SMM7 26th news: free port company (Freeport McMoRan) recently announced the second quarter of this year's results, results show that the second quarter of this year as well as the first half of the year copper and gold production and sales have declined significantly.
According to the company's results, the decline in production and sales was mainly due to the impact on ore grade in the process of changing from open-air operation to underground operation by the Gragsberg project owned by Indonesian Freeport (PT Freeport Indonesia).
Copper production fell 24 per cent to 776 million pounds (about 351987.6 tons) in the second quarter from 1.014 billion pounds (about 459942.5 tons) in the same period last year. Copper sales fell 18.5 per cent to 807 million pounds (about 366049 tons) from 989 million pounds (about 448602.8 tons) in the same period last year.
Copper production in the first half of the year was 1.556 billion pounds (about 705790 tons), down 20.9 per cent from a year earlier. Copper sales in the first half were 1.591 billion pounds (about 721665.3 tons), down 19.7 per cent from a year earlier.
Gold production and sales also fell significantly in the second quarter and the first half of this year.
Gold production in the second quarter was 160000 ounces, down 78.6 per cent from a year earlier. Gold sales were 189000 ounces, down 72 per cent from a year earlier.
Gold production in the first half was 326000 ounces, down 75.8 per cent from a year earlier. Gold sales were 431000 ounces, down 66.5 per cent from a year earlier.
"Financial report of Freeport Q2 Company
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