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Freeport-McMoRan Inc (FCX)

FCX on New York Consolidated

11.67USD
26 May 2017
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Latest Key Developments (Source: Significant Developments)

Freeport reluctant to fully suspend Grasberg development -CEO
Tuesday, 25 Apr 2017 11:24am EDT 

April 25 (Reuters) - Freeport-McMoRan :Reluctant to fully suspend Grasberg block cave expansion, would take months to reassemble highly-skilled workers, posing "significant operational issue" -CEO Richard Adkerson.Grasberg mine ramp up targets mill rate of less than 200,000 tons in Q2, reaching 200,000 tons by end of Q2 -Chief Financial Officer Kathleen Quirk.Q1 conference call ends.  Full Article

Freeport to reduce Grasberg inventory, deal with labor issues
Tuesday, 25 Apr 2017 11:06am EDT 

April 25 (Reuters) - Freeport-McMoRan :CEO Richard Adkerson says close to 100,000 tons copper concentrate stored at Grasberg portside and storage facilities, will use series of ships with 25,000 ton capacity to reduce inventory.Freeport in talks with union representing 12,000 of 32,000 Grasberg workforce to end absenteeism, getting support from police, gov't -CEO.Freeport worker absenteeism affected by recent demonstration, in which some injured by police use of rubber bullets, union also concerned by Freeport plans to reduce employment -CEO.Freeport's Adkerson says recent Indonesia visit by U.S. VP Mike Pence was positive, company getting support from others in U.S. gov't: state department, Congress and business groups for Indonesia-U.S. bilateral relationships.Freeport does not underestimate challenges in long-term permit talks with gov't, arbitration remains option, in mid-June either Freeport or gov't can pursue, Freeport hopes to avoid-CEO.  Full Article

Freeport-McMoRan slows Grasberg development spend-CEO
Tuesday, 25 Apr 2017 10:43am EDT 

April 25 (Reuters) - Freeport-McMoRan Inc :CEO Richard Adkerson says capital spending at Indonesia's Grasberg mine slowed by about one-third in first quarter, now spending about $40 million each month on Grasberg block cave.Freeport prepared to suspend Grasberg underground development, total suspension would put about 5,000 workers out of work-CEO.Freeport says Indonesia's government has lost almost $500 mln in taxes, royalties during 3-month export ban-CEO.Freeport able to generate cash flow from Grasberg even if exports suspended-CEO.Freeport has spent $3 billion to date on Grasberg block cave development, just over halfway through that development-CEO.  Full Article

Freeport-McMoran posts Q1 earnings per share $0.16
Tuesday, 25 Apr 2017 08:00am EDT 

April 25 (Reuters) - Freeport-McMoran Inc :Q1 earnings per share $0.16.Q1 earnings per share view $0.19 -- Thomson Reuters I/B/E/S.Freeport-McMoran Inc - at March 31, 2017, consolidated debt totaled $15.4 billion and consolidated cash totaled $4.0 billion.Freeport-McMoran - sales for year 2017 are expected to approximate 3.9 billion pounds of copper, 1.9 million ounces of gold and 93 million pounds of molybdenum.Freeport-McMoran Inc - capital expenditures totaled $344 million for first-quarter 2017.Freeport-McMoran Inc - capital expenditures for year 2017 are expected to approximate $1.6 billion.Freeport-McMoran Inc - qtrly revenues $3,341 million versus $3,242 million.Freeport-McMoran - sales for Q2 expected to approximate 1.0 billion pounds of copper, 440 thousand ounces of gold and 24 million pounds of molybdenum.Q1 revenue view $3.46 billion -- Thomson Reuters I/B/E/S.Freeport-McMoran Inc qtrly average realized price per pound of copper $2.68 versus $2.16.Freeport-McMoran - qtrly sales volumes impacted by regulatory restrictions on pt freeport indonesia's (pt-fi) concentrate exports since mid-january 2017.Freeport-McMoran - Q1 sales of 809 million pounds of copper were lower than Jan estimates of 1.0 billion pounds of copper.Freeport-McMoran Inc - first-quarter 2017 sales of 182 thousand ounces of gold were lower than January 2017 estimates of 460 thousand ounces of gold.Freeport-McMoran Inc qtrly average realized price per ounce of gold $1,229 versus $1,227.  Full Article

