The Phoenix-based company posted first quarter net income of $31m, compared with net income of $692m in the year-ago quarter.
Freeport McMoRan Inc Mining News
Freeport-McMoRan plans no dividend raises, acquisitions or debt buybacks over the next two years.
Freeport is "comfortable" with engineering designs in place at existing dams.
Freeport posted fourth-quarter net income of $140 million, or 9 cents per share, compared to $1.04 billion, or 70 cents per share.
Industry analysts recommend investors buy shares of companies building new U.S. copper mines, a marked change from just 12 months ago when most recommendations were to hold.
The government aims to issue a new mining permit for Grasberg - which requires the environmental permit issues to be settled - before the end of the year.
Inalum was proposing to sell a 10% stake in PT Freeport Indonesia to Papua for $819 million.
Boards are pushing for candidates with gender and age diversity.
Canada’s largest diversified miner is also studying a Phase 3 for Quebrada Blanca, which would double the mine’s capacity to 600,000 tonnes of copper a year from the 300,000 it’s expected to achieve once Phase 2 is completed.
Canada’s largest diversified miner has been looking for a development partner for the $4.8-billion extension of Quebrada Blanca copper mine in northern Chile.
Any strategic move would be possible -- as long as it’s in the best interests of shareholders.
With its biggest stock overhang and a deal around its flagship asset in Indonesia close to being solved, the miner has said all options are open, even potentially a sale of the entire company.
China's top copper smelters have set their floor treatment and refining charges (TC/RCs) for the fourth quarter at $90 per tonne and 9 cents per pound.
Mining companies around the globe are joining an industrywide push for gender equality and launching initiatives to increase the proportion of women working in mine pits, smelters and refineries.
Freeport reshapes Indonesia business in deal with govt.
Freeport-McMoRan Inc, the world's biggest publicly listed copper miner, reported bigger-than-expected earnings on Wednesday, as production and prices soared above last year.
Indonesian minister says majority stake purchase of iconic mine seen valued at $3.5 billion to $4 billion.
Freeport is looking at other options for the asset, including possibly a joint venture to develop the large cobalt project.
Freeport's export permit for Grasberg, the world's second-biggest copper mine, is due to expire on Friday, as is Amman's permit to ship ore concentrate from its Batu Hijau mine on the island of Sumbawa.
Although divestment issues are still unresolved, Indonesia hopes to finalize contract talks with Freeport McMoRan Inc over the Grasberg copper mine by June.
The permit was issued to allow the miner to continue exporting copper concentrate while company representatives and government officials go on with the discussions around Freeport’s future operations.
The company had exported 684,333 tonnes of copper concentrate by end-October, according to government data.
The fire broke out at Amamapare port facilities, where copper concentrate from giant Grasberg copper mine is processed before being loaded to ship.
The latest violent episode and temporary closure had no impact on production at the world’s second-biggest copper mine.
The world's second-largest publicly traded copper company has issues with the proposed divestment plan, including valuation, timing and structure.