FCX Starts Molybdenum Production at Cerro Verde, Peru

Freeport-McMoRan Copper & Gold (FCX) of the USA, one of the world largest copper producers, started molybdenum production at Cerro Verde mine of Peru, in which Sumitomo Metal Mining and Sumitomo Corporation of Japan also hold equities. They produced molybdenum at approximately 450 tonnes (1 million pounds) at Cerro Verde during January-March 2008. FCX’s global molybdenum output totaled to about 8,200 tonnes during the quarter, increasing by 5.8% year-on-year, while the sales increased by 5.2% to 9,000 tonnes.FCX is the world largest molybdenum supplier whose output exceeds 30,000 tonnes per annum. During January-March 2008, the molybdenum production decreased by 10% year-on-year at Henderson mine while increased by 14% at Sierrita mine and Bagdad mine, those which are located in North America. Shipment start at Cerro Verde also contributed to the quarterly output increase.FCX plans molybdenum shipment at 34,000 tonnes through 2008, increasing by 8.6% from 2007 thanks to the production start at Cerro Verde. The shipment is expected to increase gradually to 36,000 tonnes in 2009 and 45,000 tonnes in 2010. FCX is preparing to restart operation of Climax mine in 2010.