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Freeport McMoRan (NYSE:FCX) shares wobble between small gains and losses Tuesday after the copper producer guided for Q2 consolidated sales volumes nearly 5% below its April forecast of 975M lbs of copper and ~30% below its outlook for 500K oz of gold, citing the delay in obtaining an export license for its Indonesia subsidiary.
For the full year, Freeport (FCX) lowered its gold sales volume guidance to ~1.8M oz from 2M oz previously, but said it does not expect a material change to full-year copper sales volume guidance.
Freeport McMoRan (FCX) said it completed construction of its new Manyar smelter in Gresik, Indonesia, and has begun commissioning operations; it expects the smelter will begin producing copper cathodes in the coming months and continues to target full ramp up by year-end 2024.
The company also said it received official approval from the Indonesian government to export copper concentrates and anode slimes through December, when the full ramp-up of the new processing facilities is expected.