Green light for Freeport expansion

By the end of 1995, Freeport-McMoRan Copper & Gold (NYSE) expects to have expanded its mine and mill in Indonesia.

An expansion to 115,000 from 66,000 tonnes per day is planned. The completion is to be achieved by the same date as the previously planned expansion to 90,000 tonnes per day. Capital costs for the further expansion (to 115,000 tonnes) are estimated at US$140 million.

Once the expansion is complete, by 1996, annual production will be about 1.1 billion lb. copper and 1.5 million oz. gold.

The major company expects to report additions to its proven and probable copper and gold reserve base shortly.