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Freeport 3Q Net Income Doubles From Year Ago

Kitco News

Freeport-McMoRan Inc. (NYSE: FCX) reports net income of $556 million, or 38 cents per share, in the third quarter, roughly double $280 million, or 19 cents, in the same period a year ago. Excluding special items, third-quarter adjusted net income was $514 million, or 35 cents a share, the company reports. Third-quarter copper sales of 1.04 billion pounds were 8% higher than the July estimate of 970 million pounds and 12% above third-quarter 2017 sales of 932 million pounds, primarily reflecting higher ore grades and operating rates in Indonesia, Freeport says. The same factors boosted gold sales, which were 837,000 ounces, which was 20% higher than the July estimate of 700,000 and more than double third-quarter 2017 sales of 355,000. Molybdenum sales were 22 million pounds, which was lower than the July estimate of 24 million and but roughly matched year-ago sales. The company says sales volumes for the full-year 2018 are expected to approximately 3.8 billion pounds of copper, 2.45 million ounces of gold and 95 million pounds of molybdenum, including 790 million pounds of copper, 330,000 ounces of gold and 25 million pounds of molybdenum in the fourth quarter. Freeport previously declared a quarterly cash dividend of a nickel per share, which will be paid on Nov. 1. During the quarter, the company and Rio Tinto announced an agreement in which the Indonesia’s state mining company will acquire a majority stake in the giant Grassberg copper-gold mine, with Rio selling its entire share. "Our global team delivered a solid operating quarter and maintained a sharp focus on productivity, cost management, capital discipline and initiatives to build value for shareholders,” says Richard C. Adkerson, president and chief executive officer of Freeport. “The pending completion of our new long-term partnership with the Indonesian government will enable us to de-risk a world-class asset.”

By Allen Sykora of Kitco News;


Pan American Silver Announces Major La Colorada Discovery

Wednesday October 24, 2018 08:00

Pan American Silver Corp. (NASDAQ, TSX: PAAS) says a major discovery at its La Colorada mine in Mexico could “substantially expand” mineral resources, and the company is increasing its exploration budget for the remainder of the year. Pan American says wide zones of mineralization have been discovered below current production levels. In a news release, officials listed a series of holes in which silver was discovered at grades ranging from 20 grams per tonne up to 80 g/t, as well as base metals. La Colorada is the company's largest silver-producing mine, with Pan American projecting the operation will produce 7.4 million to 7.7 million ounces of silver in 2018. "These are extraordinary exploration results for our La Colorada mine, indicating the potential to substantially expand mineral resources, mine life and ultimately production capacity," says Christopher Emerson, vice president for business development and geology. "Following the most recent mine expansion completed in 2017, we have renewed our exploration efforts at La Colorada, and these recent discoveries validate the important exploration potential of this mine." The company says it will spend an additional $2.5 million in exploration drilling at La Colorada over the remainder of 2018 and will budget a major drilling program for 2019, which is expected to result in a first resource estimate later in 2019. To date, 15 drill holes have been completed from three underground locations for a total of 6,080 meters of drilling.

By Allen Sykora of Kitco News;


Newmont Mining Maintains 14-Cent Quarterly Dividend

Wednesday October 24, 2018 08:00

Newmont Mining Corp. (NYSE: NEM) announces that its board of directors declared a quarterly dividend of 14 cents per share of common stock, payable on Dec. 27 to shareholders of record at the close of business on Dec. 6. This keeps the dividend at the same level as the September payout.

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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