Freeport-McMoRan Adjusts Copper Sales Forecast
U.S.-based mining giant Freeport-McMoRan has revised its second-quarter copper sales forecast downward following a temporary suspension of copper concentrate exports from its Indonesian operations throughout June.
In a statement released on Tuesday, the company announced that total copper sales are now expected to decrease by 5% from the initial forecast of 975 million pounds set in April. This adjustment reflects lower shipment volumes during the quarter and is aligned with an increase in unit net cash costs by 20 cents per pound, bringing the total to $1.77 per pound.
Resumption of Exports and Annual Sales Guidance
PT Freeport Indonesia, a joint venture with the Indonesian government, faced export restrictions in June following the expiration of its export permit on May 31. The Indonesian government has now granted approval for the resumption of exports, effective until December.
New Smelter Completion and Production Plans
Despite these challenges, Freeport plans to maintain its annual sales guidance of 4.15 billion pounds by shipping the delayed Indonesian copper production in subsequent periods.
Additionally, Freeport has completed construction of the new Manyar smelter in Gresik, Indonesia, and expects to begin copper cathode production “within the next few months,” with plans to ramp up to full capacity by the end of the year.
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