Mineral sales volumes are on the rise amid the macroeconomic reopening
Freeport-McMoRan Inc. (Freeport-McMoRan) is one of the leading producers of copper, gold and molybdenum. Copper and molybdenum are primarily used within industrial and construction markets, while gold is largely used for jewelry fabrication and as an investment vehicle. Company revenue increased 60.9% to $22.8 billion in 2021 on account of a significant increase in average realized copper prices along with higher sales volumes. These metals have been in high demand and short supply amid the ongoing global reopening, leading to a recent surge in the prices of these key commodities.
COVID|StructuralIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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