By Rara Suratmi
Freeport McMoRan (FCX) provided an update on its first-quarter 2025 operating results on Monday.
Consolidated production from FCX’s global mining operations in the first quarter of 2025 was in line with expectations. However, the timing of shipments from PT Freeport Indonesia (PTFI) led to the deferral of a portion of its first-quarter production to future periods.
After receiving regulatory approvals on March 17, 2025, PTFI resumed concentrate export shipments from Indonesia, which had been temporarily restricted since December 2024. Additionally, PTFI continues to ramp up production at its newly commissioned precious metals refinery (PMR).
FCX now expects first-quarter 2025 copper sales to be in line with its January 2025 guidance of 850 million pounds. However, gold sales are expected to be approximately 100,000 ounces below the earlier forecast of 225,000 ounces for the first quarter.
Read also: Freeport Indonesia secures new copper export permit
The company also noted that consolidated unit net cash costs for the first quarter of 2025 are estimated to be about 5% higher than the January 2025 guidance of $2.05 per pound of copper. This increase is primarily due to the timing of gold shipments, which led to lower by-product credits.
FCX is currently reviewing its annual consolidated sales guidance as part of its routine quarterly forecast updates but does not expect any material changes to its 2025 annual guidance.
The company’s consolidated average realized copper price for the first quarter of 2025 is expected to be around $4.40 per pound, compared to the London Metal Exchange (LME) average quarterly settlement price of $4.24 per pound. FCX’s copper selling price is expected to be higher than the LME average, as approximately one-third of its consolidated sales are based on U.S. Commodity Exchange Inc. (COMEX) prices.
FCX will release its first-quarter 2025 earnings results before the market opens on Thursday, April 24, 2025, and will hold a conference call to discuss the results at 10:00 a.m. Eastern Time that same day.
Editing by Reiner Simanjuntak
