Summary
Freeport-McMoRan Inc. reported its 2019 financial and operational results, highlighting a substantial portfolio of long-lived copper and gold assets across North America, South America, and Indonesia. The company is strategically advancing its underground development projects in the Grasberg minerals district in Indonesia and the Lone Star project in Arizona, which are expected to significantly boost consolidated metal production by 2021. Operational efficiencies are being enhanced through technology and data science initiatives across its North American and South American operations. Financially, 2019 saw revenues of $14.4 billion, a decrease from $18.6 billion in 2018, primarily due to lower copper and gold sales volumes and lower copper prices. Despite a net loss attributable to common stockholders of $239 million in 2019, the company maintained a strong liquidity position with $2.0 billion in consolidated cash and cash equivalents and approximately $3.5 billion available under its revolving credit facility at year-end. The company also reported significant proven and probable mineral reserves, totaling 116.0 billion pounds of copper, 29.6 million ounces of gold, and 3.58 billion pounds of molybdenum.
Financial Highlights
52 data points| Revenue | $14.40B |
| Cost of Revenue | $13.13B |
| Gross Profit | $1.28B |
| SG&A Expenses | $394.00M |
| Operating Expenses | $13.31B |
| Operating Income | $1.09B |
| Net Income | -$239.00M |
| EPS (Basic) | $-0.17 |
| EPS (Diluted) | $-0.17 |
| Shares Outstanding (Basic) | 1.45B |
| Shares Outstanding (Diluted) | 1.45B |
Key Highlights
- 1Freeport-McMoRan reported 2019 revenues of $14.4 billion, down from $18.6 billion in 2018, attributed to lower sales volumes and copper prices.
- 2The company experienced a net loss attributable to common stockholders of $239 million in 2019, compared to a net income of $2.6 billion in 2018.
- 3Significant progress was made on underground development at the Grasberg minerals district in Indonesia and the Lone Star project in Arizona, with improved consolidated metal production expected by 2021.
- 4Operational efficiency initiatives, including data science and machine learning, are being implemented across North America and South America operations.
- 5As of December 31, 2019, the company held $2.0 billion in consolidated cash and cash equivalents and $9.8 billion in total debt.
- 6Estimated consolidated proven and probable mineral reserves were substantial, totaling 116.0 billion pounds of copper, 29.6 million ounces of gold, and 3.58 billion pounds of molybdenum.