KONTAN.CO.ID - Copper miner Freeport-McMoRan Inc on Wednesday reported a 37% fall in its fourth-quarter profit as prices for the red metal slumped due to recession fears, interest rate hikes and COVID-induced lockdowns in top consumer China. Average copper prices averaged $8,004.64 per tonne in the last three months of 2022, a 16% drop from a year-ago period, as China's economic growth faltered, while Europe and the United States stared at a recession. Miners are also struggling with higher inflation, lower demand and a rise in per-unit cost of production.
Freeport-McMoRan Quarterly Profit Slumps on Lower Copper Prices
KONTAN.CO.ID - Copper miner Freeport-McMoRan Inc on Wednesday reported a 37% fall in its fourth-quarter profit as prices for the red metal slumped due to recession fears, interest rate hikes and COVID-induced lockdowns in top consumer China. Average copper prices averaged $8,004.64 per tonne in the last three months of 2022, a 16% drop from a year-ago period, as China's economic growth faltered, while Europe and the United States stared at a recession. Miners are also struggling with higher inflation, lower demand and a rise in per-unit cost of production.