Freeport-McMoRan(US:FCX)2025-07-23 14:00Financial Performance & Outlook - FCX reported strong Q2 2025 performance with Adjusted EBITDA of $3.2 billion[14] and operating cash flow of $2.2 billion[14] - Copper sales for Q2 2025 were 1,016 million lbs[14], and gold sales were 522,000 ozs[14] - The average copper realization price was $4.54/lb[14], and the average gold realization price was $3,291/oz[14] - Unit net cash costs were $1.13/lb in Q2 2025[14], significantly below April 2025 guidance[15] - The company anticipates approximately $7 billion in operating cash flows for the second half of 2025, assuming a copper price of $4.40/lb[95] Operational Highlights & Growth Initiatives - First copper cathode production was achieved at the new Indonesia smelter in July 2025[13, 45] - The company is targeting a run rate of 300 million lbs per annum by year-end 2025 from low-cost leaching initiatives[17, 45] - Grasberg ore grade modeling revisions resulted in a slight decrease in estimated gold production[47], with a 3% reduction in the 5-year total[47] - Organic growth options are estimated to total 2.5 billion lbs per annum for copper and 0.5 million ozs per annum for gold[49] Strategic Positioning & Market Factors - The company emphasizes the importance of copper as the "Metal of Electrification," with over 65% of global copper usage in electricity-related applications[26] - A potential 50% tariff on copper imports into the U S could significantly increase cash flow[34, 35] - The company highlights its position as a dominant U S copper producer, accounting for approximately 70% of total U S refined production[39]