Freeport-McMoRan updates third-quarter copper production and sales estimates

Freeport-McMoRan Inc. (FCX) provided an operational update on Thursday detailing its third-quarter 2026 production and sales estimates ahead of its scheduled earnings release on Tuesday, Oct. 27, 2026.

Consolidated copper production for the third quarter of 2026 reached approximately 830 million pounds, matching expectations as international results offset lower U.S. output. Consolidated gold production totaled approximately 230 thousand ounces. Changes in the timing of gold sales at PT Freeport Indonesia resulted in the deferral of approximately 60 thousand ounces of refined gold from the third quarter to the fourth quarter of 2026.

The company expects consolidated copper sales for the third quarter to approximate its July estimate of 750 million pounds. Consolidated gold sales for the quarter are expected to approximate 100 thousand ounces, falling below the July estimate due to the deferred gold sales.

Consolidated unit net cash costs for the third quarter are currently expected to come in approximately 5% above the July estimate of $2.00 per pound of copper, driven principally by lower by-product credits from the deferred gold sales. The company estimated its third-quarter consolidated average realized price to exceed $6.50 per pound of copper.

U.S. operations faced lower operating rates during the quarter due to an increased frequency of localized flooding, power outages, and strong winds. In Indonesia, abnormally dry weather conditions favored mining but presented milling challenges.

Grasberg operations continued a phased ramp-up following a September 2025 incident. Mill throughput averaged approximately 140,000 metric tons of ore per day during the third quarter, representing about 67% of normalized rates prior to the incident. This included 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. Preparations continue for the targeted restart of production from Production Block 1S by mid-2027, with the company expecting to reach 80% capacity by mid-2027 and approach full capacity by year-end 2027.

PT Freeport Indonesia's smelter in Eastern Java re-commenced operations in late August 2026 after a temporary suspension following the September 2025 incident. Ramp-up activities are proceeding in line with expectations, offering combined smelting capacity to produce up to approximately 800,000 metric tons of cathode per annum alongside a precious metals refinery.

The company continued advancing growth plans during the quarter, including scaling its 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. Freeport-McMoRan also advanced the regulatory process for a potential expansion of its El Abra mine in Chile.