Freeport-McMoRan Inc. Reports Operating Results for the Fourth Quarter and Full Year Ended December 31, 2018; Provides Operating Guidance for the Full Year of 2019
January 24, 2019 at 08:00 am
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Freeport-McMoRan Inc. reported operating results for the fourth quarter and full year ended December 31, 2018. For the quarter, the company reported copper production of 841 million of recoverable pounds against 1,007 million of recoverable pounds a year ago. Gold production was 334,000 of recoverable ounces against 567,000 of recoverable ounces a year ago. Molybdenum production was 26 million of recoverable pounds against 22 million of recoverable pounds a year ago.
For the full year, the company reported copper production of 3,813 million of recoverable pounds against 3,737 million of recoverable pounds a year ago. Gold production was 2,439,000 of recoverable ounces against 1,577,000 of recoverable ounces a year ago. Molybdenum production was 95 million of recoverable pounds against 92 million of recoverable pounds a year ago.
For the full year of 2019, the sales volumes for the year 2019 are expected to approximate 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum, including 0.8 billion pounds of copper, 255,000 ounces of gold and 24 million pounds of molybdenum in first-quarter 2019. As PT-FI transitions mining from the open pit to underground, its production is expected to be significantly lower in 2019 and 2020, compared to 2018. Metal production is expected to improve significantly by 2021 following a ramp-up period.
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, 2018; Provides Operating Guidance for the Full Year of 2019