Lower prices, stubborn costs could weigh on copper miners' quarterly results [Globe and Mail, The (Toronto, Canada)]
Freeport-McMoRan, Inc. (FCX)
Last freeport-mcmoran, inc. earnings: 4/24 07:30 am
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Source: Globe and Mail, The
Freeport-McMoRan ( decrease ) and Canada's Teck Resources ( TECK.B-T ) are expected to post a combined adjusted net income of $666.3 million, according to LSEG estimates, compared with $1.43 billion in the year-ago quarter. Copper prices touched a multi-year high last month after major Chinese copper smelters agreed to limit capacity expansion. Despite the late rally, average benchmark copper prices were down about 5% during the quarter compared to last year, weighed by concerns over demand in top-consumer China and fears of elevated interest rates. “I would expect first-quarter cash flow to be low because, again, the copper price had not yet really risen,” said Chris LaFemina, managing director, global metals and mining equities research at Jefferies. The miners are also grappling with a labor shortage, especially in countries such as the U.S., and lower grades of ore, raising the per-unit production cost. “In mining, costs tend to lag prices. So when the prices go down, i
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