- Freeport McMoRan (NYSE:FCX) +4.3% premarket following better than expected Q4 earnings and revenues, boosted by an improving copper market that the company expects to continue in 2018.
- FCX says Q4 copper sales totaled 1B lbs., near its October guidance but lower than 1.1B lbs. in the prior-year quarter, primarily reflecting lower sales volumes in North America and at Cerro Verde, but average unit net cash costs for its copper mines of $1.04/lb. were lower than the prior-year quarter's $1.21/lb.; FCX expects unit net cash costs will average $0.97/lb. of copper for FY 2018.
- Operating cash flows totaled $1.7B for Q4 and $4.7B for FY 2017, ahead of $4.3B guidance for the full year, while 2018 operating cash flows are expected to exceed $5.8B.
- FCX also says negotiations are continuing with Indonesia with the goal of reaching a comprehensive agreement for the company's extended operations while meeting the government's 51% ownership objective.
- Now read: Freeport-McMoRan Could Trade Higher Than Ever In The Next Few Years
Original article