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JAKARTA - PT Freeport Indonesia, a unit of Freeport McMoran Copper and Gold Inc., said on Wednesday that it will look for efficiency and was to delay exploration projects, following lower world copper prices. But spokesman of the company Mindo Pangaribuan said that the firm, which has cut 75 jobs at its Jakarta office recently, was still optimistic that the prices could recover in coming months.
"We see a positive prospective in the future, but the current situation forces us to quickly respond on it, such as by carrying out efficiency at our company," he told. Moreover, Pangaribuan said that the company was to reevaluate projects which could be delayed.
"Exploration is one among the projects," he said, adding that the cutting of 75 jobs has not impacted on the production of the company with has over 12,000 employees in Indonesia, which most of them are at the giant Grasberg copper mine in Papua at the easternmost of Indonesia.
Copper prices have fallen by 60 percent in the last five months triggered by the concern that demand will slow. The Grasberg mine, is considered as the world's third-largest copper reserve, which is 40 percent of Freeport's total copper reserves of 93 billion pounds, according to the company's website. Freeport is the world's largest publicly traded copper miner. The global financial turmoil has weakened the world economic activity, sapping demand of commodities.
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| EXCHANGE RATES |
@ 05 Jul 2009 02:59 CET
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@ 04 Jul 2009 23:31 CET
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@ 05 Jul 2009 02:05 CET
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@ 04 Jul 2009 20:35 CET
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@ 05 Jul 2009 01:44 CET
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