11:02 AM EDT, 07/02/2024 (MT Newswires) -- Freeport-McMoRan ( FCX ) said Tuesday that its subsidiary PT Freeport Indonesia has started commissioning operations of its new Manyar smelter in the country after completing construction in June, but the company anticipates weaker-than-expected sales in Q2.

The company said it expects to begin producing copper cathodes in the coming months and aims for a full ramp-up by the end of 2024 as planned.

Freeport-McMoRan ( FCX ) also said it expects lower-than-expected Q2 sales of copper and gold due to an anticipated delay in the shipment of a portion of its Q2 production. PT Freeport Indonesia failed to export copper concentrates or anode slimes in June after its export licenses expired in May.

Freeport-McMoRan ( FCX ) said it has gained the Indonesian government approval to export copper concentrates and anode slimes until December while adhering to export duty regulations during the smelter ramp-up.

Price: 48.35, Change: -0.06, Percent Change: -0.13