Freeport-McMoRan Q3 copper production in line, gold sales deferred

Freeport-McMoRan (FCX) reported Q3 copper production of ~830 million lbs, in line with expectations, and gold production of ~230k oz. Gold sales were impacted by timing in Indonesia, with ~60k oz deferred to Q4, leading to expected gold sales of ~100k oz, below the July estimate. Unit net cash costs are expected ~5% above the $2.00/lb estimate due to lower by-product credits.