在盈利电话会议上，首席执行官凯瑟琳·奎克宣布了公司的重大投资计划：麦克莫兰铜金计划投资约75亿美元，用于扩建位于智利的El Abra铜矿。她指出，由于许可要求，该项目预计需要7至8年时间才能开发完成，并表示公司计划在2025年底前提交环境影响声明。Freeport-McMoRan Copper & Gold achieved outstanding performance in the second quarter: Non-GAAP earnings per share were $0.46, higher than the market expected $0.38.
According to the Futu Securities, Freeport-McMoRan Copper & Gold's latest second quarter financial report showed that although the copper price fell due to weak demand and global inventory increase, the stock price fell to $43.54 at one point, but as of the time of publication, the stock price rebounded to $45.27 in after-hours trading. The financial report shows that Freeport-McMoRan Copper & Gold achieved outstanding performance in the second quarter: Non-GAAP earnings per share were $0.46, higher than the market expected $0.38; revenue reached $6.62 billion, an increase of 15.3% year-on-year, also exceeding the expected $6.01 billion.
In terms of production, the company produced 1 billion pounds of copper, 0.443 million ounces of gold, and 20 million pounds of molybdenum in the second quarter; sold 0.931 billion pounds of copper, 0.361 million ounces of gold, and 21 million pounds of molybdenum. For the full-year performance, the company has given a positive guidance, and expects to sell 4.1 billion pounds of copper, 1.8 million ounces of gold, and 82 million pounds of molybdenum for the whole year, among which the sales expectation for the third quarter is particularly strong, with an estimated sales of 1 billion pounds of copper, 0.475 million ounces of gold, and 20 million pounds of molybdenum.
On the earnings call, CEO Kathleen Quirk announced the company's major investment plan: Freeport-McMoRan Copper & Gold plans to invest approximately $7.5 billion to expand the El Abra copper mine in Chile. She pointed out that due to permit requirements, the project is expected to take 7-8 years to complete development, and the company plans to submit an environmental impact statement by the end of 2025.
Quirk emphasized: "We will continue to assess economic conditions based on market conditions, but we firmly believe that this project is crucial for supporting long-term copper demand trends." Chairman Richard Adkerson mentioned in the same meeting that Chilean state-owned company Codelco is looking forward to the project, and Chilean President Boric's supportive attitude towards mining has also changed positively.
Freeport-McMoRan Copper & Gold owns a 51% stake in El Abra copper mine, and the remaining shares are held by Codelco. According to the data from Chilean national agency Cochilco, El Abra copper mine produced 98.4 thousand tons of copper last year, and it is one of the company's important assets. This expansion project not only reflects Freeport-McMoRan Copper & Gold's confidence in the future copper market, but also reflects the company's commitment to sustainable development and environmental protection.
