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| Freeport McMoran |
Freeport McMoran, a prominent US-based mining firm, has revised its second-quarter projections for copper sales downward due to a temporary halt in copper concentrate exports from its Indonesian operations throughout June.
In an announcement made on Tuesday, the company disclosed that it now anticipates total copper sales to decrease by 5% from the initial forecast of 975 million pounds set in April. This adjustment coincides with an estimated increase in unit net cash costs by 20 cents per pound to $1.77 per pound, reflecting reduced shipments during the quarter.
PT Freeport Indonesia, a joint venture with the Indonesian government, faced export constraints in June following the expiration of its export licenses on May 31. Approval to resume exports was granted today, valid until December under Indonesian government regulations.
Despite these challenges, Freeport plans to transport delayed Indonesian copper production in subsequent periods, maintaining its full-year sales guidance of 4.15 billion pounds.
Additionally, Freeport has completed construction of its new Manyar smelter in Gresik, Indonesia, and expects to commence copper cathode production "in the coming months," ramping up to full capacity by year-end.
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