Freeport McMoran Copper & Gold (FCX Quote) shares fell Tuesday after the mining giant reported weaker-than-expected fourth-quarter results amid declining levels of production and sales at its core Indonesian operations.
The company reported fourth-quarter net income of $426 million, or $1.99 per share, down 8% from a year earlier and weaker than the $2.12 per share consensus forecast. At $1.64 billion, fourth-quarter revenue was up 10% from a year earlier but below the analysts' consensus of $1.72 billion.
The company said copper production at its Grasberg mine in Indonesia fell 8% from a year ago to 435.2 million pounds, while gold production fell by more than 53% to 514 million ounces. Sales totaled 433 million pounds of copper and 508,000 ounces of gold in the quarter, down from 465 million pounds and 1.1 million ounces in the year-ago quarter. ...
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