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Molybdenum Production At Freeport-McMoRan In Q1 / 10 Was On Favorable Tone
= Produced 17 Million Lbs. Of Mo In Concentrates As Increased By 21% From That In Same Quarter / 09
Freeport-McMoRan Copper & Gold Inc. (Freeport-McMoRan) of the USA released on the 21st of April their settlement of accounts for the first quarter (January - March) of 2010. According to this report, the quantities of Mo in molybdenum concentrates produced and sold by Freeport-McMoRan in January - March quarter of 2010 were as per the table attached hereto.

Namely, Freeport-McMoRan produced 17 million lbs. of Mo in molybdenum concentrates in the first quarter of 2010, which had a substantial increase of 21.4% compared with that (14 million lbs.) in the same quarter of 2009 and consisted of <> at primary mine : 9 million lbs. and <> at by-product mines : 8 million lbs. Also, the quantity of Mo in concentrates, excluding that (one million lbs.) purchased from outside sources, sold by Freeport-McMoRan in January - March quarter of 2010 reached 17 million lbs., having had a considerable increase of 70.0% compared to that (10 million lbs.) in the same quarter of 2009. Freeport McMoRan was initially scheduled to sell 15 million lbs. of Mo in concentrates in January - March quarter of 2010 but, owing to the improved demand for molybdenum from metallurgical and chemical sectors, the sales of Mo in the quarter had a remarkable expansion as mentioned above.

Reflecting a favorable tone on molybdenum consumption, Henderson mine (primary mine) in the USA raised its operation rate from 60% in 2009 to 90% in the first quarter of 2010. The two main by-product mines of Sierrita and Bagdad, both of which have been located in the USA, have planned to produce 30 million lbs. per annum of Mo in concentrates as by-product in the calender year (January - December) of 2010, which is on a similar level to that produced in 2008. Also, Cerro Verde mine of Peru produces molybdenum as by-product but increased their molybdenum production in the first quarter of 2010 from that in the same quarter of 2009, although this mine decreased their productions of copper and gold in the first quarter of 2010.

Freeport-McMoRan is scheduled to sell 15 million lbs. of Mo in concentrates in the second quarter (April - June) of 2010 and also anticipated to sell 62 million lbs. of Mo in the calender year of 2010 by an increase of 2 million lbs. per annum from that (60 million lbs.) as previously forecasted.

On the other hand, the Climax molybdenum mine in Colorado State of the USA has suspended to operate from October of 2008 and Freeport-McMoRan is still watching carefully about further movements of the market without mentioning an exact time to resume molybdenum production.

For a reference, the Tenka Fungurume copper and cobalt mining concessions (with annual capacities to produce 250 million lbs. of copper and 18 million lbs. of cobalt) in the Katanga Province of the Democratic Republic of Congo commenced its operations from July - September quarter of 2009, and the cobalt plant and sulphuric acid plant were commossioned in that quarter. The Tenke Fungurume project actually produced 130 million lbs. of copper and 3 million lbs. of cobalt in the calender year of 2009. Based on the 10-year average of current design operations, the Tenke Fungurume plants expect to produce 250 million lbs. of copper and 18 million lbs. of cobalt in 2010 on an annualized base.
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last modified : Fri 30 Apr, 2010 [10:49]
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