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Freeport-McMoRan Copper & Gold Announces Earnings; Golden Star Resources Announces Production Results

Freeport-McMoRan Copper & Gold (NYSE:FCX) today reported that it earned $764 million, or $0.80 per share, in the first quarter of 2012, versus $1.5 billion, or $1.57 per share, in the same period a year ago. Operating cash flows for first-quarter 2012 were $801 million versus $2.4 billion for first-quarter 2011. Based on current 2012 sales volume and cost estimates and assuming average prices of $3.50 per pound for copper, $1,600 per ounce for gold and $14 per pound

Shares are lower by about a tenth of a percent in early afternoon trading.

Golden Star Resources (AMEX:GSS) today announced preliminary first quarter 2012 production results for its Bogoso/Prestea and Wassa/HBB operations. The Company produced a total of 77,725 ounces of gold in the first quarter ended March 31, 2012, compared with guidance of 79,000 ounces. Preliminary cash operating cost for the quarter is approximately $1,120 per ounce.Wassa/HBB operations performed in line with expectations in the first quarter of 2012, with 36,483 ounces sold at an estimated cash operating cost of approximately $1,000 per ounce.

Shares are lower by about seven tenths of a percent in early afternoon trading.

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