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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.
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Author
European Investor 10-27-26
Freeport-McMoRan Posts Solid Q3 Results Despite Indonesia Mine Disruption

Freeport-McMoRan Inc. (NYSE: FCX) reported third-quarter 2025 results showing steady financial performance and strong cash generation despite operational challenges in Indonesia.

Net income attributable to common stockholders totaled $674 million, or $0.46 per share, while adjusted net income reached $722 million, or $0.50 per share. Consolidated operating cash flow stood at $1.7 billion, supported by favorable copper prices and disciplined cost management.

Copper production totaled 912 million pounds, gold output reached 287 thousand ounces, and molybdenum production was 22 million pounds. Sales volumes were slightly above production levels, with 977 million pounds of copper, 336 thousand ounces of gold, and 19 million pounds of molybdenum sold.

Average realized prices remained strong at $4.68 per pound for copper, $3,539 per ounce for gold, and $24.07 per pound for molybdenum. Unit net cash costs were $1.40 per pound of copper, better than guidance.

Operations were affected by the temporary suspension of mining in Indonesia following a mud rush incident on September 8. The company expects minimal contribution from Indonesia in the fourth quarter, with a phased restart planned.
For full-year 2025, Freeport projects total sales of approximately 3.5 billion pounds of copper, 1.05 million ounces of gold, and 82 million pounds of molybdenum, assuming continued market stability.

Capital expenditures reached $1.1 billion in the quarter and are forecast to total $4.5 billion for the year, including $2.3 billion for major mining projects and $0.6 billion for new downstream facilities in Indonesia.

Freeport ended the quarter with $4.3 billion in cash and $9.3 billion in total debt, resulting in net debt of $1.7 billion, excluding $3.2 billion related to Indonesian downstream facilities. The company emphasized its strong balance sheet, positive cash flow outlook, and favorable long-term demand fundamentals for copper and other key metals.
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Author
Global Finance News 10-23-25
Freeport Reports
Fourth-Quarter and Year Ended 2024 Results
•Solid operating performance
◦Fourth-quarter 2024 copper and gold sales volumes above October 2024 guidance
◦Fourth-quarter 2024 unit net cash costs below October 2024 guidance
•Commenced start-up at the Indonesia Precious Metals Refinery; Smelter start-up expected by mid-year 2025
•Advancing options for long-term organic growth
•Strong financial position
•Favorable market fundamentals and long-term outlook
▪Net income attributable to common stock in fourth-quarter 2024 totaled $274 million, $0.19 per share, and adjusted net income attributable to common stock totaled $450 million, $0.31 per share, after excluding net charges totaling $176 million, $0.12 per share.
▪Consolidated production totaled 1.04 billion pounds of copper, 432 thousand ounces of gold and 22 million pounds of molybdenum in fourth-quarter 2024, and 4.2 billion pounds of copper, 1.9 million ounces of gold and 80 million pounds of molybdenum for the year 2024.
▪Consolidated sales totaled 1.0 billion pounds of copper, 350 thousand ounces of gold and 18 million pounds of molybdenum in fourth-quarter 2024, and 4.1 billion pounds of copper, 1.84 million ounces of gold and 78 million pounds of molybdenum for the year 2024.
▪Consolidated sales are expected to approximate 4.0 billion pounds of copper, 1.6 million ounces of gold and 88 million pounds of molybdenum for the year 2025, including 850 million pounds of copper, 225 thousand ounces of gold and 22 million pounds of molybdenum in first-quarter 2025.
▪Average realized prices were $4.15 per pound for copper, $2,628 per ounce for gold and $22.23 per pound for molybdenum in fourth-quarter 2024, and $4.21 per pound for copper, $2,418 per ounce for gold and $21.77 per pound for molybdenum for the year 2024.
▪Average unit net cash costs were $1.66 per pound of copper in fourth-quarter 2024 and $1.56 per pound of copper for the year 2024. Unit net cash costs are expected to average $1.60 per pound of copper for the year 2025.
▪Operating cash flows totaled $1.4 billion in fourth-quarter 2024 and $7.2 billion for the year 2024. Operating cash flows are expected to approximate $6.2 billion for the year 2025, based on achievement of current sales volume and cost estimates, and assuming average prices of $4.00 per pound for copper, $2,700 per ounce for gold and $20.00 per pound for molybdenum for the year 2025.
▪Capital expenditures in fourth-quarter 2024 totaled $1.2 billion, including $0.6 billion for major mining projects and $0.2 billion for PT Freeport Indonesia’s (PT-FI) new smelter and precious metals refinery (PMR) (collectively, PT-FI’s new downstream processing facilities). For the year 2024, capital expenditures were $4.8 billion, including $2.1 billion for major mining projects and $1.17 billion for PT-FI’s new downstream processing facilities. Capital expenditures are expected to approximate $5.0 billion, including $2.8 billion for major mining projects and $0.6 billion for PT-FI’s new downstream processing facilities (excluding capitalized interest, owner’s costs and commissioning) for the year 2025.
▪During fourth-quarter 2024, FCX repaid $0.7 billion in maturing senior notes.
▪At December 31, 2024, consolidated debt totaled $8.9 billion and consolidated cash and cash equivalents totaled $3.9 billion, $4.7 billion including $0.7 billion of current restricted cash associated with a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks. Net debt totaled $1.06 billion, excluding $3.2 billion of debt for PT-FI’s new downstream processing facilities.
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Author
WS Investor 01-23-25