Overall production was up and gold revenues from its Grasberg copper-gold mine in Indonesia completely offset production costs, but Fteeport-McMoRan Copper & Gold (FCX-N) still posted a significant drop in revenue and profits in the first quarter of the year. Revenues plunged to 2.6 billion US dollars from 5.67 billion US dollars in the year-earlier quarter, while net earnings dropped to 43 million US dollars, or US11 cents per share, down from 1.1 billion US dollars, or 2.64 US dollars per share, in the same quarter of 2008.
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