- Freeport McMoRan (NYSE:FCX) +1.9% premarket after Q2 earnings miss consensus estimates but its $0.17/share profit compares to a $0.02 loss in the same period last year.
- FCX says it is encouraged by recent progress in talks with Indonesia to resolve the lengthy permit dispute for its Grasberg mine, but will pursue arbitration if it is unable to reach an agreement on long-term mining rights.
- FCX says Q2 copper sales of 942M lbs. were lower than its April estimate of 975M lbs., primarily reflecting the impact of worker absenteeism on mining and milling rates in Indonesia, as well as year-ago Q2 sales of 987M lbs., reflecting anticipated lower ore grades in North America and lower leach production and recoveries in South America.
- FCX forecasts FY 2017 consolidated sales of ~3.7B lbs. of copper, 1.6M oz. of gold and 93M lbs. of molybdenum; for Q3, the company sees consolidated sales of 940M lbs. of copper, 375K oz. of gold and 22M lbs. of molybdenum.
- Now read: Freeport-McMoRan Earnings: What To Expect
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