Freeport-McMoRan beats quarterly profit estimates on higher copper prices
Freeport-McMoRan beat Wall Street estimates for second-quarter profit on Thursday, as higher copper prices offset lower production at its Grasberg mine in Indonesia.
Shares of the company were up 1.4% in premarket trading.
Average copper prices climbed 41.5% year-on-year in the second quarter, driven by supply concerns, signs of resilient demand from top consumer China and geopolitical tensions in the Middle East.
Quarterly average realized price for copper was $6.17/lb , compared with $4.54/lb a year earlier.
Phoenix, Arizona-based Freeport-McMoRan had suspended operations at Indonesia's Grasberg mine after around 800 000 t of wet material flooded the site on September 8.
Earlier this year, PT Freeport Indonesia said recovery at Grasberg, the world's second-largest copper mine and largest gold mine, is taking longer than expected, but operations should approach full capacity by the end of 2027.
The complex, majority-owned by the Indonesian company and operated by Freeport, is now running at 50% of capacity and is expected to reach 65% later this year.
Freeport's copper production fell 18.2% to 786-million pounds in the second quarter, while gold production fell 39.4% to 192 000 oz.
The miner's second-quarter copper sales, excluding purchases, were 710-million recoverable pounds, compared with one-billion recoverable pounds a year earlier, while gold sales came in at 123 000 oz, down 76% from the same quarter last year.
The world's largest publicly traded copper producer reported an adjusted profit of $0.74 apiece for the three months ended June 30, compared with analysts' average estimate of $0.59 apiece, according to data compiled by LSEG.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
Roytec Global is an international company specializing in liquid / solid and mineral separation technologies for the Mining and Industrial sectors.
VISIT SHOWROOM
We partner growth of our select clients through our comprehensive and competitive integrated international logistics, trade finance and information...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
