Freeport-McMoRan cuts 2020 sales guidance, delays Indonesia smelter project

Freeport-McMoRan has cut its copper sales guidance for 2020 by 400 million lb, or around 181,000 tonnes, as a result of the effects of the Covid-19 pandemic.

The company had previously forecast sales of 3.5 billion lb or 1.5 million tonnes of copper this year, but now expected sales of 3.1 billion lb or 1.4 million tonnes.
It has also delayed the completion timeline of December 2023 for its new smelter in Indonesia, due both to Covid-19-related disruptions to the work and travel schedules of international contractors and to the current limitations on access to the proposed site.
The company has notified the Indonesian government of the situation and is discussing a deferred schedule for the project, as well as other alternatives in light of Covid-19 and global economic conditions.

Freeport's partner in the project is state-owned PT Indonesia Asahan Aluminium (PT Inalum), which has a 51% interest. No specific date has been set for the commissioning of the smelter, which will have capacity for 2 million tonnes per year of copper concentrate....

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