NEW YORK Strong
copper demand and increased copper production will help
Freeport-McMoRan Copper & Gold Inc. recover from a tepid
second quarter caused by slowed production at its Grasberg Mine
in Indonesia, the company said.
"Copper demand is
strong and we see it growing 8 to 10 percent in a year," vice
chairman, president and chief executive officer Richard
Adkerson said in a conference call July 23. "Scrap will go up,
and premiums will go up."
Freeports 2013 copper production is expected to miss the
Phoenix-based companys initial estimate by 230 million
pounds due to a tunnel collapse at Grasberg in May that forced
it to declare force majeure at the site (
amm.com, June 12), Adkerson said.
upcoming expansions at Tenke Fungurume in the Democratic
Republic of the Congo, Cerro Verde in Peru and Morenci in
southeast Arizona are expected to increase copper production by
more than 1 billion pounds by 2016, Freeport said.
American mines have
increased copper production but are producing lower grades of
copper, the company said, noting that Africa is the region with
the highest growth potential.