Miner Freeport-McMoRan beats quarterly profit estimates on strong production
Reuters
Published Apr 23, 2024 08:06AM ET
Updated Apr 23, 2024 08:36AM ET
(Reuters) -Copper miner Freeport-McMoRan (NYSE:FCX) beat Wall Street estimates for first-quarter profit on Tuesday, helped by higher production and easing costs.
The mining giant said its quarterly production of copper rose to 1.1 billion pounds from 965 million pounds a year earlier, helped by a 49% jump in output from its Indonesia operations.
Freeport-McMoRan said it was working with the Indonesian government, which has put a ban on raw material exports, to obtain approvals to continue shipping copper concentrates and anode slimes. Its current license is set to expire in May.
In the reported quarter, the company also benefited from strong prices of gold, which it produces as a byproduct from its key Grasberg mine in Indonesia.
Its total gold sales volume more than doubled to 568,000 ounces in the reported quarter.
The company's average cash costs per pound of copper in the first quarter were $1.51, lower than last year's $1.76, helped by strong production and are expected to average at $1.57 for 2024, the company said.
On an adjusted basis, the Phoenix, Arizona-based company earned 32 cents per share for the three months ended March 31, compared with the average analyst estimate of 26 cents per share, according to LSEG data.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.