logo
Plus   Neg
Share
Email

Freeport-McMoRan Reports Progress In Execution Of Important Initiatives

Freeport-McMoRan Inc. (FCX) said it remains focused on increasing volumes from its underground orebodies in Papua, Indonesia. Quarter-to-date through March 5, 2020, production from the Grasberg Block Cave and Deep MLZ orebodies averaged approximately 35,000 metric tonnes of ore per day, 35 percent above the fourth quarter 2019 average and in line with expectations, the company said.

The company's Lone Star project is nearing completion and is anticipated to be commissioned during 2020. The company said its technology initiatives to enhance productivity and unit cost performance are ongoing and achieving durable results.

Freeport-McMoRan said execution on these three important initiatives is expected to significantly enhance the company's cash flows in 2021 and beyond.

Also, FCX stated that there have been no significant disruptions to its supply chain or product shipments since the outbreak of the Coronavirus.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon.com, Inc. can be held liable for damages caused by defective goods sold on its Marketplace including third parties, according to a ruling by a California appeals court. The California Fourth District Court of Appeals was pronouncing the ruling in a case where a defective replacement laptop battery caught fire and inflicted a woman with third-degree burns. Facebook has launched "Voting Information Center" on Facebook and Instagram platforms, with a view to boosting the number of Americans vote in the upcoming U.S. presidential election in November. The social media giant's latest initiative is expected to help 4 million voters register this year, and help them navigate a 'confusing election process'. Epic Games Inc., the developer of popular game Fortnite, has filed lawsuits against both Apple Inc. and Google after they removed the game from their app stores. The development reflects disputes related to app store fee the tech giants take from each purchase. Epic Games, which has been against the 30 percent revenue cut the two tech giants take from paid apps, added a direct payment option.
RELATED NEWS
Follow RTT