Freeport McMoRan Nearly Triples First Quarter Copper Expansion

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Freeport McMoRan (NYSE:FCX) has nearly tripled its first quarter copper output in Peru following a $4.6 billion expansion at its Cerro Verde operations, Platts reported. As quoted in the publication: Copper production jumped to 272 million lb in Q1 from 107.2 million lb a year earlier, while copper sales jumped to 262.6 million lb from …

Freeport McMoRan (NYSE:FCX) has nearly tripled its first quarter copper output in Peru following a $4.6 billion expansion at its Cerro Verde operations, Platts reported.
As quoted in the publication:

Copper production jumped to 272 million lb in Q1 from 107.2 million lb a year earlier, while copper sales jumped to 262.6 million lb from 109.9 million lb, the Sociedad Minera Cerro Verde unit said Thursday in a filing to securities regulator SMV.
Asia accounted for 80% of sales last year, followed by North America (8%), South America (7%) and Europe (5%), it said.
Capital expenditures totaled $163 million in the quarter due to spending on the expansion, which has been completed and ramped up to full capacity in the quarter, the company said.

Click here for the full press release.

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