JOHANNESBURG (miningweekly.com) – US-based multicommodity producer Freeport-McMoRan reported a net loss of $479-million, or $0.38 a share, for the second quarter of 2016, and a net loss of $4.7-billion, or $3.70 a share, for the first six months of 2016.

This reflects a narrowed loss, year on year, when compared with the net loss of $1.85-billion, or $1.78 a share, recorded for the second quarter of 2015 and the net loss of $4.3-billion, or $4.16 a share, recorded for the first six months of 2015.

The company attributed its narrowed loss to aggressive cost-cutting, which helped counter a close to 20% drop in copper prices.

Meanwhile, Freeport’s top line saw a 15.5% year-on-year drop to $3.33-billion from $3.94-billion in the previous year’s second quarter.

On a per-share basis, the company saw a loss of 38c. Losses, adjusted for nonrecurring costs and to account for discontinued operations, were 2c a share.

The mining company, whose stock fell 6% on Tuesday, posted a second-quarter 2016 adjusted net loss attributable to common stock totalling $27-million.

Freeport’s net losses attributable to common stock included net charges totalling $452-million, or $0.36 a share, for the second quarter of 2016 and $4.4-billion, or $3.53 a share, for the first six months of 2016.

The second quarter of 2015 included net charges of $2-billion, or $1.92 a share, and the first six months of 2015 included net charges of $4.4-billion, or $4.24 a share.

"We are pleased to report significant progress toward our immediate objective of strengthening Freeport’s balance sheet and enhancing shareholder value in a challenging market environment,” said president and CEO Richard Adkerson.

He added that the company’s announced asset sale transactions totalling over $4-billion in the year to date demonstrated the attractiveness of its asset base.

“We are focused on executing our operating plans, which position us for significant free cash flow generation in the balance of 2016 and 2017, and on building long-term values from our portfolio of low-cost, long-lived reserves and resources for the benefit of our shareholders," added Adkerson.