Freeport Exceeds Expectations on Copper Sales

Freeport announced its third-quarter production numbers, meeting expectations for both copper and gold. The company produced approximately 830 million pounds of copper and 230,000 ounces of gold.

Copper sales are expected to reach around 750 million pounds, while gold sales will be about 100,000 ounces. However, the gold sales were affected by the delay of 60,000 ounces of refined gold from the third quarter to the fourth quarter in Indonesia.

The average realized copper price is estimated to exceed $6.50 per pound, and consolidated unit net cash costs are expected to be around 5% above the July estimate of $2.00 per pound of copper.