Freeport-McMoRan reported second-quarter 2025 revenue of $7.58 billion, surpassing estimates of $7.18 billion, with adjusted earnings per share (EPS) of $0.54 beating the expected $0.45. The company produced 963 million pounds of copper, a 7.1% decline year-over-year. Net income attributable to common stockholders was $772 million, with adjusted net income at $790 million. The firm highlighted that U.S. tariffs could increase the costs of goods it purchases domestically by approximately 5%. Freeport-McMoRan's CEO emphasized China as a major driver of copper demand and identified India as an important growth market. The company is awaiting further details on the U.S. government's plan to impose a 50% tariff on copper starting August 1. In the near term, Freeport plans to continue selling Indonesian copper primarily into Asia, considering shipments to the U.S. only if economically viable. The company is also exploring expanding copper smelters in Miami and Arizona. Sales of copper in the second half of 2025 are expected to be nearly 10% higher than the first half, with gold sales anticipated to remain stable. Meanwhile, Newmont Corporation reported second-quarter 2025 revenue of $5.32 billion, exceeding estimates of $4.85 billion, and adjusted EPS of $1.43, above the $1.12 consensus. Gold production reached 1.48 million ounces, surpassing the estimated 1.39 million ounces. Newmont generated a record quarterly free cash flow of $1.7 billion, supported by average realized gold prices of $3,320 per ounce and an all-in sustaining cost (AISC) of $1,630 per ounce. The company announced a $3 billion share repurchase program and maintained its full-year attributable gold production guidance of 5.9 million ounces. Newmont's net income was $2.1 billion, with adjusted net income at $1.6 billion. The company has made progress in cost control, contributing to its earnings beat amid a rally in gold prices.