Freeport-McMoRan Copper & Gold Inc has reported a 27% rise in third quarter profits as revenue was boosted by higher metal prices. The spot market prices for gold have risen to record highs and they account for the largest share of the company's revenue despite gold sales volume being less in the third quarter.
The company is the second largest copper producer in the world after Chile's state owned Corporacion Nacional del Cobre de Chile. With the improved revenue Freeport - McMoRan is hoping to restart mining activities in a number of its operations. This includes hiring 570 people at El Chino Mine beginning November 1, 2010. El Chino Mine is an open-pit copper mine located in the town of Santa Rita, New Mexico 15 miles (24 km) east of Silver City.
Chino open-pit copper mine located just out of Silver City, New Mexico. Image Credit: Eric Guinther
This was the exact number of employees who were laid off in 2009 by the company. The external communication miner Richard Peterson said that they were hoping to fill these positions by the second quarter of 2011.
The openings were for those skilled in operations and maintenance of heavy equipment, concentrator operators, and filter plant operators. Heavy-duty truck mechanics, drill mechanics, oilers, industrial mechanics, industrial electricians and labourers also will be needed.
Besides Chino the company is also looking to step up the pace for other operations including the Morenci mill in the US, the Tenke Fungurume in Congo, and Cerro Verde in Peru.