July 24, 2019 / 12:09 PM / a month ago

Freeport swings to quarterly loss as copper production drops

July 24 (Reuters) - Freeport-McMoRan Inc, the world's largest publicly traded copper producer, said on Wednesday that it swung to a quarterly loss due to a drop in production and in prices for the red metal.

The company posted a second-quarter net loss of $72 million, or 5 cents per share, compared to a net profit of $869 million, or 59 cents per share, in the year-ago period.

Production of copper fell 24 percent to 776 million recoverable pounds.

Reporting by Ernest Scheyder

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