Freeport reported second-quarter 2024 net income attributable to common stock of $616 million, $0.42 per share, and adjusted net income attributable to common stock of $667 million, $0.46 per share, after excluding net charges totaling $51 million, $0.04 per share, primarily associated with nonrecurring labor-contract charges at Cerro Verde and revisions to environmental obligation estimates.
Richard Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, said, “Our global team remained focused during the quarter on strong execution of our operating plans, enhancing productivity and cost control, and initiatives to build and advance optionality in our organic growth portfolio. Our team reached an important milestone in Indonesia during the quarter with the start of commissioning of our major new copper smelter, and we are working to execute a safe and efficient ramp-up to full capacity by the end of the year. This strategically important investment is integral to support our long-term, high-quality operations in the Grasberg minerals district. Copper pricing was strong in the second quarter. The long-term outlook for copper is supported by copper’s increasingly important role in the global economy and limited available supplies to meet growing demand. Freeport is well positioned for the future as a leading, responsible producer of copper with multiple options for future growth and an experienced and innovative team with a track record of accomplishment.”
For full details, read the news release on FCX.com.