Freeport-McMoRan, a leading copper miner, has reported first-quarter (Q1) profits that marginally surpassed analysts’ expectations.
The company’s net income attributable to common shareholders decreased to $352m, or $0.24 per share, in the three months ending 31 March, compared with $473m, or $0.32 per share, in Q1 2024.
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In Q1 2025, the company’s consolidated production reached a total of 868 million pounds (mlb) of copper compared with 1.09 billion pounds during Q1 2024.
This decline was primarily due to a significant 20% drop in production in Indonesia caused by maintenance. The reduction in output was somewhat mitigated by an increase in commodity prices.
Furthermore, the company reported consolidated production of 287,000oz of gold and 23mlb of molybdenum.
Consolidated sales for the same period amounted to 872mlb of copper, 128,000oz of gold and 20mlb of molybdenum.
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By GlobalDataFurthermore, Freeport-McMoRan has raised concerns over the potential impact of tariffs proposed by US President Donald Trump, which could hike its material costs for US mines by approximately 5%.
The company said in a statement: “FCX [Freeport-McMoRan] is monitoring developments on US trade policy for potential impacts on its business, cost structure and supply chains.
“Based on FCX’s current supply chains and discussions with its suppliers, FCX estimates that the proposed tariffs announced to date could have the potential to increase the costs of goods FCX purchases in the US by approximately 5%, primarily reflecting the potential pass-through of tariffs incurred by suppliers.
“Efforts are under way to evaluate alternative sourcing options to mitigate potential impacts,” the company added.
In February, Trump initiated an investigation into new tariffs on copper imports to boost US production of the metal, which is essential for electric vehicles, military hardware, the power grid and various consumer goods.
While Freeport has not directly addressed Trump’s tariff plans, both chairman Richard Adkerson and CEO Kathleen Quirk have expressed their concerns about the potential effects of broad levies on the global economy, according to a report by Reuters.
Quirk added: “Our work to produce our products and grow safely, efficiently and responsibly has never been more important. We remain vigilant in our efforts to reduce costs, improve efficiencies and carefully manage operating, administrative and capital spending in this uncertain macroeconomic environment.
“Freeport is well positioned for the future with large-scale production of copper, gold and molybdenum, a highly qualified and experienced team with a proven track record, a portfolio of attractive organic growth opportunities and a strong balance sheet and financial position.”
