It is the largest producer of copper, gold and molybdenum in the world, satisfying 9% of the global demand for copper.
The performance in Q was better than in the comparable period in 2011 due to higher average realized prices as well as higher production and sales of copper, gold, and molybdenum.
FORBES: Freeport Banks Future On Better Copper Production And Energy Exploration
The answer hinges on the future prices of copper, gold and molybdenum.
Shares in mining company Freeport-McMoRan headed up Wednesday after the company beat expectations for profit with greater production than it expected of its mined copper, gold and molybdenum in the first quarter.
Plan Nord is focused on opening up opportunity for permits, roads, infrastructure, to encourage more mining in northern Quebec, a region rich in diamonds, copper, molybdenum, rare earths and gold.
Mongolia makes mining geologists salivate over its known riches and unexplored potential for copper, coal, gold, silver, uranium, molybdenum, and on and on.
Freeport derives 78% of its mining revenue from copper, 12% from gold and 6% from molybdenum.
The mining company reported consolidated sales from its mines of 926 million pounds of copper, 480 thousand ounces of gold and 20 million pounds of molybdenum, beating its production forecasts for all three metals.
And a few mines, some say, have given priority to producing associated metals such as molybdenum, which is mined in tandem with copper and whose price has increased even faster than the bigger metal's.
This 51% ownership rule will cause a 14% reduction on copper reserves and a 49% reduction on gold reserves and no impact on molybdenum, as Grasberg has no molybdenum.
FORBES: Freeport McMoRan Worth $62 Despite Indonesian Shake Down
Phelps said that on a pro forma basis for 2006, its production combined with Freeport s would be approximately 1.9 million tons of copper, 1.8 million ounces of gold and 69 million pounds of molybdenum, a metal used for hardening steel.
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