June 2008 -- Revenues for Freeport-McMoRan Copper & Gold Inc. shot through the roof in 2007, propelled by the
mining company's purchase of Phelps Dodge in March 2007. (The company later sold off the
international wire and cable business of Phelps Dodge.) Revenue for the year ended Dec. 31,
2007, was $16.9 billion, compared with $5.79 billion in the previous year.
Net income applicable to common stock was $2.77 billion, compared with $1.4 billion in 2006.
The Phoenix-based firm, which operates across four continents, reported consolidated 2007 sales
from mines totaled 3.4 billion pounds of copper, 2.3 million ounces of gold and 52 million
pounds of molybdenum. Among its holdings are six operating copper minds in the United States.
"Our fourth-quarter and full-year 2007 performance reflects the strength of our business and the
combination of the great Grasberg ore body [in Indonesia] with large-scale copper and molybdenum
operations in the Americas," said James Moffett, chairman of the board, and Richard C. Adkerson,
president and COO, in the year-end report. "We look forward to expanding our production profile
in 2008."
Other financial highlights of 2007 include:
Capital expenditures were $1.8 billion.
Total debt approximated $7.2 billion on Dec. 31, 2007.
Consolidated cash was $1.6 billion at Dec. 31, 2007.
