Freeport Lowers Q2 Copper And Gold Sales Outlook

(RTTNews) - Freeport-McMoRan Inc. (FCX) on Tuesday announced that it expects second-quarter consolidated sales to be around 5 percent lower than the April outlook of 975 million pounds of copper, and approximately 30 percent below April guidance of 500 thousand ounces of gold.

Further, the metals company expects consolidated unit net cash costs for second quarter to be approximate $1.77 per pound of copper compared to previously estimated $1.57 per pound, principally reflecting lower by-product credits as a result of the delay in shipments.

Currently, Freeport's stock is trading at $48.44, up 0.05 percent on the New York Stock Exchange.