Freeport-McMoRan failed to meet its revenue expectations in the third quarter, and reported a loss due to production problems.

The Peruvian protests and the transformation of the Grasberg copper mine in Indonesia led to a decline in both production and sales.

The company's stock has been affected by this decline.

**Background message**

Freeport McMullen Copper & Gold is the world's largest listed copper producer. The low copper price and the expansion of the Indonesian Grasberg project from open pit mines to underground mines have led to slow production and a huge impact on the company.

In the past three quarters, the company's revenue has declined, and this trend is expected to continue.

Freeport lost $72 million in the second quarter due to a decrease in copper and gold sales.

Affected by recent sales and cost estimates, the company cut its annual cash flow projection target from the previous $2.3 billion to $1.9 billion.

As copper prices rose, the company's stock skyrocketed last month, but due to trade frictions and economic recession concerns earlier this month hit a four-year low of 8.43 US dollars / share.

**latest news**

Freeport lost $131 million in the third quarter and a profit of $556 million in the same period last year.

Freeport's third-quarter revenue fell 33% to $3.31 billion. Copper prices fell to $2.62 per pound in the third quarter and $2.75 per pound in the previous quarter.

Freeport's copper production in the third quarter fell to 864 million pounds from 1 billion pounds in the same period last year. The Peruvian protests led to a decline in production of its Cerro Verde project, and the transformation of the Grasberg project in Indonesia also affected production.

Freeport's copper sales in the third quarter fell from $1.04 billion to $795 million.