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Freeport-McMoRan Inc. (FCX-3.71%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports consolidated revenues of $25.5 billion for 2024, an increase from $22.9 billion in 2023, driven by higher average realized prices for copper and gold, and higher gold sales volumes.
Net income attributable to common stockholders was $1.9 billion, or $1.30 per share, compared to $1.8 billion, or $1.28 per share, in 2023. The increase in net income was primarily due to higher metal prices, offset by higher operating costs.
Operating cash flows for 2024 were $7.2 billion, up from $5.3 billion in 2023, reflecting improved revenues and working capital changes.
Capital expenditures totaled $4.8 billion in 2024, consistent with 2023, with significant investments in major mining projects and PT-FI’s new downstream processing facilities.
Freeport-McMoRan's copper production for 2024 was 4.2 billion pounds, with gold production at 1.9 million ounces and molybdenum production at 80 million pounds.
The company forecasts 2025 copper sales volumes of 4.0 billion pounds and gold sales volumes of 1.6 million ounces, with molybdenum sales projected at 88 million pounds.
Freeport-McMoRan continues to focus on enhancing productivity and managing costs, with ongoing projects to incorporate new technologies and data analytics into leaching processes.
The company reports significant proven and probable mineral reserves, with estimated reserves of 97.0 billion pounds of copper, 23.0 million ounces of gold, and 3.16 billion pounds of molybdenum as of December 31, 2024.
Freeport-McMoRan's operations are subject to various risks, including fluctuations in commodity prices, geopolitical and regulatory risks, and operational challenges, as detailed in the risk factors section of the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Freeport-McMoRan Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.