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Commodities Buzz: Freeport Copper output up nearly 2% this year
22-Oct-2024 17:47

Mining major Freeport McMoRan stated today that net income attributable to common stock in third-quarter 2024 totaled $526 million, $0.36 per share, and adjusted net income attributable to common stock totaled $556 million, $0.38 per share.

Consolidated production totaled 1.1 billion pounds of copper, 456 thousand ounces of gold and 20 million pounds of molybdenum in third-quarter 2024. Consolidated sales totaled 1.0 billion pounds of copper, 558 thousand ounces of gold and 19 million pounds of molybdenum in third-quarter 2024. The company’s Copper output stood at 3.17 billion pounds in first nine months of 2024, up 1.92% compared to same period last year.

Consolidated sales are expected to approximate 4.1 billion pounds of copper, 1.8 million ounces of gold and 80 million pounds of molybdenum for the year 2024, including 980 million pounds of copper, 340 thousand ounces of gold and 20 million pounds of molybdenum in fourth-quarter 2024.

Average realized prices were $4.30 per pound for copper, $2,568 per ounce for gold and $22.88 per pound for molybdenum in third-quarter 2024. Average unit net cash costs were $1.39 per pound of copper in third-quarter 2024. Unit net cash costs are expected to average $1.58 per pound of copper for the year 2024.

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