Freeport's Indonesian Subsidiary PT Freeport Indonesia Completes Construction Of New Manyar Smelter And Begins Commissioning; Q2 Sales Expected To Be 5% Below Copper Guidance And 30% Below Gold Guidance Due To Export License Delay; 2024 Gold Sales Expected To ~1.8M Ounces
Portfolio Pulse from Benzinga Newsdesk
Freeport's Indonesian subsidiary, PT Freeport Indonesia, has completed the construction of the Manyar smelter and begun commissioning. However, Q2 sales are expected to be 5% below copper guidance and 30% below gold guidance due to an export license delay. 2024 gold sales are expected to be around 1.8 million ounces. The Q2 earnings release and conference call are scheduled for July 23, 2024.
July 02, 2024 | 1:29 pm
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Freeport's Indonesian subsidiary has completed the Manyar smelter but faces a Q2 sales shortfall due to an export license delay. This will likely impact Q2 earnings, with sales expected to be 5% below copper guidance and 30% below gold guidance.
The completion of the Manyar smelter is a positive development, but the delay in the export license is expected to negatively impact Q2 sales and earnings. The shortfall in copper and gold sales will likely weigh on investor sentiment in the short term.
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IMPORTANCE 80
RELEVANCE 100