As Grasberg continues to ramp-up production from its significant underground ore bodies, Freeport’s metal production is expected to improve significantly in 2021
PHOENIX, AZ, July 23, 2020 – Freeport-McMoRan Inc. (NYSE: FCX) reported net income (loss) attributable to common stock of $53 million ($0.03 per share) in second-quarter 2020 and $(438) million ($(0.30) per share) for the first six months of 2020. After adjusting for net credits of $9 million ($0.01 per share), primarily associated with favorable metals inventory adjustments and an income tax credit, which were mostly offset by COVID-19 related costs and employee separation costs, adjusted net income attributable to common stock totaled $44 million ($0.03 per share) in second-quarter 2020.
Richard C. Adkerson, President and Chief Executive Officer, said, “Our global team is performing in an exceptional fashion as demonstrated in our second quarter results. We are prioritizing the well-being of our workforce and communities where we operate while executing our strategy of delivering significant growth in production volumes and effective management of costs and capital spending to increase margins and cash flows. We are positioned for success with an attractive portfolio of copper, gold and molybdenum assets and a seasoned, competent and value-driven global team with a favorable long-term market outlook for our products. With the imminence of significantly higher production volumes, we have momentum to strengthen our balance sheet, increase returns to shareholders and grow our business in the coming years for the benefit of all stakeholders.”