Business Business FILE PHOTO: The logo of copper miner Freeport-McMoRan Inc is displayed on their offices in Phoenix, Arizona, U.S. June 30, 2022. REUTERS/Ernest Scheyder/File Photo Miner Freeport-McMoRan lowered its forecast for first-quarter gold sales on Monday, after shipment timing issues in Indonesia led to a deferral of a portion of its quarterly production to future periods. Freeport operates Indonesia's Grasberg, one of the world's largest gold and copper mines, and had been building a smelter in the country as part of an operating agreement with Jakarta officials. That smelter was damaged by a fire last year and was shut down. However, Freeport said it received regulatory approvals on March 17, and had resumed concentrate export shipments from Indonesia, which had been temporarily restricted. The company said it expects first-quarter gold sales to be roughly 100,000 ounces below its prior forecast of 225,000 ounces. Freeport added that the average realized price for copper is expected to be roughly $4.40 per pound in the first quarter, compared with $3.94 per pound it realized a year earlier. The miner will release its quarterly results on April 25. Analysts expect the company to post an adjusted profit of 22 cents per share for the first quarter, according to data compiled by LSEG. Get our pick of top stories and thought-provoking articles in your inbox Stay updated with notifications for breaking news and our best stories Get WhatsApp alerts Join our channel for the top reads for the day on your preferred chat app Copyright© Mediacorp 2025. Mediacorp Pte Ltd. All rights reserved. We know it's a hassle to switch browsers but we want your experience with CNA to be fast, secure and the best it can possibly be. To continue, upgrade to a supported browser or, for the finest experience, download the mobile app. Upgraded but still having issues? Contact us