Why did Freeport-McMoRan (FCX) stock go down?

Freeport-McMoRan ( NYSE: FCX) shares wobble between small gains and losses Tuesday after the copper producer guided for Q2 consolidated sales volumes nearly 5% below its April forecast of 975M lbs of copper and ~30% below its outlook for 500K oz of gold, citing the delay in obtaining an export license for its Indonesia subsidiary.

When will Freeport-McMoRan smelter start producing copper cathodes?

Freeport-McMoRan ( FCX) said it completed construction of its new Manyar smelter in Gresik, Indonesia, and has begun commissioning operations; it expects the smelter will begin producing copper cathodes in the coming months and continues to target full ramp up by year-end 2024.

Does Freeport (FCX) expect a material change to full-year copper sales volume?

For the full year, Freeport ( FCX) lowered its gold sales volume guidance to ~1.8M oz from 2M oz previously, but said it does not expect a material change to full-year copper sales volume guidance.