Freeport McMoRan Copper & Gold Inc of the USA released on April 21st 2010 their settlement of accounts for the first quarter of 2010.

Namely, Freeport McMoRan produced 17 million pounds of Mo in molybdenum concentrates in the first quarter of 2010, which had a substantial increase of 21.4% compared with that of 14 million pounds in the same quarter of 2009 and consisted of at primary mine: 9 million pounds and at by product mines: 8 million pounds. Also, the quantity of Mo in concentrates, excluding that of 1 million pounds purchased from outside sources, sold by Freeport McMoRan in January to March quarter of 2010 reached 17 million pounds, having had a considerable increase of 70% compared to that of 10 million pounds in the same quarter of 2009.

Freeport McMoRan was initially scheduled to sell 15 million pounds of Mo in concentrates in January to 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 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 pounds per annum of Mo in concentrates as by product in the calendar year 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 pounds of Mo in concentrates in the second quarter of 2010 and also anticipated to sell 62 million pounds of Mo in the calendar year of 2010 by an increase of 2 million pounds per annum from that of 60 million pounds 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.

(Sourced from TEX Report Limited)