Freeport-McMoRan has reported a net income of $616m for the second quarter of 2024 (Q2 2024), a 79.6% increase compared to $343m for the same quarter of the previous year.
In the previous quarter, that is Q1 2024, the American mining company posted a net income of $473m.
Freeport-McMoRan’s diluted net income per share of common stock in the reported second quarter ended 30 June 2024 was $0.42, a surge of 83%, compared to $0.23 reported in the same quarter of 2023.
The company’s revenues for Q2 2024 were up by 15.4% to $6.62bn, compared to $5.73bn in Q2 2023. In Q1 2024, Freeport-McMoRan’s revenues were $6.3bn.
For the reported quarter, the company’s consolidated production totalled one billion pounds of copper, 443,000 ounces of gold, and 20 million pounds of molybdenum.
The consolidated sales of Freeport-McMoRan add up to 931 million pounds of copper, 361,000 ounces of gold, and 21 million pounds of molybdenum in Q2 2024.
Freeport-McMoRan’s capital expenditures for the second quarter of this year were $1.1bn, including $400m for major mining projects, and $300m for Freeport Indonesia’s (PT-FI) new smelter and precious metals refinery.
The company’s capital expenditures for 2024 are expected to be at $4.7bn, including $2.3bn for major mining projects and $1bn for PT-FI’s new downstream processing facilities.
Freeport-McMoRan president and CEO Kathleen Quirk and board chairman Richard Adkerson said: “Our global team remained focused during the quarter on strong execution of our operating plans, enhancing productivity and cost control, and initiatives to build and advance optionality in our organic growth portfolio.
“Our team reached an important milestone in Indonesia during the quarter with the start of commissioning of our major new copper smelter, and we are working to execute a safe and efficient ramp-up to full capacity by the end of the year.”
