Freeport-McMoRan Copper & Gold Inc. reports Q3 and 9-months 2000 results
Wednesday, October 18 2000 - 04:00 AM WIB
Highlights
? Freeport-McMoRan Copper & Gold Inc. (FCX) reported a $0.06 per share net loss for the third quarter of 2000, reflecting lower gold sales volumes as compared to the 1999 quarter and including charges totaling $26.2 million, which reduced net income by $19.6 million ($0.13 per share), for the net negative effect of weaker foreign currencies ($20.5 million, $16.8 million to net loss, $0.11 per share) and FCX's previously announced corporate restructuring ($5.7 million, $2.8 million to net loss, $0.02 per share).
? FCX's Indonesian mining unit, PT Freeport Indonesia (PT-FI), recorded sales of 388.3 million pounds of copper and 422,700 ounces of gold during the third quarter of 2000. Fourth-quarter sales are projected to total approximately 410 million pounds of copper and 675,000 ounces of gold.
? PT-FI's average net cash production costs, including gold and silver credits, were $0.33 per pound of copper for the third quarter of 2000. Net cash production costs are expected to average approximately $0.11 per pound for the fourth quarter of 2000 and $0.25 per pound for full-year 2000.
? PT-FI's 25 percent owned smelting unit, PT Smelting, operated at approximately its design production capacity during the third quarter after completing a planned shut down of its smelter during the second quarter of 2000.
? PT-FI has received governmental approval to extend its overburden stockpile stabilization plan for up to an additional 25 million metric tons of overburden in the Wanagon basin over a six-month period.
? During the third quarter of 2000 FCX purchased 4.4 million shares of its common stock for $38.2 million, $8.67 per share.
Third Quarter Nine Months
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2000 1999 2000 1999
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(In thousands, except per share amounts)
Revenues $473,837 $473,658 $1,338,777 $1,359,829
Operating income 90,099 154,319 273,291 404,546
Net income (loss) (9,192) 26,809 (18,564) 63,480
Diluted net income
(loss) per share (.06) .16 (.12) .39
Diluted average
shares outstanding 150,088 164,844 156,597 164,471
Freeport-McMoRan Copper & Gold Inc. reported a third-quarter 2000 net loss applicable to common stock of $9,192,000, $0.06 per share, compared with third-quarter 1999 net income of $26,809,000, $0.16 per share. For the nine months ended September 30, 2000, FCX reported a net loss applicable to common stock of $18,564,000, $0.12 per share, compared with net income of $63,480,000, $0.39 per share, a year ago.
Contact:
Chris D. Sammons, 504/582-4474 (Financial Contact) or
William Collier, 504/582-1750 (Media Contact) (*)