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Freeport: reduces copper sales prospects for 2020 gold sales prospects increase slightly
Apr 29,2020 08:40CST
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SMM4, March 29-Freeport recently reduced its copper sales prospects, with expected copper sales in the Americas down 15 percent, or 400 million pounds, in 2020. After a review of low-cost mining configurations, copper mining and dressing rates in North America will be reduced by about 20 percent.

The outlook for gold sales increased slightly in 2020, from 775000 ounces to 780000 ounces, and molybdenum sales are expected to fall from 88000 pounds to 80000 pounds.

The company announced an estimated $1.3 billion, or 18 per cent, reduction in operating costs and a 20 per cent reduction in exploration and management costs, or $100m, by 2020.

Our revised plan aims to actually exceed the liquidity set in our annual plan announced 1/4 years ago at current copper prices by the end of 2020, Richard Adelson (Richard Adkerson), president and chief executive, said on a conference call.

Some analysts point out that Freeport has learned from previous downturns because the company now has ample liquidity and has no debt maturing by 2022.

In addition, the analysis of the report said that the medium-term outlook for copper prices is optimistic, saying that there are potential structural demand drivers that could lead to growth exceeding global GDP growth, such as the use of copper in renewable energy, electric vehicles and their potential use in copper. Because of its antimicrobial properties, it has a variety of applications.

 

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