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Freeport Reverses To Net Profit In Second Quarter

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Freeport-McMoRan Inc. (NYSE: FCX) reports net income of $268 million, or 18 cents per share, in the second quarter, a turnaround form a net loss of $479 million, or 38 cents, in the same period a year ago. After adjustments for special items, net income totaled $241 million, or 17 cents per share. Also, Freeport said second-quarter sales from mining operations to affiliated smelters resulted in the deferral of $51 million, or 4 cents, of net income, which will be recognized in future periods. Second-quarter copper sales of 942 million pounds were lower than the April estimate of 975 million, primarily due to worker absenteeism on mining and milling rates in Indonesia. April-June copper sales were also lower than 987 million pounds in the same period a year ago, primarily reflecting anticipated lower ore grades in North America and lower leach production and recoveries in South America, partly offset by higher volume from Indonesia, the company says. Second-quarter gold sales of 432,000 ounces were slightly lower than the April estimate of 440,000, but were higher than year-ago total of 156,000, due to higher ore grades in Indonesia, Freeport says. Second-quarter molybdenum sales of 25 million pounds were higher than the April estimate of 24 million pounds and also were higher than second-quarter 2016 sales of 19 million. Freeport says sales for full-year 2017 are expected to be around 3.7 billion pounds of copper, 1.6 million ounces of gold and 93 million pounds of molybdenum, including 940 million pounds of copper, 375,000 ounces of gold and 22 million pounds of molybdenum in the third quarter. “We remain focused on protecting our past investments and supporting our long-term investment plans at the high-grade, long-lived mineral deposits in the Grasberg minerals district in Papua, Indonesia,” says Richard C. Adkerson, president and chief executive officer. “We are encouraged by recent progress in our active negotiations with the Indonesian government to resolve issues involving our contractual rights and by multiple opportunities to build long-term future values for our shareholders from our high-quality copper assets in the Americas." Freeport is the world’s largest publicly traded copper company and also a major gold producer.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Roxgold: On Track For Upper End Of 2017 Guidance

Tuesday July 25, 2017 08:25

Roxgold Inc. (TSX: ROXG) reports that second-quarter production of 27,970 ounces of gold from the Yaramoko gold project in Burkina Faso was ahead of expectations. “Another solid quarter of production above expectations at Yaramoko has put us on track to meet the upper end of our annual production guidance,” says John Dorward, president and chief executive officer. “With first half production of over 63,500 ounces, we are well placed to meet guidance of 105,000 [to] 115,000 ounces for the full year. In addition, the feasibility study for our Bagassi South expansion project is on track for delivery in Q4 and we are excited by its prospects to build upon the recently upgraded resource estimate.”

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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