Investing.com -- Freeport reported higher second-quarter profit on Wednesday, supported by stronger copper, gold and molybdenum prices, solid operational execution and favorable cash costs, even as production remained constrained by the ongoing ramp-up at its Grasberg underground mine in Indonesia.

The world's major copper producer posted net income attributable to common stock of $984 million, or $0.68 per share, up from $772 million, or $0.53 per share, a year earlier. Adjusted net income rose to $1.08 billion, or $0.74 per share, after excluding charges primarily related to restoration costs from the September 2025 mud rush incident at Grasberg.

Shares rose nearly 2% in the premarket trading.

Chief Executive Kathleen Quirk said the company benefited from strong execution across its operations, with the Americas delivering solid performance while the Grasberg Block Cave mine continued its planned recovery. She said Freeport remains focused on safely restoring full operations at Grasberg while advancing growth projects that are expected to boost margins, cash flow and earnings.

Second-quarter copper sales totaled 710 million pounds, exceeding the company's April guidance, while average realized copper prices climbed to $6.17 per pound from $4.54 a year earlier. Gold sales fell to 123,000 ounces and copper production declined to 786 million pounds as the Grasberg mine continued its phased restart following last year's disruption.

Freeport generated $2.0 billion in operating cash flow during the quarter and reaffirmed expectations for full-year sales of about 3.1 billion pounds of copper, 650,000 ounces of gold and 93 million pounds of molybdenum. It expects average unit net cash costs of about $1.90 per pound of copper for 2026.

The company said the Grasberg Block Cave ramp-up remains on schedule, with production expected to reach about 65% of capacity in the second half of 2026, around 80% by mid-2027 and approach full capacity by the end of 2027. Freeport also continued advancing long-term copper growth projects in the U.S. and Chile, including a potential expansion at El Abra and brownfield developments supported by new leaching technologies.