Freeport’s first-quarter 2025 production aligned with internal forecasts, though shipment timing from its Indonesian operations deferred a portion of the quarter’s output to future periods. The resumption of concentrate exports from Indonesia followed regulatory approvals granted on March 17, 2025, ending a restriction that had been in place since December 2024. Meanwhile, the company is continuing to ramp up operations at its newly commissioned precious metals refinery in Indonesia.
For the quarter, copper sales are expected to meet the company’s January guidance of 850 million pounds. Gold sales, however, are forecast to fall approximately 100,000 ounces short of the earlier projection of 225,000 ounces. This shortfall has impacted by-product credits, contributing to an estimated 5% increase in unit net cash costs, which are now expected to average above the prior forecast of $2.05 per pound of copper.
Despite the shift in shipment timing and cost increase, Freeport does not currently anticipate any material changes to its full-year 2025 sales guidance, pending routine quarterly forecast updates.
The company’s average realized copper price for the quarter is expected to be approximately $4.40 per pound, outperforming the London Metal Exchange average of $4.24. This pricing advantage reflects the structure of Freeport’s sales, with around one-third based on U.S. COMEX prices.
Earnings results for the first quarter will be released before markets open on April 24, followed by a conference call later that morning.
