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Freeport-McMoRan profit drops 22% on lower copper prices By Reuters


© Reuters. FILE PHOTO: The logo of copper miner Freeport-McMoRan Inc is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest Scheyder/File Photo

(Reuters) – U.S. mining giant Freeport-McMoRan (NYSE:) Inc on Thursday reported a 22.4% fall in second-quarter profit, hurt by lower realized prices.

Demand for , often seen as an economic bellwether, took a hit during the reported quarter over recession fears as well as COVID-19 lockdowns in top metals consumer China.

Benchmark copper prices fell around 20.4% over the April-June quarter, their biggest quarterly slump since 2011.

(GRAPHIC: Copper loses luster on inflation woes, lockdowns in China –

Freeport reported average realized copper prices of $4.03 per pound, from last year’s $4.34 per pound.

Copper production rose 17.7% to 1.08 billion pounds.

The world’s largest publicly traded copper miner reported net income of $840 million, or 57 cents a share, compared to $1.08 billion, or 73 cents per share, a year ago.

Excluding items, the company earned 58 cents per share.

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