Mining News
Freeport-McMoRan increases copper and gold production in 2022, reports net income of $3,468 million
(Kitco News) - Freeport-McMoRan (NYSE: FCX), one of the world's largest copper producers, announced today that the company produced 4,210 million pounds of recoverable copper in 2022, up 9.5% over 2021 (3,843 million pounds).
Freeport-McMoRan also produced 1,811 thousand ounces of gold in 2022, which is an increase of 31.1% over 2021 (1,381 thousand ounces), primarily reflecting higher operating rates and recoveries at the Grasberg minerals district.
The company added that its 2022 molybdenum production was in line with 2021 and amounted to 85 million pounds.
The company also reported net income attributable to common stock of $3,468 million in 2022, $0.48 per share, compared to net income attributable to common stock of $4,306 million in 2021.
Chairman and CEO Richard C. Adkerson commented, "The Freeport team's performance in 2022 was solid. We achieved another year of growth in production volumes and enhanced our position as a leading producer of copper. I am particularly proud of the notable successful execution of our long-term projects in Indonesia and the significant accomplishments of our entire global team to address challenges faced by the global mining industry.
"Our long-lived, large-scale and geographically diverse assets provide a solid foundation for the future production of metals required to support the global economy and the energy transition. Our plans focus on execution, building on our strong momentum and pursuing value responsibly and sustainably for the benefit of our stakeholders."
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.
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