Freeport: Q1 2025 gold sales about 100 thousand ounces below guidance
Freeport said first-quarter 2025 copper and gold production approximated expectations, but Indonesian shipment timing reduced gold sales and raised unit costs. The company does not expect a material change to its 2025 annual consolidated sales guidance, and copper prices realized above the LME average.
- Gold sales expected about 100 thousand ounces below the January 2025 guidance of 225 thousand ounces, due to the timing of PT Freeport Indonesia shipments
- Copper sales expected in line with the January 2025 guidance of 850 million pounds
- Unit net cash costs expected about 5% above the January 2025 guidance of $2.05 per pound of copper
- Average realized copper price expected to be about $4.40 per pound, versus the LME average of $4.24 per pound; first-quarter earnings to be released April 24, 2025