US copper miner Freeport-McMoRan has seen its net income attributable to common stockholders decrease to $343m in Q2 2023, compared with $840m in the same period a year ago.
The drop is attributed to reduced production and sales due to shipping delays in Indonesia.
The company earned revenues of $5.73bn in Q2 2023, an increase from $5.41bn in the same quarter of 2022.
Operating income dropped to $1.41bn from $1.73bn.
The miner’s adjusted net income attributable to common stock totalled $500m, or $0.35 per share. This excludes $157m of total net charges, equating to $0.11 per share.
According to Freeport-McMoRan, this is primarily associated with “charges for an unfavourable tax ruling at Cerro Verde, adjustments to environmental obligations and an accrual of a potential administrative fine in Indonesia”.
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For the second quarter of 2023, capital expenditures were $1.16bn while consolidated debt stood at $9.5bn at the end of 30 June 2023.
The company’s consolidated quarterly production included 1.1 billion pounds of copper, 483,000oz of gold and 21 million pounds of molybdenum.
Consolidated sales included one billion pounds of copper, 495,000oz of gold and 20 million pounds of molybdenum.
Freeport-McMoRan chairman and CEO Richard Adkerson said: “Our global team continues to execute our strategy and deliver strong results. During the second quarter, we achieved solid production performance, managed costs efficiently and advanced several important value-enhancing initiatives.
“As a leading supplier of copper with long-lived reserves, organic growth opportunities, a solid balance sheet and a proven track record for successful project development, we are positioned for a bright future for the benefit of all stakeholders.”