European Investor
27 Oct 2026, 16:05
Freeport-McMoRan Rises 1.6% as Strong Copper Prices and Grasberg Ramp-Up Support Q3 Results
Freeport-McMoRan (NYSE: FCX) shares rose about 1.6% after the company reported strong third-quarter 2026 earnings, solid cash generation and continued progress in ramping up operations at the Grasberg minerals district.
Net income attributable to common stock totaled $1.2 billion, or $0.81 per share, while adjusted net income reached $1.3 billion, or $0.88 per share. Copper production was 832 million pounds, with sales of 749 million pounds, while gold sales were affected by previously disclosed timing issues in Indonesia.
Realized commodity prices were a major support, with copper averaging $6.54 per pound, gold $4,273 per ounce and molybdenum $32.46 per pound. Unit net cash costs were $2.07 per pound of copper, helping drive operating cash flow of $2.0 billion during the quarter.
Operationally, the Grasberg ramp-up remained on track, with management expecting significant production growth in 2027 and 2028. PTFI’s smelter also restarted in late August, while Freeport continued advancing potential expansion projects in the U.S., Chile and across its leaching operations.
For 2026, the company expects sales of about 3.0 billion pounds of copper, 649,000 ounces of gold and 93 million pounds of molybdenum. Assuming fourth-quarter copper prices of $6.50 per pound, full-year operating cash flow is projected at approximately $8.5 billion.
The 1.6% gain appears to reflect strong commodity pricing, improving Grasberg production and a favorable long-term copper growth outlook, supported by multiple organic expansion opportunities.
Freeport-McMoRan (NYSE: FCX) shares rose about 1.6% after the company reported strong third-quarter 2026 earnings, solid cash generation and continued progress in ramping up operations at the Grasberg minerals district.
Net income attributable to common stock totaled $1.2 billion, or $0.81 per share, while adjusted net income reached $1.3 billion, or $0.88 per share. Copper production was 832 million pounds, with sales of 749 million pounds, while gold sales were affected by previously disclosed timing issues in Indonesia.
Realized commodity prices were a major support, with copper averaging $6.54 per pound, gold $4,273 per ounce and molybdenum $32.46 per pound. Unit net cash costs were $2.07 per pound of copper, helping drive operating cash flow of $2.0 billion during the quarter.
Operationally, the Grasberg ramp-up remained on track, with management expecting significant production growth in 2027 and 2028. PTFI’s smelter also restarted in late August, while Freeport continued advancing potential expansion projects in the U.S., Chile and across its leaching operations.
For 2026, the company expects sales of about 3.0 billion pounds of copper, 649,000 ounces of gold and 93 million pounds of molybdenum. Assuming fourth-quarter copper prices of $6.50 per pound, full-year operating cash flow is projected at approximately $8.5 billion.
The 1.6% gain appears to reflect strong commodity pricing, improving Grasberg production and a favorable long-term copper growth outlook, supported by multiple organic expansion opportunities.
