Freeport-McMoRan Inc. Announces Resumption of Drilling on the Timok Project, Serbia
Oct 29 14
Reservoir Minerals Inc. reported that diamond drilling has resumed with five rigs operating on the Cukaru Peki deposit and other copper-gold targets in the Timok Project permits in eastern Serbia. The Timok Project is a joint venture between the Company and Freeport-McMoRan Exploration Corporation who are the operators. The drilling targets are: Cukaru Peki (Brestovac-Metovnica permit): one infill hole on the high-sulphidation epithermal mineralisation, and one step out hole targeting porphyry mineralisation approximately 800 metres northwest of the Cukaru Peki deposit discovery hole FMTC 1210. Leskovo permit: two rigs are drilling in the Lipuca and Coka Skopoluj prospects. Jasikovo-Durlan Potok permit: one drill rig is drilling in the Yanko target. The National Instrument 43-101 compliant Inferred Resource for the High Sulphidation Epithermal zone of the Cukaru Peki copper-gold deposit is 65.3 million tonnes (Mt) at an average grade of 2.6% copper and 1.5 grams per tonne (g/t) gold, or 3.5% copper-equivalent. The Inferred Resource estimate was prepared by SRK Consulting (UK) Limited. The Inferred Resource estimate is reported above a 1% CuEq cut-off grade. The Inferred Resource includes the high-grade massive sulphide domain containing an estimated 6.8 million tonnes at an average grade of 9.6% copper and 5.9 g/t gold (13.1% CuEq) at a 1% CuEq cut-off. The current drill hole TC 140053 will test continuity within the HSE zone of the Cukaru Peki deposit (Technical Report NI43-101). Drilling previously intersected porphyry copper type mineralisation at depth in 9 holes to the north and northeast of the HSE mineralization. Drill hole FMTC 1328 intersected 902.0 metres (from 766.0 to 1,668.0 metres) grading 0.65% copper and 0.14 g/t gold for 0.74% CuEq, including a higher grade zone of 231.0 metres (from 1,130.0 to 1,361.0 metres) at 1.07% copper and 0.18 g/t gold for 1.18% CuEq. The porphyry mineralisation is characterised by disseminated chalcopyrite, locally replaced by covellite in altered andesite. The limits of the porphyry style mineralisation have not been identified, and porphyry mineralisation was not included in the initial Inferred Resource estimate. The current drill hole TC 140054 will test for porphyry mineralisation northwest of the Cukaru Peki deposit. The Lipuca prospect in the southwest of the permit area is characterised by surface geochemical anomalism and hydrothermally altered andesites and subvolcanic intrusives that are mapped as diorite. The prospect was previously tested by two drill holes that both intersected porphyry style copper-gold mineralisation, comprising disseminated pyrite and chalcopyrite in strongly altered diorite porphyry, from near surface. Drill hole FMLC 1301 intersected approximately 211 vertical metres (244.0 metres down-hole, from 10.0 to 254.0 metres angled at 60) at an average of 0.19% copper and 0.30 g/t gold for 0.37 CuEq%. Current drilling is targeting the same mineralised structure. The Coka Skopoluj prospect is located in the middle of the permit approximately 2 kilometres northeast of the Lipuca prospect and 3 kilometres southwest of the Coka Marin mine, which exploits HSE mineralisation. The current drilling will test geochemical anomalism and mapped hydrothermal alteration. The Yanko prospect contains wide zones of skarn and vein-type copper sulphide mineralization and associated hydrothermal alteration in a complex sequence of sedimentary rocks, andesites and diorites. Results from these drill holes in the Yanko prospect were announced in Company News Release March 1, 2012 and June 4, 2014. Good intercepts from Yanko were 84.0 metres (from 188.0 to 272.0 metres) with an average 0.37% copper and 0.17 g/t gold (0.48% CuEq) in drill hole FMTC 1105, and 32.0 metres (from 1,068 to 1,100 metres) with an average 0.59% copper and 0.12 g/t gold (0.64% CuEq) in drill hole FMTC 1108. The current drilling will test the extensions from this skarn mineralisation. Skarn-type mineralisation occurs marginal to the Majdenpek porphyry copper style deposit in the northern sector of the Timok Magmatic Complex.
Freeport-Mcmoran Inc. Declares Regular Quarterly Dividend, Payable on November 3, 2014; Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Announces Operating Results for the Third Quarter of 2014; Provides Earnings Guidance for the Year 2015
Oct 28 14
On September 24, 2014, Freeport-McMoRan Inc.'s Board of Directors declared a regular quarterly dividend of $0.3125 per share, which will be paid on November 3, 2014. The company's current annual dividend rate for its common stock is $1.25 per share. The declaration of dividends is at the discretion of the Board and will depend upon FCX's financial results, cash requirements, future prospects and other factors deemed relevant by the board.
The company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income attributable to common stock of $552 million, $0.53 per share compared with $821 million, $0.79 per share for third quarter of 2013. Revenues were $5,696 million compared to $6,165 million a year ago. Operating income was $1,132 million compared to $1,707 million a year ago. Income before income taxes and equity in affiliated companies' net earnings were $1,055 million compared to $1,548 million a year ago. Operating cash flows totaled $1.9 billion (including $78 million in working capital sources and changes in other tax payments) for third-quarter 2014 and $4.5 billion (net of $699 million in working capital uses and changes in other tax payments) for the first nine months of 2014. Capital expenditures totaled $1.9 billion. and $5.4 billion for the first nine months of 2014, including $2.0 billion for major projects at mining operations and $2.4 billion for oil and gas operations.
For the nine months period, the company reported net income attributable to common stock of $1.5 billion, $1.47 per share compared with $2.0 billion, $1.96 per share, for the first nine months of 2013. Revenues were $16,203 million compared to $15,036 million a year ago. Operating income was $3,396 million compared to $3,701 million a year ago. Income before income taxes and equity in affiliated companies' net earnings were $3,024 million compared to $3,446 million a year ago. Net cash provided by operating activities was $4,513 million compared to $3,743 million a year ago. Capital expenditures totaled $5.4 billion, including $2.0 billion for major projects at mining operations and $2.4 billion for oil and gas operations. At September 30, 2014, consolidated debt totaled $19.7 billion.
The company announced average realized prices for third-quarter 2014 were $3.12 per pound for copper compared with $3.28 per pound for third-quarter 2013, $1,220 per ounce for gold compared with $1,329 per ounce for third-quarter 2013 and $88.58 per barrel for oil compared with $104.33 per barrel for third-quarter 2013.
For the year 2014, consolidated sales are expected to approximate 3.9 billion pounds of copper, 1.2 million ounces of gold, 95 million pounds of molybdenum and 56.2 MMBOE, including 1.0 billion pounds of copper, 350,000 ounces of gold, 21 million pounds of molybdenum and 11.5 MMBOE for fourth-quarter 2014. Capital expenditures are expected to approximate $7.5 billion, including $3.0 billion for major projects at mining operations and $3.4 billion for oil and gas operations. operating cash flows are expected to approximate $5.8 billion (net of $0.4 billion of working capital uses and changes in other tax payments).
Rio Tinto May Bid For Freeport-Mcmoran
Oct 10 14
Rio Tinto plc (LSE:RIO) may decide that its best defense against another takeover approach from Glencore Plc (LSE:GLEN) is buying Freeport-McMoRan Inc. (NYSE:FCX). Rio said it’s better off going it alone, a deal for Freeport could help it ward off any further advances from Glencore. Eric Kinneberg, a spokesman for Freeport, said Freeport doesn’t comment on speculation. A representative for Rio declined to comment, reported Bloomberg.