Freeport-McMoRan Quarterly Profit Falls On Lower Copper Price

(Reuters) – Miner Freeport-McMoRan Inc reported a fall in fourth-quarter profit on Wednesday as recession fears, interest rate hikes and COVID-induced lockdowns in China dented copper prices.

The Phoenix-based miner’s net income fell to $697 million, or 48 cents per share, in the three months ended Dec. 31, compared with $1.1 billion, or 74 cents per share, last year.

(Reporting by Ankit Kumar; Editing by Sherry Jacob-Phillips)