The miner also announced that on July 2, PT-FI received approval from the Indonesian government to export copper concentrates and anode sludge until December 2024, when the new processing facilities are expected to be fully ramped up. PT-FI will continue to pay export duties on copper concentrates during the smelter ramp-up period in accordance with Indonesian regulations, it said.
PT-FI’s previous concentrate and anode sludge export licenses expired on May 31, 2024, and PT-FI did not export any copper concentrate or anode sludge in June 2024.
“We are pleased to announce this important milestone for our new smelter in Indonesia,” said Chairman and CEO Richard C. Adkerson and Kathleen L. Quirk in a joint statement. “Our team has successfully executed this large and complex project and is ready to ramp up production safely and efficiently. The completion of the project positions PT-FI as a fully integrated producer in Indonesia, providing a foundation for expanding its long-term operating rights.”
Due to the delay in obtaining the PT-FI export license, FCX expects that a portion of its second quarter 2024 production will be shipped in future periods. FCX currently expects its consolidated sales for the second quarter of 2024 to be approximately 5% lower than the April 2024 guidance of 975 million pounds of copper and approximately 30% lower than the April 2024 guidance of 500,000 ounces of gold.
Consolidated net cash unit costs for the second quarter of 2024, which were previously estimated at $1.57 per pound of copper, are currently estimated at approximately $1.77 per pound for the quarter, primarily reflecting lower by-product credits due to delayed shipments, FCX said, adding that the average consolidated copper realization for the second quarter is expected to be approximately $4.45 per pound.
FCX said it is revising its sales forecast as part of its routine quarterly forecast updates and does not currently expect a material change to its annual copper volume forecast for 2024.
