Business
Freeport-McMoRan Reports Second-Quarter and Six-Month 2019 Results
PHOENIX--(BUSINESS WIRE)--Freeport-McMoRan Inc. (NYSE: FCX): Net loss attributable to common stock totaled $72 million, $0.05 per share, in second-quarter
About this update from Freeport-mcmoran, Inc.
[{"type":"text","content":"PHOENIX--(BUSINESS WIRE)--Freeport-McMoRan Inc. (NYSE: FCX): Net loss attributable to common stock totaled $72 million, $0.05 per share, in second-quarter 2019. After adjusting for net charges of $14 million, $0.01 per share, second-quarter 2019 adjusted net loss attributable to common stock totaled $58 million, $0.04 per share. Consolidated sales totaled 807 million pounds of copper, 189 thousand ounces of gold and 24 million pounds of molybdenum in second-quarter 2019. Consolidated sales for the year 2019 are expected to approximate 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 830 million pounds of copper, 230 thousand ounces of gold and 25 million pounds of molybdenum in third-quarter 2019. Several positive milestones were achieved during second-quarter 2019 related to the underground production ramp-up in the Grasberg minerals district, which is expected to produce large-scale quantities of copper and gold in future years. Average realized prices in second-quarter 2019 were $2.75 per pound for copper, $1,351 per ounce for gold and $13.15 per pound for molybdenum. Average unit net cash costs in second-quarter 2019 were $1.92 per pound of copper and are expected to approximate $1.75 per pound of copper for the year 2019. Operating cash flows totaled $554 million (including $308 million of working capital sources and timing of other tax payments) in second-quarter 2019 and $1.1 billion (including $281 million of working capital sources and timing of other tax payments) for the first six months of 2019. Based on current sales volume and cost estimates, and assuming average prices of $2.75 per pound for copper, $1,400 per ounce for gold and $12.00 per pound for molybdenum for the second half of 2019, operating cash flows are expected to approximate $1.9 billion (including $0.3 billion of working capital sources and timing of other tax payments) for the year 2019. Capital expenditures totaled $0.6 billion (including approximately $0.4 billion for major mining projects) in second-quarter 2019 and $1.25 billion (including approximately $0.7 billion for major mining projects) for the first six months of 2019. Capital expenditures for the year 2019 are expected to approximate $2.6 billion, including $1.6 billion for major mining projects primarily associated with underground d...