April 25, 2017 / 2:46 PM / in 3 months

BRIEF-Freeport-McMoRan slows Grasberg development spend-CEO

1 Min Read

April 25 (Reuters) - Freeport-McMoRan Inc

* CEO Richard Adkerson says capital spending at Indonesia's Grasberg mine slowed by about one-third in first quarter, now spending about $40 million each month on Grasberg block cave

* Freeport prepared to suspend Grasberg underground development, total suspension would put about 5,000 workers out of work-CEO

* Freeport says Indonesia's government has lost almost $500 mln in taxes, royalties during 3-month export ban-CEO

* Freeport able to generate cash flow from Grasberg even if exports suspended-CEO

* Freeport has spent $3 billion to date on Grasberg block cave development, just over halfway through that development-CEO Source text for Eikon: Further company coverage: (Reporting by Susan N. Taylor)

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