Mining News
Freeport-McMoRan more than doubles quarterly net income as gold and copper production up in Q1 2022
(Kitco News) - Freeport-McMoRan (NYSE: FCX), the world's second largest copper producer, announced today that the company produced 1,009 million pounds of copper in Q1 2022, up 11% compared to Q1 2021 (910 million pounds).
The company also produced 415 thousand ounces of gold, which is a 40% increase over Q1 2021 (297 thousand ounces), as well as 21 million pounds of molybdenum (Q1 2021: 20 million pounds).
Consolidated average unit net cash costs (net of by-product credits) for FCX's copper mines were $1.33 per pound of copper in Q1 2022 or 4% below the first-quarter 2021 average of $1.39 per pound.
Importantly, the company reported that its Q1 2022 net income attributable to common stock was $1.5 billion, which is 114% higher than Q1 2021 ($0.7 billion).
Chairman and CEO Richard C. Adkerson said, "The strong operational and financial results we are reporting today reflect our long-term, ongoing focus on solid execution of our plans and the achievements of our committed global team. As a premier global leader in producing copper responsibly, with large-scale, long-lived reserves and an attractive portfolio of organic growth opportunities, we are strongly positioned to benefit from increasing global copper demand for infrastructure development and accelerating clean energy investments.
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"We have created a durable foundation for long-term success supported by a portfolio of world class copper assets, an experienced and highly motivated global team and a strong financial base. Freeport is focused on delivering value to all our stakeholders and approaching the future with confidence and excitement."
Freeport-McMoRan is a leading international mining company with headquarters in Phoenix, Arizona. The company's portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits; and significant mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America.
