Freeport-McMoRan Inc. Reports Operating Results for the Fourth Quarter and Full Year Ended December 31, 2019; Provides Earnings and Production Guidance for the Year 2020
January 23, 2020 at 08:00 am EST
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Freeport-McMoRan Inc. reported operating results for the fourth quarter and full year ended December 31, 2019. For the quarter, the company reported copper production of 827 million of recoverable pounds against 841 million of recoverable pounds a year ago. Gold production was 223,000 of recoverable ounces against 334,000 of recoverable ounces a year ago. Molybdenum production was 21 million of recoverable pounds against 26 million of recoverable pounds a year ago.
For the full year, the company reported copper production of 3,247 million of recoverable pounds against 3,813 million of recoverable pounds a year ago. Gold production was 882,000 of recoverable ounces against 2,439,000 of recoverable ounces a year ago. Molybdenum production was 90 million of recoverable pounds against 95 million of recoverable pounds a year ago.
For the full year of 2020, consolidated sales for the year 2020 are expected to approximate 3.5 billion pounds of copper, 0.8 million ounces of gold and 88 million pounds of molybdenum, including 725 million pounds of copper, 105,000 ounces of gold and 22 million pounds of molybdenum in first-quarter 2020. Sales are expected to increase to 4.3 billion pounds of copper and 1.4 million ounces of gold in 2021.
Freeport-McMoRan Inc. specializes in the exploration and operation of copper and gold mines located primarily in the United States, Peru, Chile, Indonesia and Congo. Net sales break down by family of products as follows:
- copper (74.6%): refined copper and copper concentrates (4.1 billion ounces sold in 2023);
- gold (14.5%): 1,713,000 ounces sold;
- molybdenum (8.4%): 1.3 billion ounces sold;
- other (2.5%).
Net sales are distributed geographically as follows: the United States (31.8%), Switzerland (17.4%), Japan (15%), Spain (5.5%), Singapore (5.1%), China (4.7%), Indonesia (3.3%), Germany (3.1%), Chile (1.9%), the United Kingdom (0.7%), and other (11.5%).
Freeport-McMoRan Inc. Reports Operating Results for the Fourth Quarter and Full Year Ended December 31, 2019; Provides Earnings and Production Guidance for the Year 2020