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Freeport-McMoRan Reports Progress In Execution Of Important Initiatives

Freeport-McMoRan Inc. (FCX) said it remains focused on increasing volumes from its underground orebodies in Papua, Indonesia. Quarter-to-date through March 5, 2020, production from the Grasberg Block Cave and Deep MLZ orebodies averaged approximately 35,000 metric tonnes of ore per day, 35 percent above the fourth quarter 2019 average and in line with expectations, the company said.

The company's Lone Star project is nearing completion and is anticipated to be commissioned during 2020. The company said its technology initiatives to enhance productivity and unit cost performance are ongoing and achieving durable results.

Freeport-McMoRan said execution on these three important initiatives is expected to significantly enhance the company's cash flows in 2021 and beyond.

Also, FCX stated that there have been no significant disruptions to its supply chain or product shipments since the outbreak of the Coronavirus.

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