Freeport-McMoRan Copper & Gold said today (Thursday) that its fourth-quarter profit dropped 59% as gold and copper production both declined.
The Arizona Daily Star reports that the company posted a profit of $640 million, or 67 cents per share. That’s down from $1.55 billion, or $1.63 per share for the same quarter last year.
Revenue dropped 26% to $4.16 billion from $5.6 billion.
Freeport-McMoRan says the drop is mainly due to labor disruptions and the temporary suspension of operations in Indonesia because of pipeline damage.
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