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Phoenix-based Freeport-McMoRan, Inc., in its just-released third-quarter results, told stockholders it had a net income of $454 million during the 90-day period.
Consolidated sales during the period totaled 1.1 billion pounds of copper, 399,000 ounces of gold and 20 million pounds of molybdenum.
Company officials said the average price the firm received in the third quarter for each pound of copper sold was $3.80. For each ounce of gold sold the average price was $1,898. For each pound of molybdenum sold it was $23.71.
Stockholders were also told the average cost of producing a pound of copper was $1.73. Capital expenditures totaled $1.2 billion, of which $0.4 billion was for major mining projects and $0.4 billion was for the Indonesian smelter.
As of Sept. 30, 2023, the company debt was $9.4 billion.
“Our performance during the third quarter reflects the commitment and resolve of our team to efficiently achieve our targets,” said Chairman and Chief Executive Officer Richard C. Adkerson.
He went on to say that as of Oct. 18, 2023, Freeport-McMoRan, Inc. had 1.43 billion shares of common stock outstanding and $3.2 billion was available under its share repurchase program.
During the third quarter of this year, the Morenci Mine produced 146 million pounds of copper, the Safford Mine 66 million pounds, the Green Valley Mine 47 million pounds and the Miami Mine 3 million pounds. The Chino and Tyrone Mines, in New Mexico, produced 43 million pounds of copper between them; the Grasberg Mine in Indonesia produced 436 million pounds. Freeport’s mining properties in South America produced 305 million pounds of copper.
