Freeport-McMoRan Copper & Gold’s fouth-quarter profit fell to $640 million

Freeport-McMoRan Copper & Gold Inc. said Thursday its fouth-quarter profit fell to $640 million, or 67 cents a share, from $1.5 billion, or $1.63 a share, in the year-ago period. Revenue at the Phoenix-based mining firm dropped to $4.16 billion, from $5.6 billion. Wall Street analysts expected the company to earn 61 cents a share on revenue of $3.85 billion, according to a survey by FactSet Research.

Freeport-McMoRan said its results were impacted by a strike at its Grasberg mine in Indonesia, but that the dispute has now been resolved. “We are continuing to advance our growth projects which are expected to result in meaningful increases to copper…production in future periods,” the company said. “Our exploration programs continue to identify opportunities to grow our reserve base. We ended the year with significantly more cash than debt and have a positive outlook for the future prospects of our business.”  - MarketWatch

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Posted by admin on Jan 19 2012. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry