Latest news with #Freeport
Yahoo
5 days ago
- Business
- Yahoo
Freeport-McMoRan Eyes Major Gains From US Copper Tariff
Copper giant Freeport-McMoRan Inc. (NYSE:FCX) delivered stronger-than-expected second-quarter results on Wednesday, driven by robust copper and gold sales, improved pricing, and reduced costs. Following this positive earnings report, market observers are closely analyzing the company's prospects. Among these, Sam Crittenden, an analyst at RBC Capital Markets, has expressed a confident outlook for Freeport-McMoran. He believes the company is exceptionally well-positioned to capitalize on the rising U.S. copper prices and the impending import tariff. After reviewing the second-quarter earnings, Crittenden reaffirmed his $54 price forecast and a Sector Perform rating for the noted that about one-third of Freeport's copper sales are tied to the U.S. market, where COMEX prices have surged to $5.85 per pound, well above the $4.47 per pound seen on the LME. He estimated Freeport's realized price to be $4.93 per pound, significantly ahead of its peers. However, he flagged uncertainty around the proposed 50% U.S. copper tariff, expected to take effect Aug. 1, as changes or exemptions could impact the price spread. Crittenden lowered his 2025 EBITDA forecast by 3% following revised guidance at Grasberg. Due to lower ore grades, Freeport now expects to produce 1.54 billion pounds of copper and 1.3 million ounces of gold next year, down from 1.6 billion and 1.6 million, respectively. The 2026 outlook remains unchanged. Crittenden said Freeport remains a leading copper investment, citing its scale, U.S. exposure, and strong balance sheet. He also pointed to upside catalysts such as a potential Grasberg license extension, expansion projects in the Americas, and possible increases in shareholder returns. Risks include political exposure in Indonesia and copper price volatility. Freeport posted better-than-expected second-quarter results, with adjusted earnings of 54 cents per share, beating estimates by 10 cents. Revenue rose to $7.58 billion, ahead of the $7.09 billion forecast, on stronger copper and gold volumes, lower unit costs, and favorable pricing. Copper sales totaled 1.0 billion pounds at an average price of $4.54/lb. Cash costs dropped to $1.13/lb, well below the company's prior guidance. Gold and molybdenum sales also topped expectations. The miner started operations at its new Indonesian smelter in May and expects first cathode output in July. Capital expenditures reached $1.3 billion in the quarter, with full-year spending expected to total $4.9 billion. Freeport expects to benefit from the U.S. copper tariff beginning next month. With COMEX trading at a 28% premium to LME, the company estimates that every $0.10 of additional spread could add $70 million to second-half cash flow. CEO Kathleen Quirk said Freeport remains 'America's copper champion.' The company continues to focus Indonesian copper sales on Asian markets. Still, it is evaluating shipments to the U.S. It is also considering expanding its Miami, Arizona smelter, though building a new domestic facility remains unlikely. Freeport reaffirmed full-year guidance of 3.95 billion pounds of copper, 1.3 million ounces of gold, and $7.9 billion in projected operating cash flow. Crittenden reaffirmed a $54 price forecast and Sector Perform rating, valuing the company at 1.5x NAV and 8.0x 2025 EBITDA, in line with large-cap copper peers. He estimates Freeport is pricing in $5.06/lb copper, slightly above the current blended spot of $4.93/lb. He sees the company generating $4.5 billion in attributable free cash flow (7% yield) at spot prices. He also points to several long-term catalysts, including a potential Grasberg license extension beyond 2041, brownfield expansion projects, and increased capital returns. Still, he flags risks around political exposure in Indonesia, mine disruptions, and copper price volatility. Meanwhile, Katja Jancic, an analyst at BMO Capital, maintained an Outperform rating for Freeport-McMoran but slightly lowered her price forecast from $55 to $54. Price Action: FCX shares are trading lower by 0.59% to $44.57 at last check Thursday. Read Next:Image by Siwakorn TH via Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? FREEPORT-MCMORAN (FCX): Free Stock Analysis Report This article Freeport-McMoRan Eyes Major Gains From US Copper Tariff originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hindustan Times
5 days ago
- Business
- Hindustan Times
US prioritizes recovery of critical minerals from mine waste
* US prioritizes recovery of critical minerals from mine waste Mine waste rich in everything from zinc to tellurium and more * Order could up availability of federal funds in mineral recovery * Firms like Freeport already recovering copper in mining waste * By Timothy Gardner WASHINGTON, - The U.S. Interior Department on Thursday took steps to increase recovery of critical minerals, used in everything from electric vehicles to high-tech weapons, from mine waste, coal refuse, tailings and abandoned uranium mines. Interior Secretary Doug Burgum directed his department to streamline federal regulations on the recovery of the minerals such as rare earths, lithium and cobalt from the waste. The order directs the department to update guidance on making mine waste recovery projects eligible for federal funding and speed up reviews of plans to recover uranium and other minerals from abandoned mines. It also directs the U.S. Geological Survey to map and inventory federal mine waste sites. It was the latest move by the administration of President Donald Trump to boost the domestic mineral industry that has long been dominated on the global stage by China in both production and processing. In March, Trump issued an executive order to invoke a Cold War-era Defense Production Act in an effort to boost processing a range of critical minerals. "This initiative reflects our unwavering commitment to achieving mineral independence and ensuring that America leads the way in advanced technologies that power our future while turning environmental challenges into opportunities for growth and innovation," Burgum said in a release. His department controls large swathes of federal land some of it home to abandoned mines. The department expects the move to attract private investment, support environmental reclamation and boost energy sources. Research by the USGS and state geological surveys has identified sources of minerals like zinc, germanium, tellurium and rare earth elements in shuttered and current mines. Mining companies have embraced recovery. Freeport-McMoRan , for example, expects to produce 800 million pounds of copper annually as soon as 2027 by leaching the metal from piles of waste at its mines previously thought to be worthless. Tar Creek lead and zinc mines near Picher, Oklahoma that were abandoned in the 1970s left behind waste rich in zinc and germanium, minerals the U.S. imports, the department said. In Utah's Bingham Canyon, tellurium, vital for defense technologies, can be extracted from tailings created during copper mining. Recovery of minerals from mining waste is promising but requires new processing methods to protect the environment. Legal issues associated with property rights can also complicate the recovery. This article was generated from an automated news agency feed without modifications to text.
CTV News
5 days ago
- CTV News
Woman sentenced following death of two dogs in Freeport, N.S.
A Nova Scotia woman has been given a lifetime ban of owning animals following the death of two dogs. The Nova Scotia SPCA said Alicia Hall, 31, from Freeport, N.S., has been sentenced to two counts of causing unnecessary pain, suffering or injury to an animal or bird. In March 2024, the SPCA said it received a report of two deceased dogs in a house in Freeport. Hall was then charged with two counts of causing unnecessary suffering for two dogs and two counts of abandoning two dogs in distress. The SPCA said Hall has now been sentenced to a lifetime prohibition of having care, custody or control of or residing in the same premises as an animal or bird, and 18 months imprisonment in the community. For more Nova Scotia news, visit our dedicated provincial page
Reuters
6 days ago
- Business
- Reuters
Freeport-McMoRan still waiting for US copper tariff details, CEO says
July 23 (Reuters) - Freeport-McMoRan (FCX.N), opens new tab has yet to see details of U.S. President Donald Trump's plan to impose a 50% tariff on copper imports starting next week, its CEO said on Wednesday after the mining company posted better-than-expected quarterly results. Trump announced the tariffs earlier this month as part of a plan to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. The duty is slated to begin on August 1. The U.S. imports roughly half of its annual copper needs. Trump and his administration have not shared details on what type of the red metal the tariff would affect, a lack of clarity that has confounded producers, companies that use copper and countries that export it. "We're still waiting on additional details on implementation of the tariff announcement," Freeport CEO Kathleen Quirk told investors on a conference call on Wednesday. Quirk added that Freeport is "not aware of any exemptions at this point" for U.S. imports of the metal. Responsible for 70% of refined U.S. copper - the country's largest producer - Phoenix-based Freeport would be the biggest beneficiary of any copper tariff, with a boost to annual profit of at least $1.6 billion, Reuters reported earlier this month. Freeport also produces copper in Chile, Peru and Indonesia, where it operates the Grasberg mine - the world's second-largest copper mine - and a smelter. While Freeport traditionally has sold its Indonesian copper to Asian customers, Quirk said the company would consider shipping some supply to the United States. "We do have flexibility to send it to the place that makes the most sense," she said. "We don't have long-term contracts locked up" for Indonesian copper. Freeport operates one of two U.S. copper smelters and has been studying whether to expand its capacity by roughly 30%, Quirk said, adding that the company has not discussed the plans with the Trump administration and that it has no desire to build a new U.S. smelter. U.S. copper prices have gained more than 25% since Trump announced the tariffs. When asked whether the increase could affect copper demand, Freeport executives said they continued to see strong demand but longer-term saw the issue tied to how the tariff is implemented. "Ultimately, it's going to be global supply and demand that will end up driving (prices), and then whatever tariffs are there, how they're absorbed and where they're absorbed in the U.S. marketplace," said Freeport's chairman, Richard Adkerson. Adkerson added that Freeport has lobbied Washington to streamline the mine-permitting process to boost the country's copper output. For the second quarter, Freeport's profit beat Wall Street's estimates as higher copper and gold prices offset lower production. The company reported an adjusted profit of 54 cents per share for the three months ended June 30, compared with analysts' average estimate of 45 cents, according to data compiled by LSEG. The company's shares were down about 1.5% at $45.09 on Wednesday afternoon. Freeport said it expects to sell 1.3 billion pounds from its domestic mines in 2025. The company warned of a roughly 5% increase in the cost of its U.S. purchases if suppliers pass along tariff-related expenses for other materials. The company's quarterly average realized price for copper was $4.54 per pound, up 1.3% from a year earlier, while its average realized price for gold was $3,291 per ounce, up about 43%. However, second-quarter copper production dropped around 7% from a year earlier to 963 million recoverable pounds.
Yahoo
6 days ago
- Business
- Yahoo
Freeport Second-Quarter and Six-Month 2025 Financial and Operating Results Release Available on Its Website
PHOENIX, July 23, 2025--(BUSINESS WIRE)--Freeport (NYSE: FCX) today announced that it has posted its second-quarter and six-month 2025 financial and operating results press release on the Investor Relations page of its website at As previously indicated on its website, FCX will host a conference call today with securities analysts at 10:00 a.m. Eastern Time to discuss quarterly and six-month results. The conference call will be webcast on the Internet along with slides. Interested parties may listen to the conference call live and view the slides on the Investor Relations page of FCX's website at A replay of the webcast will be available through Friday, August 22, 2025. FREEPORT: Foremost in Copper FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world's largest publicly traded copper producers. FCX's portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits; and significant operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at View source version on Contacts Financial Contact:David P. Joint(504) 582-4203 Media Contact:Linda S. Hayes(602) 366-7824 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
