{
    "success": true,
    "data": {
        "id": 1315182,
        "msgid": "freeport-2nd-quarter-loss-in-line-with-warnings-1447893297",
        "date": "2000-07-20 00:00:00",
        "title": "Freeport 2nd quarter loss 'in line with warnings'",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "Freeport 2nd quarter loss 'in line with warnings' NEW ORLEANS (Reuters): Copper and gold mining company Freeport-McMoran Copper & Gold Inc. on Tuesday reported a second- quarter loss of US$18.6 million, in line with analysts' revised estimates after it issued a profit warning six days ago.",
        "content": "<p>Freeport 2nd quarter loss 'in line with warnings'<\/p>\n<p>NEW ORLEANS (Reuters): Copper and gold mining company<br>\nFreeport-McMoran Copper &amp; Gold Inc. on Tuesday reported a second-<br>\nquarter loss of US$18.6 million, in line with analysts' revised<br>\nestimates after it issued a profit warning six days ago.<\/p>\n<p>The loss was the result of lower copper and gold sales<br>\nresulting from delayed shipments because of bad weather affecting<br>\nits port in Irian Jaya, Indonesia, and higher costs of production<br>\n-- partly resulting from a landslide at its giant mining<br>\noperation in that country.<\/p>\n<p>New Orleans-based Freeport said its loss per share for the<br>\nthree months ended June 30 was 12 cents, a reversal from earnings<br>\nper share of 12 cents in the year-earlier period when its profit<br>\nwas $19 million. According to First Call\/Thomson Financial,<br>\naverage analysts' estimates had been reduced to the loss of 12<br>\ncents per share which had been signaled by the company last week.<\/p>\n<p>The volume of copper sales from its PT Freeport Indonesia unit<br>\ndropped 28 percent to 256.2 million pounds and gold sales slumped<br>\n44 percent to 330,500 ounces in the quarter compared with the<br>\nyear-earlier period. Average net cash production costs for copper<br>\ntripled to 33 cents per pound year-on-year.<\/p>\n<p>Freeport said that in the third quarter the Indonesian unit's<br>\nsales are expected to recover to 380 million pounds of copper and<br>\n460,000 ounces of gold. Sales for all of 2000 are expected to be<br>\nabout 1.4 billion pounds of copper and 1.9 million ounces of<br>\ngold.<\/p>\n<p>Freeport said that in the second quarter it repurchased 7.1<br>\nmillion of its own shares for $68.6 million or $9.65 per share,<br>\nand that in the first 17 days of July it bought back 1.9 million<br>\nshares for $17.2 million, or $9.16 per share. At the end of June,<br>\nthe company authorized a 20 million share increase in its<br>\nrepurchase program to 80 million shares, of which it now has 16.5<br>\nmillion left to buy back.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/freeport-2nd-quarter-loss-in-line-with-warnings-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}