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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 1,067 million pounds of recoverable copper in Q2 2023, slightly lower than in Q2 2022 (1,075 million pounds).
Freeport-McMoRan also produced 483 thousand ounces of gold in Q2 2023, which is an increase of 1.5% over Q2 2022 (476 thousand ounces); as well as 21 million pounds of recoverable molybdenum, down 8.7% compared to Q2 2022 (23 million pounds).
The company said that its Q2 2023 copper sales of 1.029 billion pounds were 3% lower than the April 2023 estimate of 1.065 billion pounds and 5% below Q2 2022 sales of 1.087 billion pounds, primarily reflecting shipping delays in Indonesia associated with the renewal of PT-FI's export license.
The company’s gold sales of 495 thousand ounces in Q2 2023 approximated the April 2023 estimate of 500 thousand ounces and were 4% above Q2 2022 sales of 476 thousand ounces.
Freeport-McMoRan added that its Q2 2023 consolidated average unit net cash costs (net of by-product credits) were 4% higher than Q2 2022 average unit net cash costs of $1.41 per pound, primarily reflecting higher unit net cash costs in North America.
The company also reported net income attributable to common stock of $343 million in Q2 2023, or $0.23 per share, which compares to net income attributable to common stock of $840 million ($0.57 per share) in Q2 2022.
The company’s Q2 2023 adjusted net income attributable to common stock was $500 million (Q2 2022: $854 million), $0.35 per share, after excluding net charges totaling $157 million, $0.11 per share, primarily associated with charges for an unfavorable tax ruling at Cerro Verde, adjustments to environmental obligations and an accrual of a potential administrative fine in Indonesia.
Chairman and CEO Richard C. Adkerson commented, "Our global team continues to execute our strategy and deliver strong results. During the second quarter, we achieved solid production performance, managed costs efficiently and advanced several important value-enhancing initiatives. As a leading supplier of copper with long-lived reserves, organic growth opportunities, a solid balance sheet and a proven track record for successful project development, we are positioned for a bright future for the benefit of 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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