The numbers came in late July with FCX posting a net loss of $72 million common stock (about $0.05 a share) in its six-month report for the year.
In spite of those results, the company reported it hit several milestones so far this year, including ramping up work on Grasberg operations in Indonesia as it transitions from an open-pit mine to an underground mine.
Another boon for Freeport has been the results at the Safford mining operation.
“We are also progressing our Lone Star copper leach project in Arizona and remain optimistic about the long-term opportunities for this large resource,” Richard C. Adkerson, president and chief executive officer, said.
Initial production from the Lone Star project is expected to average 200 million pounds of copper per year with potential for expansion, according to FMI. That’s currently on track for the end of next year.
“The project also advances exposure to a significant sulfide resource. FCX expects to incorporate recent positive drilling and ongoing results in its future development plans,” Adkerson said.
The reported losses can largely be attributed to rising production costs and drops in the price of copper and gold as a result of the trade conflict between the United States and China.
The full release can be found online at https://fcx.com/.