Freeport-McMoRan profit more than halves on weak copper prices
Copper miner Freeport-McMoRan Inc FCX.N on Thursday reported a 71.7% fall in third-quarter profit as recession fears and Covid-19 lockdowns in China hit the red metal's prices.
LME copper has given up 30% since touching a record peak in March, largely holding in a range between $7 200 and $8 000 since end-August, pressured by Covid-19 flare-ups in China, the world's biggest metal consumer.
The Phoenix-based mining giant said average realized price for copper was $3.50 per pound at the end of the third quarter, lower than last year's $4.20 per pound.
However, the miner, which runs Indonesia's Grasberg, one of the world's largest copper mines, said its quarterly copper production rose to 1.06-billion recoverable pounds from last year's 987-million.
The company said net income attributable to common stock fell to $404-million, or 28 cents per share, in the quarter ended Sept. 30, from $1.4-billion, or 94 cents per share, last year.
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