{
    "success": true,
    "data": {
        "id": 1063301,
        "msgid": "freeport-expects-lower-profits-in-2nd-quarter-1447893297",
        "date": "1996-07-11 00:00:00",
        "title": "Freeport expects lower profits in 2nd quarter",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "Freeport expects lower profits in 2nd quarter SYDNEY (Reuter): Freeport McMoran Copper and Gold Inc said yesterday that it expects its second quarter 1996 financial results to be affected by lower copper prices. The results would be affected despite excellent sales levels of copper and gold and significantly improved total unit cash production costs, equal to about US$0.15 a pound, Freeport said.",
        "content": "<p>Freeport expects lower profits in 2nd quarter<\/p>\n<p>SYDNEY (Reuter): Freeport McMoran Copper and Gold Inc said<br>\nyesterday that it expects its second quarter 1996 financial<br>\nresults to be affected by lower copper prices.<\/p>\n<p>The results would be affected despite excellent sales levels<br>\nof copper and gold and significantly improved total unit cash<br>\nproduction costs, equal to about US$0.15 a pound, Freeport said.<\/p>\n<p>New Orleans-based Freeport said it expected to report lower<br>\nsecond quarter 1996 earnings per share compared with the $0.20 a<br>\nshare reported in the second quarter of 1995.<\/p>\n<p>Freeport said it expected to report a price of about $0.90 a<br>\npound for essentially all of its second quarter copper sales.<\/p>\n<p>Freeport is engaged in exploration, mining and milling of<br>\ncopper, gold and silver in Irian Jaya, Indonesia and the smelting<br>\nand refining of copper concentrates in Spain.<\/p>\n<p>Freeport said its operations continued to perform well, with<br>\nthroughput exceeding 125,000 metric tones a day.<\/p>\n<p>Expansion and exploration activities would not be affected by<br>\nrecent developments in the copper market, Freeport said.<\/p>\n<p>Copper prices tumbled in June in wake of the Sumitomo Corp<br>\ntrading scandal as copper traders, fearful of a large tonnage of<br>\nmetal being unleashed on the market, sought to sell out of the<br>\ncopper positions.<\/p>\n<p>The September COMEX copper contract closed at $0.91.40 cents a<br>\npound on Tuesday.<\/p>\n<p>The $0.90 a pound was based on sales of its copper<br>\nconcentrates, which were provisionally priced at the time of<br>\nshipment, adjusted at the end of each month based on prevailing<br>\nprices, and then final priced under contract terms, the company<br>\nsaid<\/p>\n<p>Additionally, copper sold in concentrate form in the first<br>\nquarter and not final priced at June 30 would also be re-priced<br>\nat $0.90 a pound.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/freeport-expects-lower-profits-in-2nd-quarter-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}