July 2 (Reuters) -

U.S. copper and gold miner Freeport McMoran ( FCX ) on

Tuesday said it expects its consolidated sales of copper and

gold for the second quarter to be below its April 2024 forecast

due to a delay in obtaining an export license for its Indonesian

subsidiary.

The company expects copper sales to be 5% below April

2024 guidance of 975 million pounds, while gold sales would be

nearly 30% below guidance of 500,000 ounces.

The Phoenix, Arizona-based miner expects a portion of

its second quarter sales to be shipped in future periods.

Freeport's Indonesian subsidiary's last export permit

was valid until May 31, and its new targets must be approved by

the country's mining ministry.

Indonesia

banned shipments

of all raw minerals from June 2023 to boost investment in

its metals processing industry. However, Freeport Indonesia and

rival copper miner Amman Mineral Internasional were

given a year-long exemption to complete the construction of

their copper smelters.

Shipment delays are also expected to weigh on the unit

net cash costs for the quarter, now forecast at $1.77 per pound

of copper, up from the earlier estimate of $1.57.