Freeport-McMoRan profit beats on higher gold prices, cost curbs

(Reuters) – Freeport McMoRan Inc FCX.N beat analysts’ estimates for third-quarter profit on Thursday, as the miner benefited from higher gold prices due to the COVID-19 pandemic and cost cuts.

The Phoenix, Arizona-based company announced a major cost-cutting drive in April and has also lowered its capital expenditure.

Total costs and expenses fell about 7% to $2.97 billion in the third quarter ended Sept. 30.

The average price that Freeport received for its gold surged nearly 28% to 1,902 per ounce in the third quarter, with copper and gold sales nearly 7% higher than the company’s July estimates.Gold prices have surged this year as investors flocked to safe-haven investments due to the uncertainty fueled by the pandemic.Freeport said on Thursday plans to transition the giant Grasberg copper and gold project in Indonesia to underground operations from open pit mining were on schedule.The company reported net income attributable to shareholders of $329 million, […]

Click here to view original web page at www.reuters.com

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.