Freeport McMoRan Copper & Gold Reports Jump in Earnings

Freeport McMoRan Copper & Gold Inc. (NYSE:FCX) has reported a 10% rise in its second quarter earnings.

Chief Executive Officer Richard Adkerson said copper markets were healthier and he outlined how Freeport was bringing mines online that it had idled or put on hold during the global financial crisis.

The world's largest producers of copper, gold and molybdenum stated that the second quarter earnings rose as the prices of copper and gold were higher despite making fewer sales. In the April - June quarter the company earned $649 million this year as compared to $588 million in the same period last year.

The strong demand for copper and sales in northern Europe, China and the U.S. were driving the company revenue up by 5% as per Richard Adkerson the president and CEO. He told analysts that they were seeing their order books filling more strongly than they have in some time.

The Grasberg mining complex in Indonesia, where Freeport-McMoRan Copper & Gold is engaged in exploration and development, mining and milling of ore containing copper, gold and silver. Image Credit: Freeport McMoRan Copper & Gold Inc.

He also slashed down the gold sales volume estimate for the coming year by more than 20% due to the mining of low grade ore in the Grasberg mine in Indonesia. He termed it a geotechnical problem. On the whole since the average prices have risen for both gold and copper the company is on an upswing.

The company's portfolio of assets includes the Grasberg mining complex in Indonesia, the world's largest copper and gold mine in terms of recoverable reserves, significant mining operations in the Americas, including the large scale Morenci and Safford minerals districts in North America and the Cerro Verde and El Abra operations in South America, and the Tenke Fungurume minerals district in the Democratic Republic of Congo.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, February 18). Freeport McMoRan Copper & Gold Reports Jump in Earnings. AZoMining. Retrieved on May 25, 2024 from https://www.azomining.com/News.aspx?newsID=160.

  • MLA

    Scanlon, Joel. "Freeport McMoRan Copper & Gold Reports Jump in Earnings". AZoMining. 25 May 2024. <https://www.azomining.com/News.aspx?newsID=160>.

  • Chicago

    Scanlon, Joel. "Freeport McMoRan Copper & Gold Reports Jump in Earnings". AZoMining. https://www.azomining.com/News.aspx?newsID=160. (accessed May 25, 2024).

  • Harvard

    Scanlon, Joel. 2019. Freeport McMoRan Copper & Gold Reports Jump in Earnings. AZoMining, viewed 25 May 2024, https://www.azomining.com/News.aspx?newsID=160.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.