Freeport-McMoRan Inc. (FCX) Quarterly 10-Q Report

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Freeport-McMoRan Inc. (FCX-4.61%
[1]) has submitted its 10-Q filing [2] for the quarterly period ended September 30, 2024.

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Net income attributable to common stockholders was £526 million for the quarter, compared to £454 million in the previous year. The increase is primarily due to higher copper and gold prices, despite higher operating costs.

Operating cash flows for the quarter were £1.9 billion, compared to £1.2 billion in the same period last year. This increase reflects higher realized prices and sales volumes. Advertisement

Freeport-McMoRan reported consolidated copper sales of 1,035 million pounds for the quarter, down from 1,109 million pounds in the previous year, due to lower ore grades and operating rates in North America.

Gold sales for the quarter were 558 thousand ounces, up from 399 thousand ounces in the previous year, primarily due to the timing of shipments from Indonesia.

Consolidated unit net cash costs for copper mines averaged £1.39 per pound for the quarter, compared to £1.73 in the previous year. This decrease is partly due to higher by-product credits. Advertisement

Capital expenditures for the quarter totaled £1.2 billion, consistent with the previous year’s quarter, with significant investments in underground development and new smelter facilities in Indonesia.

Freeport-McMoRan’s total debt at the end of the quarter was £9.7 billion, with a cash balance of £5.0 billion.

The company maintains a strong liquidity position with £3.0 billion available under its revolving credit facility. Advertisement

The filing also discusses the fire incident at PT-FI’s new smelter in Indonesia, which has temporarily suspended smelter start-up operations. The company estimates repair costs to be approximately £100 million, expected to be covered by insurance.

Freeport-McMoRan continues to focus on its leaching innovation initiatives, which contributed 164 million pounds of incremental copper production for the first nine months of 2024.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov[3].

The original data was derived from the Freeport-McMoRan Inc. quarterly 10-Q report dated November 8, 2024[4].

To report an error, please email [email protected][5].

References

^ FCX-4.61% (qz.com)
^ filing (www.sec.gov)
^ SEC.gov (www.sec.gov)
^ Freeport-McMoRan Inc. quarterly 10-Q report dated November 8, 2024 (www.sec.gov)
^ [email protected] (qz.com)