Freeport 3d-qtr. income, sales decline

Oct 22, 2012 | 04:49 PM | Barbara O'Donovan

Tags  Freeport McMoran, copper, gold, molybdenum, Indonesia, Richard Adkerson, Barbara O'Donovan

NEW YORK — Freeport McMoRan Copper & Gold Inc.’s net income fell 21.7 percent in the third quarter as copper and gold sales decreased due to lower ore grades at its Grasberg Mine in Indonesia.

Net income at the Phoenix-based company was $824 million in the quarter ended Sept. 30, down from $1.1 billion in the year-ago period, as consolidated copper and gold sales declined to 922 million pounds and 202,000 ounces, respectively, from 947 million pounds and 409,000 ounces in the same period of 2011, the company said.....

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