Commodities
Freeport Reports Third-Quarter Copper Output of 830 Million Pounds
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Freeport-McMoRan (FCX ) provided an operational update on its third-quarter 2026 operating results on October 2, 2026, reporting consolidated copper production of approximately 830 million pounds and consolidated gold production of approximately 230 thousand ounces, both of which the company said approximated expectations.
The copper production figure reflected slightly better results from international operations that offset slightly lower production in the United States, according to the company. Changes in the timing of gold sales at PT Freeport Indonesia (PTFI) resulted in the deferral of approximately 60 thousand ounces of refined gold from the third quarter of 2026 to the fourth quarter of 2026.
FCX expects its consolidated copper sales for the third quarter of 2026 to approximate its July 2026 estimate of 750 million pounds. The company expects consolidated gold sales of approximately 100 thousand ounces for the quarter, below its July 2026 estimate, reflecting the impact of the deferred gold sales.
Consolidated unit net cash costs for the third quarter are currently expected to be approximately 5% above the July 2026 estimate of $2.00 per pound of copper, principally reflecting lower by-product credits resulting from the impact of deferred gold sales, the company said. The measure is net of by-product credits and excludes idle facility and restoration costs associated with the phased ramp-up of the Grasberg Block Cave underground mine.
FCX estimates that its third-quarter 2026 consolidated average realized price will exceed $6.50 per pound of copper.
The company’s U.S. operations experienced lower than planned operating rates in the third quarter of 2026, associated with an increased frequency of localized flooding, power outages and strong winds. In Indonesia, abnormally dry weather conditions were generally favorable for mining but presented various challenges in the milling process, which the company said are being actively managed with limited impact to date.
Grasberg Ramp-Up and Smelter Restart
Mining operations in the Grasberg minerals district proceeded in line with expectations during the quarter, and significant progress continued on the phased ramp-up of the Grasberg Block Cave underground mine, the company said. Mill throughput in the district averaged approximately 140,000 metric tons of ore per day in the third quarter of 2026, approximating 67% of normalized rates prior to the September 2025 incident, including approximately 70,000 metric tons of ore per day from the Grasberg Block Cave.
Upgrades to the material handling system at the Grasberg Block Cave haulage level are progressing toward completion by early 2027, and preparations continue for the targeted restart of production from Production Block 1S by mid-2027, the company said. FCX continues to expect to reach 80% of capacity in mid-2027 and to approach full capacity by year-end 2027.
PTFI’s smelter in Eastern Java, which was temporarily suspended following the September 2025 Grasberg incident, re-commenced operations in late August 2026, and ramp-up activities are proceeding in line with expectations, the company said. PTFI has combined smelting capacity, including PT Smelting, to produce up to approximately 800,000 metric tons of cathode per annum, and has a precious metals refinery capable of processing all of PTFI’s gold production.
Growth Projects and Earnings Schedule
FCX said it is strongly positioned for future growth opportunities, citing ongoing progress on the Grasberg recovery, innovation-led growth and potential organic brownfield development opportunities. During the third quarter of 2026, the company continued to progress its America’s Copper Champion growth plans, including advancing projects to scale its innovative leach initiative and finalizing work to reach an investment decision by year-end 2026 to double the capacity of its Bagdad operation in Northwest Arizona.
FCX also continues to advance the regulatory process for what the company described as a potential transformative expansion of its El Abra mine in Chile.
FCX plans to release its third-quarter 2026 earnings results before the market opens on October 27, 2026, and will hold a conference call to discuss the results at 10:00 a.m. Eastern Time.
