Freeport-McMoRan May Adjust Primary Moly Production

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) announced its results for the first quarter of 2014, commenting that consolidated sales came to 871 million pounds of copper, 187,000 ounces of gold, 27 million pounds of molybdenum and 16.1 million barrels of oil equivalents. Those numbers are down from the year-ago quarter.

Meanwhile, net income attributable to common stock came in at $510 million, or $0.49 per share, lower than the $648 million recorded in Q1 2013.

The company also commented on moly market conditions:

Market conditions for molybdenum declined in 2013 resulting from weak demand in the metallurgical sector and increased supply. While prices have improved somewhat during 2014, FCX continues to monitor market conditions and may make adjustments to its primary molybdenum production as market conditions warrant.

Click here to read the full Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) press release.