Freeport-McMoRan Inc. FCX, formerly Freeport-McMoRan Copper & Gold Inc., is a mining giant that is primarily engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum and silver, as well as the smelting and refining of copper concentrates.Freeport’s copper business remains affected by the sluggish global economy and supply related issues. The difficult market conditions in Europe are still affecting copper markets. The slowdown in China (a major market for copper) adds to the concern. However, Freeport is aggressive managing its costs and continues to progress with its expansion initiatives.Let’s have a quick look at this mining behemoth’s first-quarter release.Estimate Trend & Surprise HistoryEstimate for Freeport for the first quarter has moved from loss of 18 cents a week ago to a loss of 20 cents. The company has beaten the Zacks Consensus Estimate in 2 of the trailing 4 quarters while missing in the other 2 with an average negative surprise of 6.13%.Earnings Freeport reported adjusted loss of 16 cents per share for the quarter, narrower than the Zacks Consensus Estimate of a loss of 20 cents.RevenuesFreeport posted revenues of $3,527 million, missing the Zacks Consensus Estimate of $3,667 million.Key Stats/Developments to NoteDuring the quarter, Freeport announced plans to strengthen its balance sheet and speed up its debt reduction initiatives. In addition to lowering costs and capital expenditures to boost cash flows from its global business, Freeport announced plans to divest assets to repay debt.Zacks RankCurrently, Freeport has a Zacks Rank #2 (Buy), but that could change following its earnings report which was just released.Market ReactionFreeport’s shares were shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.Check back later for our full write up on Freeport’s earnings report!Want the latest recommendations from Zacks Investment Research?Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FREEPT MC COP-B (FCX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research