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Freeport-McMoRan Reports Results for Q2 and H1 of 2020

Mining News - Published on Fri, 24 Jul 2020

Image Source: Freeport McMoRan Coronavirus COVID19
Freeport McMoRan Inc has reported net loss attributable to common stock of S53 millionin second-quarter 2020 and $(438) million for the first six months of 2020. Freeport McMoRan President and Chief Executive Officer Richard C Adkerson said "Our global team is performing in an exceptional fashion as demonstrated in our second quarter results. We are prioritizing the well-being of our workforce and communities where we operate while executing our strategy of delivering significant growth in production volumes and effective management of costs and capital spending to increase margins and cash flows. We are positioned for success with an attractive portfolio of copper, gold and molybdenum assets and a seasoned, competent and value-driven global team with a favorable long-term market outlook for our products. With the imminence of significantly higher production volumes, we have momentum to strengthen our balance sheet, increase returns to shareholders and grow our business in the coming years for the benefit of all stakeholders."

Consolidated sales totaled 759 million pounds of copper, 184 thousand ounces of gold and 18 million pounds of molybdenum in second-quarter 2020.

Consolidated sales for the year 2020 are expected to approximate 3.15 billion pounds of copper. 0.8 million ounces of gold and 77 million pounds of molybdenum, including 790 million pounds of copper, 220 thousand ounces of gold and 18 million pounds of molybdenum in third-quarter 2020. Consolidated sales for the year 2021 are expected to increase to 3.8 billion pounds of copper and 1.4 million ounces of gold.

Average realized prices in second-quarter 2020 were $2.55 per pound for copper, $1,749 per ounce for gold and $10.53 per pound for molybdenum.

Average unit net cash costs in second-quarter 2020 were $1.47 per pound of copper and are expected to average $1.53 per pound of copper for the year 2020 and less than $1.20 per pound of copper for the year 2021.

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Posted By : Yogender Pancholi on Fri, 24 Jul 2020
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