RESULTS: Freeport-McMoRan Copper & Gold Inc., which produces copper, gold and molybdenum, reported a 14 percent drop in second-quarter income on lower copper and gold sales and one-time charges.
CHALLENGES: The Phoenix-based company, the world's largest publicly traded copper producer, said it expected the lower sales volume because it mined a lower-quality grade of ore from its Grasberg mine in Papua, Indonesia, during the quarter. The quality should improve during the second half of the year. The company also paid higher energy and labor costs.
WHAT'S NEXT: Freeport-McMoRan plans to boost production from its Morenci, Ariz., copper mine and is ramping up production at its Safford, Ariz., copper mine. It has received permits and begun work to reopen a molybdenum mine at Climax, Colo., next year. The mine is expected to produce 30 million pounds of molybdenum a year.
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