Freeport-McMoRan profit more than halves on weak copper prices

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LME copper has given up 30% since touching a record peak in March, largely holding in a range between $7,200 and $8,000 since end-August, pressured by COVID-19 flare-ups in China, the world’s biggest metal consumer.

The Phoenix-based mining giant said average realized price for copper was $3.50 per pound at the end of the third quarter, lower than last year’s $4.20 per pound.

However, the miner, which runs Indonesia’s Grasberg, one of the world’s largest copper mines, said its quarterly copper production rose to 1.06 billion recoverable pounds from last year’s 987 million.

The company said net income attributable to common stock fell to $404 million, or 28 cents per share, in the quarter ended Sept. 30, from $1.4 billion, or 94 cents per share, last year.