Gold News

Freeport-McMoRan profits up

Major gold producer Freeport-McMoRan Copper and Gold has reported greatly increased profits compared to a year ago.

Driven by higher gold prices, the company's second quarter income rose to $1.1 billion ($2.62 per share) from $367 million ($1.74 per share) the year before.

Consolidated sales of gold rose to 913 thousand ounces, while production of the yellow metal grew to 825 thousand pounds of gold from 340 thousand. Copper sales were up to one billion pounds.

The average realized price per ounce of gold was $658.36, up from $611.61.

"Our second quarter financial performance reflects strong results in our North American, South American and Indonesian operations, and a continuation of positive market conditions for copper, gold and molybdenum," said chief executive James Moffett.

"The outlook for our business is strong and we anticipate continuing to generate strong cash flows which will be used to enhance shareholder value through investments in attractive growth projects, debt reduction and cash returns to shareholders."

Freeport-McMoRan owns the world's largest gold mine, the Grasberg mine in Indonesia.


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