Freeport-McMoRan on Copper Prices: You Ain't Seen Nothing Yet

January 26, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Growing demand for copper and higher prices for gold are boosting fortunes at Freeport-McMoRan Incorporated (NYSE:FCX) (Phoenix, Arizona), which expects to sell 4.1 billion pounds of copper, 2 million ounces of gold and 85 million pounds of molybdenum in 2024. Those expectations for copper are flat when compared with 2023's results, but exceed last year's sales of gold and molybdenum. Closures and disruptions at various copper mines worldwide have driven prices higher for the metal, which is a necessary component for clean-energy technology and electric-vehicle batteries.

Industrial Info is tracking nearly $13 billion worth of active and planned projects from Freeport-McMoRan worldwide, including about $3 billion worth in the U.S. Freeport-McMoRan has several growth projects on the books across the U.S., including a major expansion in Arizona and a pit addition in New Mexico.

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