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Copper October 22, 2021 04:00:21 PM

Freeport McMoRan Q4 Results Boosted by Elevated Copper Prices

Paul Ploumis
ScrapMonster Author
The consolidated debt as at end-September this year was $9.7 billion, whereas the net debt stood at $2.0 billion.

Freeport McMoRan Q4 Results Boosted by Elevated Copper Prices

SEATTLE (Scrap Monster): Leading miner Freeport-McMoRan results for the third quarter and the initial nine-month period of 2021. The company’s results were boosted by high copper prices.

The company’s net income attributable to common shareholders was $1.4 billion or $0.94 per share, whereas the adjusted net income totalled $1.3 billion or $0.89 per share. The consolidated copper sales for the quarter stood at 1.033 billion pounds. It expects consolidated sales to total around 3.8 billion pounds of copper in 2021.

According to company press release, the operating cash flows were $2 billion during the third quarter and $5.4 billion during the first nine months of the year. The capital expenditure totalled $0.5 billion and $1.3 billion in Q3 and Jan-Sep ’21 respectively. The consolidated debt as at end-September this year was $9.7 billion, whereas the net debt stood at $2.0 billion.

Richard C. Adkerson, Chairman and Chief Executive Officer, Freeport McMoRan said that the strong execution of its plan to boost safe production is reflected in the superior results in the third quarter and year-to-date period. Backed by extraordinarily positive outlook for the copper market, the company is well-positioned to generate value for all stakeholders, he added.

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