Freeport-McMoRan sees strong Q2 gold and copper sales
(Kitco News) - Mining companies are adjusting to a new normal with one of the largest copper producers in the world expecting to see better-than-expected production in the second quarter.
In a press release Monday, Freeport-McMoRan Inc. (NYSE: FCX) announced revised operation plans as the world continues to struggle with the ongoing COVID-19 pandemic. The new operations come as the company says that it expects to see higher copper and gold production in the second quarter.
“FCX ’s 2020 revised operating plans are focused on safeguarding its business in an uncertain public health and economic environment, advancing the ramp-up of underground production at Grasberg to establish large-scale, low-cost copper and gold production, and advancing initiatives in the Americas to position FCX for significant increases in cash flows in 2021 and beyond,” the company said. “The Company also continues to work closely with communities where it operates across the globe and has provided monetary support and in-kind contributions of medical supplies, equipment and food.”
Looking at production, the company said that second-quarter gold sales are expected to exceed the April 2020 estimate of 165,000 ounces by approximately 10%. Meanwhile, copper sales are expected to exceed the April 2020 estimate of 690 million pounds by approximately 8%.