Freeport Provides First-Quarter 2025 Operational Update
Freeport (FCX) has released its first-quarter 2025 operational update, reporting that consolidated production from global mining operations met expectations. However, PT Freeport Indonesia (PTFI) experienced timing delays in shipments, leading to partial production deferral. After receiving regulatory approvals on March 17, 2025, PTFI resumed concentrate exports from Indonesia, which were temporarily restricted after December 2024.
The company expects Q1 2025 consolidated copper sales to align with January guidance of 850 million pounds, while gold sales are projected to be approximately 100,000 ounces below the initial guidance of 225,000 ounces. Unit net cash costs are estimated about 5% higher than the January guidance of $2.05 per pound of copper, mainly due to lower by-product credits from delayed gold shipments. FCX's consolidated average realized copper price for Q1 2025 is expected to be $4.40 per pound, exceeding the LME average quarterly settlement price of $4.24.
Freeport (FCX) ha pubblicato il suo aggiornamento operativo per il primo trimestre del 2025, riportando che la produzione consolidata dalle operazioni minerarie globali ha soddisfatto le aspettative. Tuttavia, PT Freeport Indonesia (PTFI) ha subito ritardi nei tempi di spedizione, portando a una parziale differimento della produzione. Dopo aver ricevuto le approvazioni normative il 17 marzo 2025, PTFI ha ripreso le esportazioni di concentrato dall'Indonesia, che erano state temporaneamente limitate dopo dicembre 2024.
L'azienda prevede che le vendite consolidate di rame per il primo trimestre del 2025 siano in linea con la guida di gennaio di 850 milioni di libbre, mentre le vendite di oro sono stimate essere circa 100.000 once in meno rispetto alla guida iniziale di 225.000 once. I costi netti unitari in contante sono stimati essere circa 5% superiori rispetto alla guida di gennaio di $2.05 per libbra di rame, principalmente a causa di minori crediti da sottoprodotti a causa dei ritardi nelle spedizioni d'oro. Il prezzo medio realizzato consolidato del rame per il primo trimestre del 2025 è previsto essere $4.40 per libbra, superando il prezzo medio di liquidazione trimestrale LME di $4.24.
Freeport (FCX) ha publicado su actualización operativa del primer trimestre de 2025, informando que la producción consolidada de las operaciones mineras globales cumplió con las expectativas. Sin embargo, PT Freeport Indonesia (PTFI) experimentó retrasos en el tiempo de envío, lo que llevó a un aplazamiento parcial de la producción. Después de recibir las aprobaciones regulatorias el 17 de marzo de 2025, PTFI reanudó las exportaciones de concentrado desde Indonesia, que habían estado temporalmente restringidas después de diciembre de 2024.
La empresa espera que las ventas consolidadas de cobre para el primer trimestre de 2025 se alineen con la guía de enero de 850 millones de libras, mientras que se proyecta que las ventas de oro sean aproximadamente 100,000 onzas menos que la guía inicial de 225,000 onzas. Se estima que los costos netos unitarios en efectivo sean aproximadamente 5% más altos que la guía de enero de $2.05 por libra de cobre, principalmente debido a menores créditos por subproductos de los envíos de oro retrasados. Se espera que el precio promedio realizado consolidado del cobre para el primer trimestre de 2025 sea de $4.40 por libra, superando el precio promedio de liquidación trimestral de LME de $4.24.
프리포트 (FCX)가 2025년 1분기 운영 업데이트를 발표하며, 전 세계 광산 운영의 통합 생산이 기대에 부응했다고 보고했습니다. 그러나 PT 프리포트 인도네시아 (PTFI)는 선적 일정 지연을 겪어 생산이 일부 연기되었습니다. 2025년 3월 17일 규제 승인을 받은 후, PTFI는 2024년 12월 이후 일시적으로 제한되었던 인도네시아에서의 농축물 수출을 재개했습니다.
회사는 2025년 1분기 통합 구리 판매가 1월 안내의 8억 5천만 파운드와 일치할 것으로 예상하고 있으며, 금 판매는 초기 안내인 22만 5천 온스보다 약 10만 온스 적게 예상하고 있습니다. 단위 순 현금 비용은 구리 1파운드당 $2.05의 1월 안내보다 약 5% 높을 것으로 추정되며, 이는 지연된 금 선적으로 인한 부가 제품 크레딧 감소 때문입니다. FCX의 2025년 1분기 통합 평균 실현 구리 가격은 $4.40 per pound로 예상되며, LME의 평균 분기 결제 가격인 $4.24를 초과할 것으로 보입니다.
Freeport (FCX) a publié sa mise à jour opérationnelle pour le premier trimestre 2025, rapportant que la production consolidée des opérations minières mondiales a répondu aux attentes. Cependant, PT Freeport Indonésie (PTFI) a connu des retards dans les expéditions, entraînant un report partiel de la production. Après avoir reçu les approbations réglementaires le 17 mars 2025, PTFI a repris les exportations de concentré depuis l'Indonésie, qui avaient été temporairement restreintes après décembre 2024.
