Welcome to our dedicated page for Freeport-Mcmoran news (Ticker: FCX), a resource for investors and traders seeking the latest updates and insights on Freeport-Mcmoran stock.
Freeport-McMoRan Inc. (NYSE: FCX) is an international metals company focused on copper, with significant proven and probable reserves of copper, gold and molybdenum. Headquartered in Phoenix, Arizona, the company’s news flow reflects its role as one of the world’s largest publicly traded copper producers and operator of large, long-lived mining assets.
News about FCX frequently centers on operational updates from the Grasberg minerals district in Indonesia, which the company identifies as one of the world’s largest copper and gold deposits. Recent press releases have covered the mud rush incident at the Grasberg Block Cave underground mine, the temporary suspension of mining operations in the Grasberg minerals district, search and recovery efforts, and detailed plans for remediation, damage assessment and a phased restart and ramp-up of production.
Investors following FCX news can also expect regular announcements on quarterly and nine-month financial and operating results, along with associated conference calls and slide presentations. The company issues updates on production outlooks for PT Freeport Indonesia, discusses expected impacts from operational incidents, and provides broader multi-year operating and financial perspectives.
Additional recurring news themes include dividend declarations on FCX common stock under a performance-based payout framework, leadership and organizational updates, and information on safety and regulatory matters, such as mine safety orders and their resolution. Together, these items offer insight into FCX’s operating performance, risk management, capital allocation and strategic focus on copper, gold and molybdenum.
This page aggregates FCX-related press releases and third-party coverage so readers can review company statements on operations, financial reporting, safety events and corporate actions in one place.
Freeport-McMoRan (NYSE: FCX) has released its second-quarter and six-month 2024 financial and operating results on its website. The company will host a conference call with securities analysts at 10:00 a.m. Eastern Time to discuss the results. FCX, headquartered in Phoenix, Arizona, is a leading international metals company focused on copper production. It operates large, long-lived assets with significant reserves of copper, gold, and molybdenum.
Key assets include the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits, as well as significant operations in North America and South America, including the Morenci minerals district in Arizona and the Cerro Verde operation in Peru. FCX aims to be a responsible copper producer, contributing positively to the global economy.
Freeport (NYSE: FCX) has completed construction of its new Manyar smelter in Indonesia and commenced commissioning operations, with full production expected by the end of 2024. The Indonesian government has approved PT Freeport Indonesia's (PT-FI) export license for copper concentrates and anode slimes through December 2024.
However, FCX anticipates a 5% and 30% decline in Q2 2024 sales for copper and gold respectively, compared to April 2024 guidance, due to a delay in the export license. Additionally, consolidated unit net cash costs are expected to rise to $1.77 per pound of copper from the previously estimated $1.57, primarily due to lower by-product credits. FCX expects its average copper realization for Q2 to be approximately $4.45 per pound.
The company is reviewing its sales guidance but does not foresee a material change to its annual 2024 copper volume guidance. A change in mine sequencing at the Grasberg Block Cave may slightly reduce expected 2024 gold sales to 1.8 million ounces from previous estimates of 2.0 million ounces. FCX will report its Q2 2024 earnings on July 23, 2024.
Freeport-McMoRan (NYSE: FCX) announced a quarterly cash dividend of $0.15 per share, payable on August 1, 2024, to shareholders recorded by July 15, 2024. The dividend includes a base of $0.075 and a variable $0.075 based on performance. Freeport-McMoRan, a leading copper producer headquartered in Phoenix, operates major assets including the Grasberg minerals district in Indonesia and the Morenci district in Arizona.
Prices for copper are surging due to supply cuts and increased demand from energy transition and AI projects, potentially marking a new supercycle. Analysts from Sprott and Trafigura highlight the supply-demand imbalance, predicting a deficit of 4-5 million tons by 2030. Yukon Metals Corp. (CSE: YMC) has doubled its land holdings to 36,000 hectares and is focusing on high-priority properties like AZ and Talbot. Freeport-McMoRan (NYSE: FCX) aims to boost copper output by 800 million pounds annually using new technology. Taseko Mines (NYSE-American: TGB) faces operational setbacks due to strikes, while Teck Resources (NYSE: TECK) saw a 74% rise in production. Ero Copper Corp. (NYSE: ERO) nears operational completion of its Tucumã Project in Brazil.
Freeport-McMoRan (NYSE: FCX) announced that Kathleen L. Quirk will receive the Ankh Award at The Copper Club’s annual dinner on June 12, 2024. The award recognizes exceptional contributions to the copper industry. Ms. Quirk, who is also the President of FCX, has taken on the role of CEO, succeeding Richard C. Adkerson. Ms. Quirk expressed pride in the recognition and is committed to enhancing value for stakeholders, driving innovation, and leveraging Freeport's resource base to meet growing copper demand.
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