FCX Reports Increased Copper And Gold Sales In First Quarter

PHOENIX, AZ Freeport-McMoRan Inc. reported first-quarter 2018 copper sales of 993 million pounds approximated the January 2018 estimate of 1.0 billion pounds, and were higher than first-quarter 2017 sales of 809 million pounds, primarily reflecting higher operating rates in Indonesia. First-quarter 2018 gold sales of 610 thousand ounces were lower than the January 2018 estimate of 675 thousand ounces, primarily because of lower-than-expected mill throughput rates associated with maintenance activities at Grasberg. First-quarter 2018 gold sales were higher than first-quarter 2017 sales of 182 thousand ounces, primarily reflecting higher ore grades and operating rates in Indonesia. Lower operating rates in first-quarter 2017 reflected the regulatory restrictions on PT-FI's concentrate exports from mid-January 2017 to mid-April 2017. First-quarter 2018 molybdenum sales of 24 million pounds approximated the January 2018 estimate and first-quarter 2017 sales of 24 million pounds.

FCX's mining exploration activities are focusing on opportunities to expand reserves and resources to support development of additional future production capacity. A drilling program to further delineate the Lone Star resource continues to indicate additional mineralization in this district. Exploration results continue to indicate opportunities for significant future potential reserve additions in North America and South America. Exploration spending is expected to approximate $72 million for the year 2018, consistent with the year 2017.