Freeport 3Q Net Income Doubles From Year Ago
Freeport-McMoRanInc. (NYSE: FCX) reports net income of $556 million, or 38 cents per share, inthe third quarter, roughly double $280 million, or 19 cents, in the same perioda year ago. Excluding special items, third-quarter adjusted net income was $514million, or 35 cents a share, the company reports. Third-quarter copper salesof 1.04 billion pounds were 8% higher than the July estimate of 970 millionpounds and 12% above third-quarter 2017 sales of 932 million pounds, primarilyreflecting higher ore grades and operating rates in Indonesia, Freeport says.The same factors boosted gold sales, which were 837,000 ounces, which was 20%higher than the July estimate of 700,000 and more than double third-quarter 2017sales of 355,000. Molybdenum sales were 22 million pounds, which was lower thanthe July estimate of 24 million and but roughly matched year-ago sales. Thecompany says sales volumes for the full-year 2018 are expected to approximately3.8 billion pounds of copper, 2.45 million ounces of gold and 95 million poundsof molybdenum, including 790 million pounds of copper, 330,000 ounces of goldand 25 million pounds of molybdenum in the fourth quarter. Freeport previouslydeclared a quarterly cash dividend of a nickel per share, which will be paid onNov. 1. During the quarter, the company and Rio Tinto announced an agreement inwhich the Indonesia’s state mining company will acquire a majority stake in thegiant Grassberg copper-gold mine, with Rio selling its entire share. "Ourglobal team delivered a solid operating quarter and maintained a sharp focus onproductivity, cost management, capital discipline and initiatives to buildvalue for shareholders,” says Richard C. Adkerson, president and chief executiveofficer of Freeport. “The pending completion of our new long-term partnershipwith the Indonesian government will enable us to de-risk a world-class asset.”
By Allen Sykoraof Kitco News; asykora@kitco.com
Pan American Silver Announces Major La Colorada Discovery
Wednesday October 24, 2018 08:00
Pan American Silver Corp. (NASDAQ,TSX: PAAS) says a major discovery at its La Colorada mine in Mexico could “substantially expand” mineralresources, and the company is increasing its exploration budget for theremainder of the year. Pan American says wide zones of mineralization have been discovered below currentproduction levels. In a news release, officials listed a series of holes inwhich silver was discovered at grades ranging from 20 grams per tonne up to 80g/t, as well as base metals. La Colorada is the company's largestsilver-producing mine, with Pan American projecting the operation will produce7.4 million to 7.7 million ounces of silver in 2018. "These areextraordinary exploration results for our La Colorada mine, indicating the potential to substantially expandmineral resources, mine life and ultimately production capacity,"says Christopher Emerson, vice president for business development and geology."Following the most recent mine expansion completed in 2017, we haverenewed our exploration efforts at La Colorada, and these recent discoveries validate the importantexploration potential of this mine." The company says it will spend anadditional $2.5 million inexploration drilling at La Colorada overthe remainder of 2018 and will budget a major drilling program for 2019, whichis expected to result in a first resource estimate later in 2019. To date, 15drill holes have been completed from three underground locations for a total of6,080 meters of drilling.
By Allen Sykoraof Kitco News; asykora@kitco.com
Newmont Mining Maintains 14-Cent QuarterlyDividend
Wednesday October 24, 2018 08:00
Newmont Mining Corp. (NYSE: NEM) announces thatits board of directors declared a quarterly dividend of 14 cents per share ofcommon stock, payable on Dec. 27 to shareholders of record at the close ofbusiness on Dec. 6. Thiskeeps the dividend at the same level as the September payout.
By Allen SykoraFor Kitco News
Follow @AllenSykora
asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. |