Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
US copper and gold miner Freeport McMoran on Tuesday said it expects its consolidated sales of copper and gold for the second quarter to be below its April 2024 forecast due to a delay in obtaining an export license for its Indonesian subsidiary.
The company expects copper sales to be 5% below April 2024 guidance of 975 million pounds, while gold sales would be nearly 30% below guidance of 500,000 ounces.
The Phoenix, Arizona-based miner expects a portion of its second quarter sales to be shipped in future periods.
Freeport’s Indonesian subsidiary’s last export permit was valid until May 31, and its new targets must be approved by the country’s mining ministry.
Indonesia banned shipments of all raw minerals from June 2023 to boost investment in its metals processing industry. However, Freeport Indonesia and rival copper miner Amman Mineral Internasional were given a year-long exemption to complete the construction of their copper smelters.
Shipment delays are also expected to weigh on the unit net cash costs for the quarter, now forecast at $1.77 per pound of copper, up from the earlier estimate of $1.57.
(By Seher Dareen; Editing by Tasim Zahid)
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