https://www.miningweekly.com
Construction|Copper|Gold|Mining|PROJECT|Projects|Resources|Safety|Underground
Construction|Copper|Gold|Mining|PROJECT|Projects|Resources|Safety|Underground
construction|copper|gold|mining|project|projects|resources|safety|underground

Freeport-McMoRan Q4 income slides, but FY profit still up

Freeport McMoRan president and CEO Richard Adkerson

Freeport McMoRan president and CEO Richard Adkerson

Photo by Bloomberg

24th January 2019

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

NYSE-listed Freeport-McMoRan on Thursday reported a drop in fourth-quarter revenue and net income, although the base metals miner finished the year on a stronger foot my than in 2017 and said it remained confident in the long-term outlook for copper.

The miner posted revenue of $3.68-billion in the fourth quarter, down 27% on that of the prior-year period, while net income declined to $140-million, from $1.04-billion a year earlier.

Adjusted earnings came to 11c a share, which is below analyst estimates of 18c a share, according to Reuters, which used data from Refinitiv.

For the full year, however, net income attributable to common shareholders increased by 24% to $2.3-billion, or $1.55 apiece, from $1.8-billion, or $1.25 apiece, in 2017.

The company sold 3.8-billion pounds of copper, 2.4-million ounces of gold and 94-million pounds of molybdenum for the year.

Consolidated sales for 2019, which reflects a transition year, are expected to be about 3.3-billion pounds of copper, 0.8-million ounces of gold and 94-million pounds of molybdenum.

"During 2018, our global team achieved strong operating results with an ongoing focus on safety, productivity, cost management and capital discipline. We were successful in establishing a new partnership with the Indonesian government, which protects our long-term value at Grasberg.

“We continued to strengthen our balance sheet, commenced development of an exciting new copper project at Lone Star in eastern Arizona, completed important construction projects to support long-term underground mining at Grasberg and added new reserves to our portfolio to extend mine lives and enhance future growth options,” said president and CEO Richard Adkerson.

In 2019, the company’s priorities are achieving milestones to ramp-up production from its large-scale underground assets in the Grasberg minerals district, continuing its focus on productivity and cost management, advancing the Lone Star project and defining future growth options from its large portfolio of reserves and resources.

“Despite recent market uncertainty, we remain confident in the fundamentals and long-term outlook for copper and the opportunities to deliver substantial value to shareholders from our premier portfolio of geographically diverse long-lived copper assets," said Adkerson.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Magni SA
Magni SA

Magni SA is committed to developing the safest Telehandlers available to our customers for underground and surface mining, construction, forestry,...

VISIT SHOWROOM 
Multotec
Multotec

Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.098 0.133s - 91pq - 2rq
Subscribe Now