Freeport income drops in qtr. on Grasberg woes

Jul 23, 2013 | 03:14 PM | Everdeen Mason

Tags  Freeport-McMoRan Copper & Gold, Freeport earnings, copper, copper productionm, copper prices, gold output, quarterly earnings, Richard Adkerson Everdeen Mason

NEW YORK — Freeport-McMoRan Copper & Gold Inc. reported lower net income and sales in the second quarter, primarily due to the May tunnel collapse at its Grasberg Mine in Indonesia.

Freeport’s net income of $482 million for the quarter ended June 30 fell 32.1 percent from $710 million a year earlier on sales that dropped 4.2 percent to $4.29 billion from $4.48 million.....

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