Pima wrote on Oct 24, 2009 4:53 PM:
Pro whatever wrote on Oct 24, 2009 2:36 PM:
Pro Company wrote on Oct 24, 2009 11:37 AM:
ANTI-FMI wrote on Oct 24, 2009 7:35 AM: