Freeport Revises Copper Sales Forecast for 2Q

Freeport-McMoRan

Freeport McMoran, a US-based mining firm, has adjusted its second-quarter copper sales projections downward following a halt in copper concentrate exports from its Indonesian operations throughout June.

According to the company's announcement on Tuesday, Freeport now expects its total copper sales to be 5% lower than the initially forecasted 975 million pounds set in April. This adjustment is coupled with an estimated increase in unit net cash costs by 20 cents per pound to $1.77 per pound, attributed to reduced shipments during the quarter.

PT Freeport Indonesia, a joint venture with the Indonesian government, was unable to export concentrate or anode slimes in June due to the expiration of its export licenses on May 31. Approval to resume exports was granted today, valid until December as permitted by the Indonesian government.

Despite the setback, Freeport intends to transport the delayed portion of Indonesian copper production in subsequent periods, maintaining its total full-year sales guidance of 4.15 billion pounds.

Furthermore, Freeport has completed the construction of its new Manyar smelter in Gresik, Indonesia, and anticipates commencing copper cathode production "in the coming months," scaling up to full capacity by the end of the year.