https://www.miningweekly.com

Freeport-McMoRan swings to quarterly profit on higher copper prices

22nd April 2021

By: Reuters

  

Font size: - +

Freeport-McMoRan on Thursday reported a first-quarter profit, compared with a year-ago loss, as the world's largest publicly traded copper producer benefited from higher prices for the red metal from improving global economic recovery prospects.

Benchmark prices for copper, widely used in power and construction, hit a nine-and-a-half year high of $9 617/t on the London Metal Exchange on February 25, within striking distance of the all-time peak of $10 190 set in 2011.

The average price Freeport received for per pound of the metal rose 62% in the quarter, while production increased about 24% to 910-million pounds.

Gold output also jumped over 90% to 297 000 oz. The company posted a net income attributable of $718-million, or 48c a share, for the three months ended March 31, compared with a loss of $491-million, or 34c a share, a year earlier.

To watch Creamer Media's latest video reports, click here
 

Edited by Reuters

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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