Freeport-McMoRan Reports $5.728 Billion Revenue in Q1 2025, Down from $6.321 Billion

Freeport-McMoRan Inc. reported a consolidated revenue of $5.728 billion for the first quarter of 2025, a decrease from $6.321 billion in the same period of 2024. The company's net income attributable to common stockholders was $352 million, down from $473 million year-over-year. This decline in revenue and profitability was primarily attributed to lower sales volumes of copper and gold, particularly from its Indonesian operations, which were impacted by a planned major maintenance project. However, the company noted an increase in average realized prices for copper and gold, with copper prices averaging $4.44 per pound, up 13% from the previous year, and gold prices averaging $3,072 per ounce, a 43% increase.

In terms of operational metrics, Freeport-McMoRan's copper production totaled 868 million pounds in the first quarter of 2025, down from 1.085 billion pounds in the same quarter of 2024. Gold production also saw a significant decline, with 287,000 ounces produced compared to 549,000 ounces in the prior year. The company’s molybdenum production increased slightly to 23 million pounds from 18 million pounds. The decrease in copper and gold production was largely due to lower ore grades and the timing of shipments, particularly in Indonesia, where production was affected by maintenance activities.

Strategically, Freeport-McMoRan is focused on enhancing its operational efficiencies and reducing costs through technology-driven initiatives. The company is targeting an annual run rate of 300 million pounds of copper from new leaching technologies by the end of 2025. Additionally, repairs to the new smelter in Indonesia, which suffered a fire incident in October 2024, are nearing completion, with full ramp-up expected by the end of 2025. The company also continues to ramp up production at its newly commissioned precious metals refinery, which is anticipated to reach full capacity during 2025.

As of March 31, 2025, Freeport-McMoRan's total assets stood at $56.022 billion, an increase from $54.848 billion at the end of 2024. The company’s total debt was reported at $9.404 billion, with a net debt of $1.5 billion when excluding project debt for its new downstream processing facilities. The company maintained a strong liquidity position with $4.385 billion in cash and cash equivalents. Looking ahead, Freeport-McMoRan expects to increase its quarterly consolidated sales volumes of copper and gold from first-quarter levels, driven by improved operational performance and the ramp-up of production in Indonesia. The company anticipates that its average unit net cash costs will decline as production volumes increase, reflecting ongoing efforts to enhance operational efficiencies.