On April 23 (Thursday), mining company Freeport-McMoRan reported that Q1 profit exceeded Wall Street expectations, driven by rising copper prices.
Average copper prices in Q1 surged 36.7% YoY and hit a record high in late January, amid constrained supply, low inventories, and strong demand.
The company said the average realized copper price in Q1 was $5.78 per pound, compared with $4.44 per pound in the same period last year.
According to the data, the company reported adjusted earnings of 57¢ per share for the three months ended March 31, versus an average analyst estimate of 46¢.
Freeport-McMoRan said consolidated copper production in Q1 was 662 million pounds and gold 97,000 ounces; consolidated copper sales in Q1 were 657 million pounds and gold 121,000 ounces. Copper sales from South American operations are expected to be approximately 1.05 billion pounds for full-year 2026; consolidated sales for full-year 2026 are expected to be 3.1 billion pounds of copper and 650,000 ounces of gold.
Freeport-McMoRan expects capital expenditures of approximately $4.3 billion in 2026, with average unit net cash cost for full-year 2026 estimated at approximately $1.95 per pound of copper. Diesel and sulphuric acid prices have been highly volatile, with significant regional imbalances. Current cost estimates for 2026 are higher than the January 2026 estimates.
(Wenhua Consolidated)
