{"id":876323,"date":"2018-07-25T18:30:44","date_gmt":"2018-07-25T18:30:44","guid":{"rendered":"http:\/\/juniorminingnews.com\/?p=876323"},"modified":"2018-07-25T18:30:44","modified_gmt":"2018-07-25T18:30:44","slug":"freeport-profit-jumps-miner-flags-market-jitters-over-trade-rows-2","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=876323","title":{"rendered":"Freeport profit jumps, miner flags market jitters over trade rows"},"content":{"rendered":"

By Reuters<\/a><\/span> <\/p>\n

TORONTO, July 25 (Reuters) \u2013 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, but flagged market jitters from global trade disputes.<\/p>\n

Uncertainty around the economic impact of a U.S.-China trade war has pushed copper prices lower in recent weeks, but Phoenix-based Freeport has not seen a decline in demand to date, Chief Executive Richard Adkerson said.<\/p>\n

Freeport reported a second-quarter adjusted profit of 58 cents per share, up from 17 cents a year earlier.<\/q><\/p>\n

“We remain positive on the outlook for copper prices given limitations on supply and the important role of copper in the global economy,” Adkerson said in a statement. ” We will be prepared to adjust our plans if necessary to respond to market conditions.”<\/p>\n

Freeport reported a second-quarter adjusted profit of 58 cents per share, up from 17 cents a year earlier when results where hurt by a strike and operational issues at its giant Grasberg mine and well ahead of analysts’ average expectation for a profit of 52 cents per share. Earlier this month, Freeport said it would sell a majority stake in Grasberg, the world’s second-biggest copper mine, to the Indonesian government via a series of complex deals including Rio Tinto worth $3.9 billion.<\/p>\n

Separately on Tuesday, Indonesia’s parliament asked the government to recalculate Grasberg damages to the environment, estimated in a 2017 report at $13.25 billion, though the rationale was unclear.<\/p>\n

Freeport said it is now negotiating with the government on legal and fiscal terms for a new permit that would run through 2041.<\/p>\n

Mining at the Grasberg open pit is being extended by six months, Freeport said, and lower copper and gold production is expected as operations transition underground in 2019 and 2020.<\/p>\n

Indonesia introduced new rules last year to gain greater control over mineral resources, requiring miners to divest a majority stake in their operations, relinquish arbitration rights and pay new taxes and royalties.<\/p>\n

Freeport said second-quarter copper sales grew to 989 million pounds, from 942 million pounds, while gold sales rose to 676,000 ounces from 432,000 ounces.<\/p>\n

It had forecast copper sales of 970 million pounds and gold sales at 700,000 ounces in April.<\/p>\n

The average copper price rose to $3.08 per pound, from $2.65 a pound in the same period last year, while gold prices rose to $1,274 per ounce from $1,243.<\/p>\n

Freeport increased its 2018 copper cash forecast to $1.04 a pound from $1.01 a pound.<\/p>\n

(Reporting by Susan Taylor Editing by Chizu Nomiyama, Steve Orlofsky and Susan Thomas)<\/em><\/p>\n

The post Freeport profit jumps, miner flags market jitters over trade rows<\/a> appeared first on MINING.com<\/a>.<\/p>\n

…read more<\/a> <\/p>\n

From:: Mining.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Reuters TORONTO, July 25 (Reuters) \u2013 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, but flagged market jitters from global trade disputes. Uncertainty around the economic impact of a U.S.-China trade war has pushed copper prices lower in recent weeks, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/876323"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=876323"}],"version-history":[{"count":0,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/876323\/revisions"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=876323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=876323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=876323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}