Freeport-McMoRan meets production targets for Q1 2025

By Tamara Parker • Tuesday, April 01 06:01 • Permanent Link

Freeport-McMoRan (NYSE: FCX) has released its first-quarter 2025 operational update, revealing that its consolidated production from global mining operations met expectations. The company's first-quarter 2025 copper and gold production approximated expectations, with consolidated unit net cash costs estimated to average approximately 5% higher than the January 2025 guidance of $2.05 per pound of copper for the first quarter.

In terms of sales, FCX expects its consolidated copper sales for the first quarter of 2025 to be in line with its January 2025 guidance of 850 million pounds, while gold sales are projected to be approximately 100 thousand ounces below the January 2025 guidance of 225 thousand ounces. This shortfall is primarily attributed to the timing of shipments from PT Freeport Indonesia (PTFI), resulting in the deferral of a portion of its first-quarter production to future periods.

The company's consolidated average realized price for copper for the first quarter of 2025 is expected to approximate $4.40 per pound, compared with the London Metal Exchange (LME) average quarterly settlement price of $4.24 per pound. FCX anticipates its average copper selling price to be higher than the LME average due to approximately one-third of its consolidated sales being based on U.S. Commodity Exchange Inc. (COMEX) prices. This reflects higher prices on U.S. sales.

Looking ahead, FCX states that it does not currently expect a material impact on its annual consolidated sales guidance. The company 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 on the same day.

Freeport-McMoRan is a leading international metals company with significant proven and probable reserves of copper, gold, and molybdenum. Its portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits, and significant operations in North America and South America. The market has reacted to these announcements by moving the company's shares -1.5% to a price of $37.86. For more information, read the company's full 8-K submission here.

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