Freeport-McMoRan expects copper sales to reach 1.7 mln tonnes in 2021

Copper producer Freeport-McMoRan expects to see its 2021 copper sales reach about 3.8 billion pounds, or 1.7 million tonnes, while it continues its transition to underground mining at Grasberg in Indonesia.

This is an increase from 3.2 billion lbs, or 1.4 million tonnes, on 2020 - a year in which the United States-based company faced the suspension of operations at Cerro Verde in Peru due to the Covid-19 pandemic.

Cerro Verde, which also produces molybdenum concentrate and silver, is Peru’s largest copper mine and the world’s fourth largest.

The company said that projected group sales volumes for this year are dependent on various factors, including continued progress with increasing output at Grasberg, the impact and duration of the pandemic, along with the timing of shipments.

Freeport said that, this month, it had restarted its Chino copper mine in the US state of New Mexico, as expected.

The mine was closed after several workers tested positive for Covid-19.

The company expects to achieve molybdenum sales of 85 million pounds, or 38,555 tonnes, in 2021, up from 80 million lbs (36,287 tonnes) in 2020, but still down from 90 million lbs (40,800 tonnes) in 2019.

Freeport operates two wholly-owned molybdenum mines in Colorado - the Henderson underground mine and the Climax open-pit mine. Most of the molybdenum concentrate produced at the mines is processed at the company’s on-site conversion facilities.

What to read next
Teck Resources has called off a shareholder vote on its proposed separation at the last minute, saying it would instead pursue a more simplified plan in the future
The copper industry is about to be shaken up, but it does not resolve the anticipated supply shortfall in the long run
The copper market is well-supplied from the perspective of a European custom-smelter, with ample availability of concentrates and recycling inputs, the chief executive officer of Germany’s Aurubis, Roland Harings said to Fastmarkets
There is still not enough awareness among policymakers that the world needs more copper to achieve energy transition’s ambitious targets, Trafigura’s chief executive officer Jeremy Weir said
If the chairman emeritus of Teck Resources had previously only hinted at his thoughts on the future of the company his family founded, then he spelled it out very plainly on Monday April 17
Glencore has sweetened its offer for Teck Resources by adding a cash component to its bid
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.