Freeport-McMoRan says as of Feb 24, PT-FI has not obtained approval to export concentrate - SEC Filing
Friday, 24 Feb 2017 02:41pm EST 

Freeport-McMoRan Inc : As of Feb 24, 2017, PT-FI has not obtained approval to export concentrate and production remains suspended - SEC filing .PT-FI has begun to adjust cost structure, reduce workforce and spending, suspend investments in underground development projects.  Full Article

Freeport-McMoran updates status of PT Freeport Indonesia operations
Monday, 20 Feb 2017 09:28am EST 

Freeport-McMoran Inc : Freeport-McMoran updates status of PT Freeport Indonesia operations . Following more than five years of discussions of PT-FI with Indonesian government, parties have failed to reach agreement . Says PT smelting has advised PT-FI that it expects to resume operations in March 2017 . PT-FI has advised government that attempts to enforce regulations on PT-FI, which were passed in Jan and Feb, violates PT-FI's COW . Assuming resumption of PT Smelting's operations in March, continuation of ban on exports, estimates Q1 sales to be reduced . For each month of delay in obtaining approval to export, PT-FI's share of production is projected to be reduced by about 70 million pounds of copper .For each month of delay in obtaining approval to export, PT-FI's share of production is projected to be reduced by about 70 thousand ounces of gold.  Full Article

Freeport to cut Indonesia operations if export approval delayed
Friday, 3 Feb 2017 09:17am EST 

Freeport-mcmoran Inc : Freeport-McMoran updates status of pt freeport indonesia operations . Freeport-Mcmoran inc says pt freeport indonesia continues to seek approval from indonesian authorities for export of its copper concentrates . Freeport-Mcmoran - have been actively engaged with indonesian governmental authorities to enable full operations at pt-fi to continue without disruption . Freeport-Mcmoran -continuing delay in obtaining rights to export copper concentrates will require pt-fi to undertake near-term actions to reduce production . Freeport-Mcmoran -under reduced operating plans, pt-fi will be required to significantly adjust its cost structure, reduce its work force and spending .Freeport-Mcmoran - for each month of delay in obtaining approval, pt-fi sees share of production reduced by about 70 million pounds copper, 70 thousand ounces gold.  Full Article

Moody's says Indonesia's new mining regulations credit negative for FCX
Friday, 27 Jan 2017 09:04am EST 

Freeport-McMoran Inc : Moody's says Indonesia's new mining regulations credit negative for FCX .Moody's-Indonesia's new mining regulations credit negative for FCX as ability to achieve upgrade could be of longer duration than denoted by positive outlook.  Full Article

Freeport Indonesia mine would need to cut output by mid-Feb if no export license - CEO
Wednesday, 25 Jan 2017 10:58am EST 

: Better Demand, Low Inventories And Future Deficits Point To "Bright Future" For Copper - Freeport-mcmoran CEO Richard Adkerson says . Freeport ceo says company doesn't have to do m&a as it has strong internal projects but with improving balance sheet and copper price could be either a buyer or seller . Freeport ceo says weaker performance at grasberg mine in indonesia is due to workers not meeting productivity standards, raising grievances . Freeport ceo says working with grasberg union and management to rectify weaker productivity at the mine . Freeport ceo says that under its contract with indonesian government, government cannot change its obligations by adopting new laws and regulations . Freeport ceo says company has been given "indications" by indonesia government that it will be allowed to resume copper concentrate exports while it negotiates converting its contract . Freeport ceo says it could take three months to deal with process of converting its contract in indonesia to a special operating license . Freeport ceo says there is a strike at gresik copper smelter in indonesia, which has impact on grasberg mine shipments to smelter.  Full Article

Freeport-McMoran reports Q4 and year ended Dec 31, 2016 results
Wednesday, 25 Jan 2017 08:00am EST 

Freeport-McMoran Inc :Freeport-McMoran reports fourth-quarter and year ended December 31, 2016 results.  Full Article

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Strike impacts Freeport's Grasberg mine, workers 'resigned'

TORONTO Freeport McMoRan Inc said Thursday that mining and milling rates at its Grasberg mine in Papua, Indonesia have been affected by an extended strike, and a "large number" of approximately 4,000 absentee workers were deemed to have resigned.