Freeport (FCX) Starts Commissioning of New Indonesian Smelter [Yahoo! Finance]
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Source: Yahoo! Finance
smelter in Gresik, Indonesia, in June 2024 and has begun commissioning operations. FCX anticipates that the smelter will begin producing copper cathodes in the following months and that it will reach full ramp-up by the end of 2024, as previously predicted. FCX also reported that on Jul 2, 2024, Indonesia's government permitted PT-FI to export copper concentrates and anode slimes through December 2024, when the new processing facilities are expected to be fully ramped up. PT-FI will continue to pay export duties on copper concentrates during the smelter ramp-up period in accordance with Indonesia's regulations. Due to the delay in securing PT-FI's export license, FCX expects to ship a portion of its second-quarter 2024 production in subsequent periods. FCX currently expects its consolidated sales for the second quarter to be roughly 5% lower than its April 2024 forecast of 975 million pounds of copper and approximately 30% lower than its prior view of 500,000 ounces of gold. Con
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