LONDON (ShareCast) - A welter of exceptional charges depressed copper miner Freeport McMoRan’s fourth quarter earnings, prompting a sharp share price downturn Wednesday.

Net income from continuing operations totalled $423m in the fourth quarter, equivalent to $1.07 per share, compared with $426m or $1.99 per share in the final quarter of 2006.

The company took net charges of $120m for numerous items which reduced income by 29 cents per share.

Income for the year came in at $2.7bn, or $7.41 per share, as against $1.4bn ($6.63) in 2006.

Fourth quarter revenues surged to $4.18bn from $1.64bn in the corresponding quarter of 2006. Full year revenues grew to $16.94bn from $5.79bn in 2006, boosted by strong performance by its large-scale copper and molybdenum operations in the Americas.

The company plans to make progress on development projects in the Democratic Republic of Congo, the Americas and Indonesia in 2008.

“We have significant reserves and growth opportunities to supply products to a world that has growing requirements for the commodities we produce,” the company said.

“We have structured our business to use our significant cash flows to invest in attractive development projects, maintain a strong balance sheet and provide returns to shareholders," the company added in a statement.

• News Channel