Freeport generated quarterly EBITDA of $3.2 billion and operating cash flows of $2.2 billion as net unit cash production costs of $1.13 per pound came in well below guidance and below the prior-year quarter, helped by a net credit of $0.99 per pound at Grasberg and sales volumes that exceeded production on Indonesian inventory drawdowns. The new Indonesian copper smelter started up about a month ahead of schedule after a 10-year build, with first cathodes expected by the end of July and a ramp to design capacity targeted by year-end. Offsetting that, a recalibration of the Grasberg Block Cave drawpoint flow model cut expected 2025 gold production by approximately 15%, with 2025 gold sales guidance down around 17% and copper about 1% lower; management characterized the change as timing-related with no significant impact on long-range plans. Following the July 8 announcement of a 50% U.S. tariff on copper imports, the U.S. premium widened to approximately $1.25 per pound, about 28% above the LME price, which management said implies roughly a $1.7 billion annual financial benefit on Freeport's U.S. sales, while broader tariffs are estimated to add about 5% to U.S. operating costs. Full-year 2025 net unit costs are now estimated at approximately $1.55 per pound, still better than the $1.60 estimate going into the year.