Freeport Reports Lower First Quarter Earnings on Reduced Indonesian Output

Kitco news reported yesterday that Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) announced that its first quarter income was down from $648 million in the first quarter of last year to $510 million. The difference was largely due to a drop in copper sales from Indonesia due to the country’s recent restrictions on exports of concentrates.

As quoted in the publication:

Copper sales in the first quarter were 871 million pounds, down from 954 million in the same period a year ago and also below Freeport’s January estimate of 1 million pounds. Gold sales of 187,000 ounces were down from 214,000 a year ago and the January estimate of 325,000.

Click here to read the full Kitco News article.