Freeport-McMoran’s Revenue Breakdown (2018-2022)

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This statistic highlights Freeport-McMoran’s Revenue Breakdown, split between Copper – Cathode, Copper – Concentrate, Purchased copper, Copper – Rod, and other refined copper products, Gold, Molybdenum, and Others, reported on a quarterly basis from Q1 2018 onwards.
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This statistic highlights Freeport-McMoran’s Revenue Breakdown, split between Copper – Cathode, Copper – Concentrate, Purchased copper, Copper – Rod, and other refined copper products, Gold, Molybdenum, and Others, reported on a quarterly basis from Q1 2018 onwards.

Freeport-McMoran Inc. is a popular American mining company. They operate large, geographically diverse assets with significant proven and probable copper, gold, and molybdenum reserves.

Freeport-McMoran’s Revenue Breakdown

Product Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Revenue Share in Q1 2021
Copper – Cathode $0.83 $1.12 $1.08 $1.15 $1.23 25%
Copper – Concentrate $0.85 $0.75 $1.18 $1.51 $1.71 35%
 Purchased copper $0.23 $0.16 $0.16 $0.25 $0.21 4%
Copper – Rod and other refined copper products $0.54 $0.30 $0.63 $0.57 $0.68 14%
Gold $0.27 $0.34 $0.49 $0.59 $0.51 11%
Molybdenum $0.24 $0.19 $0.18 $0.22 $0.24 6%
Other $0.16 $0.12 $0.15 $0.16 $0.25 5%
Total $3.13 $2.99 $3.91 $4.47 $4.86 100%

(All figures in billions, except percentages)

Despite the Covid-19 pandemic, Freeport-McMoran’s total revenue has grown from $3.13 billion in Q1 2020 to $4.86 billion in Q1 2021. The growth was mainly due to the company rearranging its operations and recovering from the pandemic, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.

The product-wise revenue earned by Freeport-McMoran is analyzed below.

Copper – Concentrate

A majority of Freeport-McMoran’s revenue comes from Copper – Concentrate, which contributed about 35% of total revenue in Q1 2021 amounting to $1.71 billion. There was a 13% increase in revenue compared to Q4 2020 where the revenue generated from the Copper – Concentrate was $1.51 billion.

Copper – Cathode

Copper – Cathode was the second-largest selling product for Freeport-McMoran Inc during FY 2020 as it contributed about 25% of the company’s total revenue. There was an increase in the company’s revenue in Q1 2021 to $1.23 billion, from $1.15 billion in Q4 2020, from this product.

Copper – Rod and other refined copper products

During FY 2020, Copper – Rod and other refined copper products contributed about 14% of the company’s total revenue. There was an increase in the company’s revenue from this product, from $0.57 billion in Q4 2020 to $0.68 billion in Q1 2021.

Gold

Despite being considered one of the most precious metals, the revenue from Gold products was lower than that from Copper – Cathode during Q1 2021. In fact, Gold contributed 11% of the total revenue from Q1 2021. Further, the revenue from Gold which was $0.59 billion during Q4 2020 fell to $0.51 billion in Q1 2021.

Molybdenum

The Molybdenum products could not match the revenue from Gold and contributed only about 6% of the total revenue of Freeport-McMoran during Q1 2021. This product had registered a revenue of $0.22 billion during Q4 2020 and the revenue grew to $0.24 billion in Q1 2021.

Purchased copper

Freeport-McMoran purchases copper cathode primarily for processing through Rod & Refining operations. This segment has the lowest share of 4% in the company’s total revenue during Q1 2021. Furthermore, the revenue from this product decreased from $0.25 billion in Q4 2020 to $0.21 billion in Q1 2021.

Others

These products contributed 5% of the total revenue in Q1 2021 and have shown an increase in revenue from $0.16 billion in Q4 2020 to $0.25 billion in Q1 2021, which is a 56% increase.

Several long-term trends are currently driving growth in copper demand and are expected to continue to do so in the coming decades. These include increased consumer use of electronics, wider uptake of electric vehicles (EVs), increased use of renewable energy sources, and energy efficiency all of which require significant amounts of copper to function.

The use of renewable energy is helping mining companies reduce power costs and control emissions in the mines. As the wind or solar projects are built close to the mine sites, the cost of connecting to the power grid is also reduced. Site-appropriate renewable energy sources are consistent, reliable, and also economical.

The government supports the mining industry through its public financial institutions such as bilateral development banks and export credit agencies investing in mining projects, fiscal support through budget allocations and tax exemptions, and investments through majority state-owned mining and utility companies. They are also providing subsidies and encouraging foreign direct investments (FDI) in the mining industry.

Company Overview

Freeport-McMoran is a public limited company, founded by Eric Pierson Swenson, in 1912. It is headquartered in Phoenix, Arizona. They deal in products such as copper, gold, and molybdenum.Freeport-McMoran’s key managerial persons are Gerald J.Ford(Chairman), Richard Adkerson(President and CEO), and Kathleen L. Quirk( CFO). The competitors of Freeport-McMoran are Southern Copper Corporation, Vedanta Resources, Nucor, Newmont, Peabody Energy.  As of 2020, the company’s number of employees included 12,800 in North America, 6,900 in Indonesia, 6,500 in South America, and 1,300 in Europe and other locations. Its subsidiaries are PT Freeport Indonesia, PT Irja Eastern Minerals, and Atlantic Copper, S.A.

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