Freeport-McMoRan Issues First-Quarter Operational Update

Group 1: Company Performance - Freeport-McMoRan Inc. (FCX) reported that its global mining operations met production expectations, but some first-quarter production was deferred due to shipment timing from PT Freeport Indonesia (PTFI) [1] - FCX expects consolidated copper sales for Q1 2025 to align with its January forecast of 850 million pounds, while gold sales are anticipated to be about 100,000 ounces lower than the forecast of 225,000 ounces [3] - The company estimates consolidated unit net cash costs for Q1 to be approximately 5% higher than the January guidance of $2.05 per pound of copper, primarily due to the timing of gold shipments [3] Group 2: Market Conditions - FCX anticipates its consolidated average realized copper price for Q1 to be around $4.40 per pound, exceeding the London Metal Exchange (LME) average quarterly settlement price of $4.24 per pound [4] - Approximately one-third of FCX's consolidated sales are tied to U.S. Commodity Exchange Inc. (COMEX) prices, which contributes to the higher expected selling price [4] Group 3: Stock Performance - FCX shares have declined by 21.8% over the past year, compared to a 16.2% decline in its industry [4] - The company currently holds a Zacks Rank 3 (Hold), indicating a neutral outlook in the market [6]