Freeport-McMoRan Inc. (FCX) reported a significant decrease in its average unit net cash cost per pound of copper, reaching $1.13 in Q2 2025, down from $1.73 a year prior and below its guidance of $1.50. This decline was attributed to operational efficiencies, increased gold credits, and higher copper sales volumes. However, FCX anticipates an increase in costs to $1.59 per pound in Q3 2025, influenced by lower expected sales volumes and potential tariff impacts, which could raise costs by approximately 5%.
In comparison, Southern Copper Corporation (SCCO) reported an operating cash cost of $0.63 per pound in Q2 2025, a 17% decline year-over-year. Meanwhile, BHP Group Limited expects unit costs for its copper operations to range between $1.20 and $2.40 per pound for fiscal 2026. Freeport-McMoRan’s stock has risen 9.6% year-to-date, contrasting with the Mining – Non Ferrous industry’s average gain of 3.2%.
