Freeport earnings drop on Grasberg Mine

Apr 24, 2014 | 02:38 PM | Saranya Kapur

Tags  copper prices, copper production, Freeport-McMoRan Copper & Gold, earnings report, Richard Adkerson, molybdenum production, Grasberg, Saranya Kapur

NEW YORK — Freeport-McMoRan Copper & Gold Inc.’s first-quarter net income tumbled 21.3 percent compared with the same month last year on the back of lower sales from its Grasberg operation in Indonesia and a drop in copper prices, the company said in its quarterly earnings report April 24.

The Phoenix-based company lowered its 2014 copper production forecast to 4.3 billion pounds from 4.4 billion pounds previously but raised its molybdenum output forecast to 97 million pounds from 95 million pounds.....

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