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Market: NYSE
Sector: General Mining
EPIC: FCX
Latest Price: 32.56  (2.36% Ascending)
52-week High: 56.30
52-week Low: 29.87
Market Cap: 30,903.20M
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Freeport-McMoRan
www.fcx.com

Freeport-McMoRan is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates a portfolio of operating, expansion and growth projects in the copper industry and is the world’s largest producer of molybdenum.

Full Freeport-McMoRan profile here
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Freeport-McMoRan more than doubles Q2 profits, as metal prices rise

21st Jul 2011, 3:57 pm by Olivia D'Orazio
Freeport-McMoRan more than doubles Q2 profits, as metal prices rise

Freeport-McMoRan Copper & Gold (NYSE:FCX) announced Thursday it more-than-doubled its second quarter net income, beating Street estimates, as metal prices continue to rise.

The copper and gold mining company, which has properties across the globe, posted net income of $1.37 billion, or $1.43 per share, compared to $649 million, or $0.70 per share, a year ago.

Revenues rose 50.5% to $5.8 billion. Analysts had anticipated earnings of $1.37 per share, on revenues of $5.76 billion.

"Our second-quarter results reflect strong operating performance and favorable pricing for our products," said chairman James R. Moffett, and president and CEO Richard C. Adkerson, in a joint statement.

"Our large resource position and successful exploration program provide significant opportunities for growth."
Sales from the company's copper mines totaled little over $1.0 billion, at $4.22 per pound of copper, compared to $914 million, at $3.06 per pound, a year ago.

The gold mines posted sales of $356 million, at $1,509 per ounce of gold, compared to $298 million, at $1,234 per ounce of gold, in the previous year's quarter.

Sales of molybdenum, an element often used in steel alloys for its strength and ability to withstand high temperatures, rose to $21 million, from $16 million, at a near steady realized price of $18.16 per pound.

Total production from the company's operations came in at 967 million pounds of recoverable copper, compared to 930 million pounds in the year-ago period. Recoverable gold totaled 351,000 ounces, up from 316,000 ounces last year, while 22 million recoverable pounds of molybdenum were produced, up from 17 million a year ago.

The strong results led the company to expect production of 3.9 billion pounds of copper, 1.6 million ounces of gold, and 77 million pounds of molybdenum in the full year.

For the third quarter, Freeport-McMoRan said it expects 940 million pounds of copper, 415,000 ounces of gold, and 18 million pounds of molybdenum.

In North America, the company operates seven open-pit copper mines, which produced 313 million pounds of the metal during the second quarter, compared to 263 million pounds a year earlier.

Freeport also operates four copper mines in South America, with one of them also producing molybdenum, and two also generating gold. Its South American ventures produced 327 million pounds of copper, 2 million less than a year ago.

The company also has mines in Papua, Indonesia and the Democratic Republic of Congo (DRC), in Africa.

The Phoenix, Arizona-based company said it plans to continue exploration activities near its existing mines, focusing on opportunities to expand reserves.

To date, exploration programs have revealed potential reserves in North and South America, and the Tenke Fungurume mine in the DRC.

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