American mining company Freeport-McMoRan has reported strong results in the second quarter of this year driven by higher demand and improved production of key metals.
The company’s net income attributable to common stock was $1.08bn in the three month period that ended on 30 June. The figure was $53m in the same quarter a year ago.
The miner’s adjusted net income attributable to common stock totalled $1.14bn, or $0.77 per share.
Revenues also increased from $3.05bn in Q2 2020 to $5.75bn in Q2 2021.
Freeport-McMoRan reported consolidated sales of 929 million pounds of copper in the quarter. In the same period, the company also sold 305 thousand ounces of gold and 22 million pounds of molybdenum.
During the second quarter, total copper sales amounted to $929m, jumping more than 22% from $759m recorded in the prior year quarter.
Gold and molybdenum sales also increased from $184m to $305m and $18m to $22m, respectively.
Freeport-McMoRan chairman and CEO Richard C. Adkerson said: “Our global team continues to execute our operating plans safely, efficiently and responsibly, providing strong cash flows and a solid foundation for future profitability and growth.
“During the first half of 2021, we reduced our net debt by $2.7bn and achieved our targeted net debt level, positioning us for increasing cash returns to shareholders and investments in future growth in accordance with our financial policy.
“As a leading responsible producer of copper, we are optimistic about the prospects for our business and our role in supporting a growing global economy and the transition to clean energy.”