Freeport-McMoRan lowers first-quarter gold sales forecast
Miner Freeport-McMoRan lowered its forecast for first-quarter gold sales on Monday, after shipment timing issues in Indonesia led to a deferral of a portion of its quarterly production to future periods.
Freeport operates Indonesia's Grasberg, one of the world's largest gold and copper mines, and had been building a smelter in the country as part of an operating agreement with Jakarta officials. That smelter was damaged by a fire last year and was shut down.
However, Freeport said it received regulatory approvals on March 17, and had resumed concentrate export shipments from Indonesia, which had been temporarily restricted.
The company said it expects first-quarter gold sales to be roughly 100 000 oz below its prior forecast of 225 000 oz.
Freeport added that the average realized price for copper is expected to be roughly $4.40 per pound in the first quarter, compared with $3.94 per pound it realized a year earlier.
The miner will release its quarterly results on April 25. Analysts expect the company to post an adjusted profit of 22 cents per share for the first quarter, according to data compiled by LSEG.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation