Freeport reported a net income of $352 million for the first quarter of 2025, with adjusted net income reaching $358 million. Copper production totaled 868 million pounds, gold production 287 thousand ounces, and molybdenum production 23 million pounds. Copper sales volumes surpassed January 2025 guidance, while gold sales were lower due to shipment timing. The company maintained its annual sales guidance for both metals.
The average realized copper price was $4.44 per pound, gold was $3,072 per ounce, and molybdenum was $21.67 per pound. Average unit net cash costs for copper stood at $2.07 per pound, with an annual forecast of $1.50 per pound.
The new smelter in Indonesia remains on schedule for mid-2025 start-up. Freeport highlighted favorable pricing for gold and U.S.-sourced copper, as well as progress on organic growth initiatives.
First-quarter operating cash flows reached $1.1 billion, and capital expenditures totaled $1.2 billion. For the year, Freeport expects $7.0 billion in operating cash flow and $5.0 billion in capital expenditures. At the end of March, the company reported $4.4 billion in cash and $9.4 billion in total debt.
Sales guidance for 2025 includes approximately 4.0 billion pounds of copper, 1.6 million ounces of gold, and 88 million pounds of molybdenum. Copper and gold sales volumes are expected to increase in subsequent quarters, particularly from operations in Indonesia.
In the U.S., Freeport’s copper production was 301 million pounds for the quarter, with unit net cash costs at $3.11 per pound. The company is advancing a possible expansion at the Bagdad mine in Arizona and studying further growth at the Safford/Lone Star district.
South American operations produced 271 million pounds of copper, with unit net cash costs at $2.40 per pound. At El Abra in Chile, Freeport continues evaluating a large sulfide resource that could support future expansion.
Indonesian operations, including the Grasberg minerals district, produced 296 million pounds of copper and 284 thousand ounces of gold. Sales volumes were lower due to planned maintenance and shipment timing. Average unit net cash costs for copper, after by-product credits, were $0.64 per pound. Full-year production and sales volumes are projected to increase.
Freeport’s molybdenum mines produced 9 million pounds in the quarter, with unit net cash costs improving to $13.72 per pound.
The company also repurchased 2.3 million shares for $80 million in the first quarter, part of a larger $5.0 billion share repurchase program. At the end of the quarter, net debt, excluding project debt related to new processing facilities in Indonesia, stood at $1.5 billion.
