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Phoenix based mining giant Freeport-McMoRan, Inc. recently told stockholders the company had a net income of $2.3 billion for the year 2018.
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Phoenix based mining giant Freeport-McMoRan, Inc. recently told stockholders the company had a net income of $2.3 billion for the year 2018.
The company said at the end of last December it had an outstanding debt of $11.1 billion.
Cash flow for the year ended at $3.9 billion. Capital expenditures for the year was $2 billion. For the current year 2019 cash flow is projected to be $2.4 billion, of which $l.5 billion is budgeted for underground projects at the Grasberg Copper and Gold Mine in Indonesia.
During the fourth quarter of last year, Freeport said the average price it received for each pound of copper sold was $2.75 while the cost for production was $l.54 and the average cost of producing copper for the year was $l.07 a pound.
During the fourth quarter of 2018 for each ounce of gold it sold, the firm received $ 1,255 while for molybdenum it was $12.75 a pound
Consolidated sales for all of last year were $3.8 billion pounds of copper, 24 million ounces of gold and 24 million pounds of molybdenum.
As far as Freeport McMoRan’s new 840 million Lone Star Copper mine under construction northwest of Safford, advancement continues towards its completion which targeted for 2020.
Richard C. Adkerson, president and CEO of Freeport-McMoRan, Inc. said during the year 2018, “We achieved strong operating results with ongoing focus on safety. productivity cost management and capital discipline and we were successful in establishing a new partnership with Indonesia over the Grasberg mine.”
He went on to state, “Despite recent market uncertainty, we remain confident in the fundamentals and long-term outlook for copper.”
