Global copper mining firm Freeport McMoRan produced 18pc and 16pc more copper in H1 and Q2 2021, respectively, compared to the same timeframes last year.
Outlook
Freeport expects a capacity increase at its Lonestar and Grasberg mines from development and ramp-up projects since 2020.
Production
The company’s output stood at 1.8bn lbs (825,538mt) in H1 2021, and 913mn lbs from April to June this year according to its earnings release on Jul 22.
Sales
Freeport has also recorded a corresponding sales growth of 15pc to 1.7mn lbs in the first six months from 1.5mn lbs in the same period of 2020. The mining giant’s Q2 sales of the red metal climbed 18pc to 929mn lbs from 759mn lbs during the same year-ago quarter.
Lone Star is now expected to produce 200mn lbs of copper against 200mn lbs estimated in April. The Grasberg mine ramp-up is on schedule with a forecasted annual capacity of 1.55bn lbs.
Revenue and Income
The company’s H1 2021 revenues amounted to $11bn, nearly two-fold from $6bn in the prior year’s first half. In Q2, revenue rose to $5.8bn this year from $3bn in 2020.
Freeport McMoRan recorded a net income of $3.6bn from January-June 2021 compared to a $438mn loss in the previous year.