Duke Energy Consortium To Purchase Indonesian Power Generation Assets Of Freeport-McMoRan Copper & Gold Subsidiary.CHARLOTTE, N.C.--(BUSINESS WIRE)--December 30, 1994--Duke Energy Corp., Freeport-McMoRan Copper & Gold Inc. (NYSE NYSE See: New York Stock Exchange :FCX FCX French Connexion (gaming site) FCX Freeport-McMoran Copper & Gold Inc (stock symbol) FCX Fuel Cell Experiment (Honda) FCX Fire Coordination Exercise FCX Fire Control Exercise ) and PowerLink Corporation today announced that P.T. Freeport Indonesia Company (PTFI PTFI Presbyterian Theological Faculty Ireland ), the Indonesian mining subsidiary of FCX, has completed the first of a three-part transaction for the sale of PTFI's existing and to-be-constructed power generation facilities to an Indonesian foreign investment company. The Indonesian company is owned by affiliates of Duke Energy (30%), PowerLink (30%), PTFI (30%) and PT Austindo Nusantara Jaya, an Indonesian investor (10%). This first phase includes all of PTFI's existing power generation facilities, totaling approximately 108 megawatts, and was sold for $100 million. PTFI will use these funds to reduce debt. The assets to be sold in phase II will include power generation facilities currently under construction, totaling approximately 70 megawatts, and are expected to be sold for $100 million by mid-1995. The assets to be sold under phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA will include certain planned power generation facilities, totaling 16 megawatts, and are expected to be sold for $15 million in late 1995. PTFI is expected to use these proceeds to reduce debt. FCX is engaged in the exploration, mining and milling of copper, gold, and silver in Irian Jaya Irian Jaya, province, Indonesia: see Papua. , Indonesia through its PTFI subsidiary, and in the smelting and refining of copper concentrates in Spain through its Rio Tinto Rio Tinto may refer to:
Duke Energy owns and operates electric generating and related facilities in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and internationally. The company's portfolio includes six operating projects totaling approximately 2,000 megawatts of generating capacity and $2 billion in assets. Duke Energy is a wholly owned affiliate of Duke Power Co., the sixth largest investor-owned electric utility in the United States. PowerLink is a developer, owner and operator of independent power generation projects in the United States and internationally. CONTACT: Duke Energy Corp.
Anne Sheffield, 704/382-8063
or
Freeport-McMoRan Copper & Gold, Inc.
Craig Saporito, 504/582-4478
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