The following is a summary of the Freeport-McMoRan Inc. (FCX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Freeport-McMoRan reported strong financial results for Q3 2024 with $2.7 billion in EBITDA and $1.9 billion in operating cash flows.

• Favorable unit cash cost performance was noted compared to both their guidance and the year-ago quarter.

• The company generated solid margins during the quarter.

• Unit net cash costs are expected to approximate $1.58 per pound for 2024, which is below their July estimate of $1.63 per pound.

Business Progress:

• Freeport-McMoRan is advancing its leach initiative with significant results, aiming to achieve 800 million pounds per annum of copper.

• They purchased additional shares in Cerro Verde, increasing ownership to 55%, enhancing exposure to this high-quality asset.

• Progress continues on the large-scale Kucing Liar development in Indonesia, with production expected to commence by 2030.

• The company is also working on restoring smelter operations in Indonesia following a recent fire incident.

Opportunities:

• Incremental copper production from leach initiatives increased nearly 70% compared to the last year, reflecting strong potential in scaling low cost copper volumes.

• Global demand trends for copper, driven by electrification and investments in electrical infrastructure, provide a positive long-term outlook for markets.

• Substantial investments in US electrical infrastructure and AI data centers contribute to strong demand for copper.

Risks:

• Recent regulatory and compliance challenges include a fire incident at a smelter and discussions with the Indonesian government regarding export flexibilities.

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