Freeport-McMoRan says 'weather event' impacted production and sales in Q1; reports net income of $663M FreeportMcMoRan
- Freeport-McMoRan , one of the world's largest copper and gold producers, announced today that the company produced 965 million pounds of recoverable copper in Q1 2023, down 4.4% over Q1 2022 .
Lower copper sales in Q1 2023, compared to Q1 2022 sales of 1.0 billion pounds, also reflected the deferral of sales recognition for approximately 110 million pounds related to the PT Smelting tolling arrangement and the timing of shipments. The company added that its Q1 2023 unit net cash costs were 32% higher than the Q1 2022 average of $1.33 per pound, primarily reflecting the impact on consolidated results of lower copper sales volumes from PT-FI.
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