- Freeport McMoRan (FCX -1.6%) CEO Richard Adkerson tells analysts in its Q4 earnings call that it will "defend its rights" in Indonesia against a new export tax he says contravenes its agreement with the government, but the company feels "positive" about getting the matter resolved.
- FCX says it will defer production of ~40M lbs. of copper and 80K oz. of gold per month until the issue was resolved.
- Adkerson says FCX is seeing "relatively improved" near-term fundamentals for copper globally and that long-term fundamentals for copper are strong.
- Sees copper sales steadily rising during through 2016, from 4.1B in 2013 to 4.4B in 2014, 5B in 2015 and 5.7B in 2016; sees gold sales growing in 2014 to 1.7M oz. from 1.2M oz. in 2013.
- Says Gulf of Mexico asset sale postponed indefinitely but working on other asset sales and a potential MLP opportunity.