Summary by Moomoo AI
Freeport-McMoRan delivered solid Q3 2024 results with net income of $526 million ($0.36 per share) and adjusted net income of $556 million ($0.38 per share). Consolidated copper sales reached 1.0 billion pounds, gold sales hit 558,000 ounces, and molybdenum sales totaled 19 million pounds. Average realized prices were $4.30 per pound for copper and $2,568 per ounce for gold.Operations were impacted by an October 14 fire at PT-FI's new smelter facility in Indonesia, causing temporary suspension of smelting operations. The company is working with the Indonesian government to maintain copper concentrate exports during repairs. Mining operations in Papua and the precious metals refinery project remain unaffected. Unit net cash costs averaged $1.39 per pound of copper.Looking ahead, FCX projects 2024 consolidated sales of 4.1 billion pounds of copper, 1.8 million ounces of gold, and 80 million pounds of molybdenum. The company maintains a strong financial position with $5.0 billion in consolidated cash and $9.7 billion in debt. Operating cash flows are expected to reach $6.8 billion for 2024, based on current estimates and commodity price assumptions.
