After seven consecutive quarters of losses, Freeport generated its first quarterly profit in the latest quarter, indicating the success of the company’s business strategies.
FCX stock price gained 24% in the last three months alone, extending one-year rally to 96%.
In the latest quarter, FCX lowered unit net cash costs for copper mines to $1.14 per pound, compared with $1.52 per pound in the same period last year.
In addition, the company plans to lower its copper costs to around $0.99 per pound for copper in FY20167, thanks to expected higher sales volumes and lower operational expenses.
Overall, FCX has set solid footholds for the potential growth amid its recent asset sales and cost cuttings.