Freeport Q3 2026 copper output meets targets; gold sales deferred

Freeport-McMoRan (NYSE: FCX) reported third-quarter 2026 consolidated copper production of approximately 830 million pounds, in line with expectations, with slightly stronger international results offsetting lower U.S. output, according to a company statement.

Consolidated gold production of approximately 230 thousand ounces also met expectations, but timing changes at PT Freeport Indonesia (PTFI) deferred approximately 60 thousand ounces of refined gold sales from the third quarter to the fourth quarter of 2026.

FCX expects third-quarter copper sales to approximate its July 2026 estimate of 750 million pounds. Gold sales for the quarter are expected to reach approximately 100 thousand ounces, below the July estimate due to the deferred sales. The company estimates its third-quarter consolidated average realized copper price will exceed $6.50 per pound.

Consolidated unit net cash costs for the third quarter are expected to be approximately 5% above the July 2026 estimate of $2.00 per pound of copper, primarily due to lower by-product credits tied to the gold sales deferral.

U.S. operations were affected by localized flooding, power outages, and strong winds during the quarter. In Indonesia, dry weather conditions supported mining activity but presented challenges in the milling process.

At the Grasberg Block Cave underground mine, mill throughput averaged approximately 140,000 metric tons of ore per day during the third quarter, representing about 67% of normalized rates prior to a September 2025 incident. FCX expects to reach 80% of capacity by mid-2027 and approach full capacity by year-end 2027.

PTFI's smelter in Eastern Java, suspended following the September 2025 Grasberg incident, resumed operations in late August 2026. The facility has combined smelting capacity to produce up to approximately 800,000 metric tons of cathode per year.

FCX said it is working toward an investment decision by year-end 2026 on doubling the capacity of its Bagdad operation in Northwest Arizona and continues to advance regulatory processes for a potential expansion of its El Abra mine in Chile.

FCX plans to release full third-quarter 2026 earnings before market open on October 27, 2026.

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