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(Kitco News) - Freeport-McMoRan (NYSE: FCX), one of the world's largest copper and gold producers, announced today that the company produced 965 million pounds of recoverable copper in Q1 2023, down 4.4% over Q1 2022 (1,009 million pounds).
Freeport-McMoRan also produced 405 thousand ounces of gold in Q1 2023, which is a decline of 2.4% over Q1 2022 (415 thousand ounces); as well as 21 million pounds of recoverable molybdenum, in line with Q1 2022.
The company said that its copper sales of 832 million pounds were 8% lower than the January 2023 estimate of 900 million pounds, primarily reflecting lower operating rates at the Grasberg minerals district associated with a significant weather event that temporarily disrupted operations during February 2023.
Lower copper sales in Q1 2023, compared to Q1 2022 sales of 1.0 billion pounds, also reflected the deferral of sales recognition for approximately 110 million pounds related to the PT Smelting tolling arrangement and the timing of shipments.
The company's gold sales of 270 thousand ounces were 10% lower than the January 2023 estimate of 300 thousand ounces, primarily associated with the significant weather event at the Grasberg minerals district.
Lower gold sales in Q1 2023, compared to Q1 2022 sales of 409 thousand ounces, also reflected the deferral of sales recognition for approximately 110 thousand ounces associated with the PT Smelting tolling arrangement.
The company added that its Q1 2023 unit net cash costs were 32% higher than the Q1 2022 average of $1.33 per pound, primarily reflecting the impact on consolidated results of lower copper sales volumes from PT-FI.
The company also reported net income attributable to common stock of $663 million in Q1 2023, or $0.46 per share, which compares to net income attributable to common stock of $1,527 million ($1.04 per share) in Q1 2022.
Chairman and CEO Richard C. Adkerson commented, "Our company is a premier global leader in the copper industry, with large-scale, long-lived reserves and an attractive portfolio of organic growth opportunities. We are focused on executing our strategy to supply copper efficiently and responsibly to a world with growing requirements for this critically important metal.
"Our results in the first quarter reflect the commitment and resolve of our team to overcome challenges and enhance our foundation for long-term success. We are strongly positioned with a favorable long-term market outlook, strong balance sheet and financial strength, a high-quality asset base and an experienced and motivated team to deliver long-term value to all 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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