Freeport-McMoRan quarterly profit slumps on lower copper prices

Freeport-McMoRan quarterly profit slumps on lower copper prices

Freeport-McMoRan quarterly profit falls on lower copper price By Reuters

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Economy 3 minutes ago (Jan 25, 2023 08:21AM ET)

(C) Reuters. FILE PHOTO: The logo of copper miner Freeport-McMoRan Inc is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest Scheyder

(Reuters) – Miner Freeport-McMoRan (NYSE:FCX) Inc reported a fall in fourth-quarter profit on Wednesday as recession fears, interest rate hikes and COVID-induced lockdowns in China dented copper prices.

The Phoenix-based miner’s net income fell to $697 million, or 48 cents per share, in the three months ended Dec. 31, compared with $1.1 billion, or 74 cents per share, last year.

Freeport-McMoRan quarterly profit falls on lower copper price

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