Mining Firm Delays Joining Asian Venture

The chairman of New Orleans-based Freeport-McMoRan Copper & Gold Inc. said the company will participate in an Indonesian mining venture--once thought to be the world’s richest find--only if new testing proves that the project will be economically viable. The test results are expected by the end of the week of the Busang field on the island of Borneo. Early tests by Freeport-McMoRan have indicated the mine holds only a fraction of the gold originally anticipated. Freeport had agreed to acquire a 15% stake to invest up to $400 million to develop the mine. The Busang field was believed to contain from 50 million to 200 million ounces of gold, worth $77 billion. It was discovered by Canada’s Bre-X Minerals Ltd.