Aluminum and Copper

Freeport-McMoRan swings to quarterly profit on higher copper prices

Freeport-McMoRan swings to quarterly profit on higher copper prices
Mining News Pro - Freeport-McMoRan on Thursday reported a first-quarter profit, compared with a year-ago loss, as the world's largest publicly traded copper producer benefited from higher prices for the red metal from improving global economic recovery prospects.
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Benchmark prices for copper, widely used in power and construction, hit a nine-and-a-half year high of $9 617/t on the London Metal Exchange on February 25, within striking distance of the all-time peak of $10 190 set in 2011.

The average price Freeport received for per pound of the metal rose 62% in the quarter, while production increased about 24% to 910-million pounds.

Gold output also jumped over 90% to 297 000 oz. The company posted a net income attributable of $718-million, or 48c a share, for the three months ended March 31, compared with a loss of $491-million, or 34c a share, a year earlier.


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