Freeport-McMoRan Inc. (NYSE:FCX) Q3 2023 Earnings Call Transcript

Brian MacArthur: Great, thanks. Just to be clear, because last quarter, yes, I’ll follow up with David. Because just last quarter, the export duties were zero on the cost per pound. So that’s why I was just trying to figure out exactly how this is working. Yes. I can follow up with David.

Richard Adkerson: Just remember, Brian, we weren’t exporting for a fairly substantial period of time there. We had this administrative delay for even having any exports. And that’s when our inventory built up so much, we were able to sell it down. But we went for, what was it, Kathleen, about six weeks without having any exports. And so the duty is paid when it’s export.

Kathleen Quirk: Yes, the new regulation didn’t come out to June, July time frame. And so the second quarter, we didn’t have duties. It was this June 10th date that triggered some new regulations. So you’re right that we didn’t have duties in the second quarter. So the duties that you’re seeing in the third quarter relate to the third quarter shipments.

Brian MacArthur: Great. Thanks very much. That’s very clear. And thank you, Richard. That’s very helpful as well.

Richard Adkerson: Thank you.

Operator: With that, we’ll turn the call over to management for any closing remarks.

Kathleen Quirk: Well, thanks everyone for your participation. And we’re available if anybody has any questions or comments. And just talk to David. And we’ll look forward to continuing to report to you on our progress.

Operator: Ladies and gentlemen, that concludes our call for today. Thank you for your participation. You may now disconnect.