The Conversation (0)
Freeport McMoRan Nearly Triples First Quarter Copper Expansion
Apr. 29, 2016 09:04AM PST
Base Metals Investing 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.