(Kitco News) - Freeport-McMoRan (NYSE: FCX), the world's second largest copper miner and senior gold producer, announced today that the company produced 1,056 million pounds of copper in Q3 2022, up 7% compared to Q3 2021 (987 million pounds).
The company said that the quarterly improvement in copper output was primarily due to strong production performance at the Grasberg minerals district.
Freeport-McMoRan also produced 448 thousand ounces of gold in Q3 2022, which is an increase of 20% over Q3 2021 (374 thousand ounces), primarily reflecting increased operating rates at the Grasberg minerals district.
The company added that its Q3 2022 molybdenum production was down 17% to 19 million pounds, primarily reflecting lower by-product production from certain copper mines.
According to a press release, FCX's Q3 2022 consolidated average unit net cash costs of $1.75 per pound of copper were 41% higher than Q3 2021 average of $1.24 per pound, primarily reflecting higher energy prices and increased costs for other consumables such as sulfuric acid, explosives, key equipment parts and other supplies and services.
Importantly, the company said that net income attributable to common stock in Q3 2022 totaled $404 million (Q3 2021: $1,399 million), $0.28 per share, and adjusted net income attributable to common stock totaled $375 million, $0.26 per share, after excluding net credits totaling $29 million, $0.02 per share.
Chairman and CEO Richard C. Adkerson commented, "FCX's position as a global leader in the copper industry, together with a solid balance sheet, long-lived assets and experienced team, provide strength as we navigate the current global market uncertainties. Our performance in Q3 2022 reflects the global team's focus on achieving our production plans in a challenging cost and supply chain environment.
"Despite near-term uncertainties, the long-term market fundamentals and value opportunities for our stakeholders remain highly attractive. I am confident that our strategy centered on being Foremost in Copper will be positive for all stakeholders as global conditions improve."
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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