Freeport-McMoRan Copper & Gold Inc. (FCX) is the world's lowest-cost copper producer and one of the world's largest producers of copper and gold. FCX's operations are conducted through its subsidiaries, PT Freeport Indonesia, PT Irja Eastern Minerals and Atlantic Copper, S.A.
PT Freeport Indonesia's operations in Papua, Indonesia, involve mineral exploration and development, mining and milling of ore containing copper, gold and silver and the worldwide marketing of concentrates containing those metals. PT Freeport Indonesia is also a 25 percent owner of PT Smelting, which operates a copper smelter and refinery in Gresik, Indonesia.
PT Irja Eastern Minerals conducts mineral exploration activities on land adjacent to that held by PT Freeport Indonesia. FCX also conducts mineral exploration activities in Papua pursuant to a joint venture through PT Nabire Bakti Mining. All these companies operate through Contracts of Work with the Government of Indonesia which, at the end of 2002, covered approximately 2.2 million acres. Atlantic Copper operates a copper smelter and refinery in Huelva, Spain.
Gold and copper prices have reached record highs in 2006 due to speculation and strong demand.
In 2005, Freeport reported net income of $934.6 million and revenues of $4.1 billion. The company produced 1.4 billion pounds of copper in 2005 and 2.7 million ounces of gold.
Updated April 25, 2006