Income boosted by higher copper production and sales
The Arizona-based miner reported a September quarter net income attributable to common stock of US$454 million, or $0.31 per share, up from $404 million in the same quarter last year. Freeport-McMoRan produced 1.1Blb of copper, 532,000oz of gold, and 20Mlb of molybdenum, with YoY increases of 5%, 19%, and 5%, respectively. Copper sales volumes were above July guidance, with consolidated sales of 1.1Blb of copper, 399,000oz of gold and 20Mlb of molybdenum.
" "Despite near-term global economic and market uncertainties, our conviction on the favourable long-term fundamentals for copper underpins our strategy that is centred on being ‘Foremost in Copper'." Analysts from Jefferies said that Freeport continues to operate well but "needs a recovery in the copper price before the company's cash flow and capital returns kick in again".
Danmark Seneste Nyt, Danmark Overskrifter
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