FCX · Freeport-McMoRan Q2 FY2026 earnings call record财报电话会记录

“Combined with the favorable metal price backdrop, we generated significant margins, cash flows, and earnings.”

“Our Grasberg ramp-up plans are on track, together with ongoing initiatives to increase production in the Americas, we are positioned for future volume and margin growth.”

“In addition, we returned $600 million to shareholders in the first half, including roughly $200 million in share repurchases.”

“As we speak with our customers across the U.S., they continue to report robust copper demand and order books associated with AI data centers and related energy infrastructure and improved demand from the auto sector, which is more than offsetting weakness in private construction.”

“As we move through 2026, we expect a large increase in second half sales volumes driven by higher volumes at Grasberg and our U.S.”

“To 2027, we expect annual copper sales to increase by more than 20% compared with 2026, and gold volumes to increase by more than 50%, with additional growth projected in 2028 for both copper and gold.”

“While markets remain volatile, our current estimate for 2026 average unit net cash costs approximates $1.90 per pound, slightly below the April estimate of $1.95 per pound, with higher by-product credits more than offsetting other unit cost increases.”

“Putting together our projected volumes and cost estimates, we show modeled results on Slide 10 for EBITDA and cash flow at various copper prices ranging from $5-$7 copper.”

“These are modeled results using the average of 2027 and 2028 with current volume and cost estimates and holding gold flat at $4,000 per ounce and molybdenum flat at $30 per pound.”

“Our 2026 capital remains consistent with our prior forecast, and 2027 capital expenditures are estimated at $4.8 billion, approximately $300 million above the April estimate, reflecting investments in upgraded mining equipment and revised cost estimates.”

“It doesn't really impact the share buybacks at the FCX level.”

“That's a long-term investment that we're making, but we will have some downtime associated with that in the second half, which is all reflected in our guidance and consistent with where we targeted in April.”