Freeport-McMoRan reports loss in Q1
Wednesday, April 29th, 2020
Copper major Freeport-McMoRan has reported a quarterly loss, as production fell in South America and Indonesia.
The copper producer has also announced an $800m reduction in 2020 estimated capital expenditure (capex).
Freeport-McMoRan reported a net loss of $491m, or $0.34 per share, for the first quarter of this year. Production of copper fell 6.3% to 731 million pounds in the first quarter.
Furthermore, the company has announced revised operating plans in response to the Covid-19 pandemic and the resulting negative impact on the economy worldwide.
It is implementing a series of actions to adjust mine plans and corresponding milling and mining rates in an effort to increase cash flow at lower prices.
The company will focus on maximising cash flow and will preserve asset values for anticipated improved copper prices as economic conditions recover.
Freeport-McMoRan president and CEO Richard Adkerson said: “Our global team is demonstrating an effective response to protect the health of our workforce, provide for business continuity, and support our communities during this unprecedented challenge.https://www.mining-technology.com/news/freeport-mcmoran-reports-loss-q1-2020/