Freeport posts 830M pounds in copper output for Q3

Freeport-McMoRan reported consolidated third-quarter copper production of approximately 830 million pounds on October 2, 2026, meeting internal expectations as stronger output abroad balanced weather disruptions in the United States. Quarterly copper sales are expected to match the July projection of 750 million pounds, with realized copper prices estimated to exceed $6.50 per pound.

Consolidated gold production reached approximately 230 thousand ounces. However, sales timing changes at PT Freeport Indonesia pushed about 60 thousand ounces of refined gold into the fourth quarter. Consequently, third-quarter gold sales are projected at roughly 100 thousand ounces, below the July estimate. Consolidated unit net cash costs are tracking roughly 5% above the July forecast of $2.00 per pound of copper, driven by reduced by-product credits from the deferred gold shipments.

At the Grasberg mineral district in Indonesia, mill throughput averaged roughly 140,000 metric tons of ore per day, or about 67% of pre-incident levels, with 70,000 metric tons per day sourced from the Grasberg Block Cave. Upgrades on the haulage level remain on track for early 2027, with Production Block 1S restarting by mid-2027. The miner expects the site to reach 80% capacity by mid-2027 and approach full capacity by year-end 2027. Meanwhile, the smelter in Eastern Java resumed operations in late August 2026.

The company also stated that it is finalizing work to reach an investment decision by year-end 2026 to double capacity at its Bagdad mine in Arizona, while continuing regulatory steps for an expansion at El Abra in Chile. Freeport will report official third-quarter financial results on October 27, 2026.