L'entreprise s'attend à ce que les ventes consolidées de cuivre pour le premier trimestre 2025 soient conformes aux prévisions de janvier de 850 millions de livres, tandis que les ventes d'or devraient être d'environ 100 000 onces en dessous des prévisions initiales de 225 000 onces. Les coûts unitaires nets en espèces sont estimés à environ 5 % plus élevés que les prévisions de janvier de 2,05 $ par livre de cuivre, principalement en raison de crédits de sous-produits plus faibles dus aux expéditions d'or retardées. Le prix moyen consolidé réalisé du cuivre pour le premier trimestre 2025 devrait être de $4,40 par livre, dépassant le prix moyen de règlement trimestriel de la LME de $4,24.
Freeport (FCX) hat sein operatives Update für das erste Quartal 2025 veröffentlicht und berichtet, dass die konsolidierte Produktion aus globalen Bergbauoperationen den Erwartungen entsprach. Allerdings erlebte PT Freeport Indonesien (PTFI) zeitliche Verzögerungen bei den Lieferungen, was zu einer teilweisen Produktionsverschiebung führte. Nach Erhalt der behördlichen Genehmigungen am 17. März 2025 nahm PTFI die Exporte von Konzentraten aus Indonesien wieder auf, die nach Dezember 2024 vorübergehend eingeschränkt waren.
Das Unternehmen erwartet, dass die konsolidierten Kupferverkäufe im ersten Quartal 2025 mit der Januar-Prognose von 850 Millionen Pfund übereinstimmen, während die Goldverkäufe voraussichtlich etwa 100.000 Unzen unter der ursprünglichen Prognose von 225.000 Unzen liegen werden. Die Nettokosten pro Einheit werden voraussichtlich etwa 5% höher sein als die Januar-Prognose von 2,05 $ pro Pfund Kupfer, hauptsächlich aufgrund niedrigerer Nebenproduktgutschriften durch verzögerte Goldlieferungen. Der konsolidierte durchschnittliche realisierte Kupferpreis von FCX für das erste Quartal 2025 wird voraussichtlich $4,40 pro Pfund betragen und damit den durchschnittlichen vierteljährlichen Settlement-Preis der LME von $4,24 übersteigen.
- Copper sales volume remains in line with guidance at 850 million pounds
- Realized copper price of $4.40/lb exceeds LME average of $4.24/lb
- PTFI successfully resumed concentrate exports after receiving regulatory approvals
- Gold sales projected 100,000 ounces below guidance
- Unit net cash costs 5% higher than initial guidance
- Temporary export restrictions in Indonesia affected Q1 shipments
Insights
Freeport's Q1 2025 operational update presents a mixed but largely neutral picture despite some shipment timing challenges. Copper production has met expectations while temporary export restrictions in Indonesia and the ongoing ramp-up of PTFI's new precious metals refinery have affected gold sales, which are tracking
The timing discrepancy for Indonesian shipments is significant but appears transitional rather than structural. The resumption of concentrate exports on March 17 following regulatory approval suggests these issues are being resolved. Meanwhile, the
On the positive side, Freeport's realized copper price of
Most importantly, management maintains that there's no expectation of material changes to 2025 annual guidance, suggesting these Q1 issues represent timing variances rather than fundamental performance concerns. The copper production alignment with expectations and continued progress on infrastructure projects in Indonesia (smelter remediation and PMR ramp-up) indicate operational stability despite the quarter's challenges.
- First-quarter 2025 copper and gold production approximated expectations
-
Timing of shipments in
Indonesia impacted first-quarter 2025 gold sales - No material impact expected on annual consolidated sales guidance
-
Realized first quarter 2025 prices for copper reflect higher prices on
U.S. sales
First-quarter 2025 consolidated production from FCX’s global mining operations approximated expectations. The timing of shipments from PT Freeport Indonesia (PTFI) resulted in the deferral of a portion of its first quarter production to future periods.
Following receipt of regulatory approvals on March 17, 2025, PTFI resumed concentrate export shipments from
FCX currently expects its consolidated copper sales for first-quarter 2025 to be in line with its January 2025 guidance of 850 million pounds and its gold sales for first quarter 2025 to be approximately 100 thousand ounces below its January 2025 guidance of 225 thousand ounces.
Consolidated unit net cash costs for first-quarter 2025 are currently estimated to average approximately
FCX is reviewing its annual consolidated sales guidance in connection with its routine quarterly forecast updates and does not currently expect a material change to its 2025 annual guidance.
FCX’s consolidated average realized price for copper for first-quarter 2025 is expected to approximate
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.
FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in
FCX’s portfolio of assets includes the Grasberg minerals district in
By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at fcx.com.
Cautionary Statement: This press release contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to production and sales volumes; unit net cash costs; PTFI’s remediation, commissioning, and ramp up of its new smelter and full production at the precious metals refinery; export licenses, export duties and export volumes, including PTFI’s ability to continue exports of copper concentrate until full ramp-up is achieved at its new smelter in
FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; PTFI’s ability to export and sell or inventory copper concentrates through remediation and full ramp-up of its new smelter in
Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.
The operational estimates in this press release are subject to further changes upon completion of FCX’s normal quarterly closing process and procedures.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331594244/en/
Financial Contact:
David P. Joint
(504) 582-4203
Media Contact:
Linda S. Hayes
(602) 366-7824
Source: Freeport-McMoRan Inc.