Freeport-McMoRan stock weighs profit gains against copper outlook cuts

Published on 11/03/2026 at 13:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Freeport-McMoRan stock is balancing stronger quarterly profit against trimmed copper sales forecasts. Grasberg remains central to the 2027 output recovery.

Profit, Outlook And Grasberg

Third-quarter profit rose as stronger copper prices offset lower sales volumes.
Freeport-McMoRan cut its 2026 and 2027 copper sales forecasts while leaving the 2028 estimate unchanged.
Grasberg is targeted to reach 80 percent of capacity by mid-2027 and approach full capacity by year-end.
A decision on the proposed Bagdad expansion is expected in the fourth quarter.

Freeport-McMoRan, US35671D8570, Illustration mit AI erstellt.

Freeport-McMoRan reported stronger third-quarter earnings on October 27, 2026, as higher copper prices offset lower sales volumes during the continuing recovery at Grasberg in Indonesia. The Northern Miner reported the company raised net income attributable to common shareholders to USD 1.17 billion, or USD 0.81 per diluted share, from USD 674 million, or USD 0.46, a year earlier. Revenue increased 8 percent to USD 7.55 billion. The Northern Miner also reported adjusted earnings of USD 1.28 billion, or USD 0.88 per share, after USD 101 million in net charges.

Higher Prices Offset Lower Sales

The quarter showed the strength and fragility of Freeport-McMoRan's current earnings mix. Copper sales fell to 749 million pounds from 977 million pounds a year earlier, while copper production reached 832 million pounds. The realized copper price rose to USD 6.54 per pound from USD 4.68, helping lift operating cash flow to USD 1.98 billion from USD 1.69 billion.

Cost pressure remained visible. Third-quarter unit net cash costs rose to USD 2.07 per pound of copper from USD 1.40 a year earlier. The company recorded USD 244 million in idle-facility, direct recovery and restoration costs linked to Grasberg; those costs were excluded from the unit net cash cost figure. Freeport-McMoRan expects about USD 4.4 billion of capital spending in 2026 and USD 5.2 billion in 2027, above its July forecasts.

Grasberg Sets The Recovery Path

Grasberg remains the key operational issue for investors. Mining rates at the Grasberg Block Cave averaged about 70,000 tonnes a day in the third quarter, up from 53,000 tonnes in the second quarter. The phased restart follows the deadly September 2025 mudslide, and Freeport-McMoRan expects the Indonesian operation to reach 80 percent of capacity by mid-2027 and approach full capacity by the end of that year.

Material-handling upgrades for the automated rail system are scheduled for completion early next year. Preparations to restart Production Block 1 South are advancing toward mid-2027. Dry conditions have supported mining, although limited water availability has complicated efforts to raise milling rates. The company still expects about 100 million pounds of copper to remain in Indonesian smelter inventory at year-end, a deferral already included in its previous outlook.

Forecast Cuts Temper The Upside

Freeport-McMoRan reduced its consolidated copper sales forecasts to 3.0 billion pounds for 2026 and 3.7 billion pounds for 2027, compared with previous forecasts of 3.1 billion and 3.8 billion pounds. The company attributed the reductions to lower production in the United States and Chile and to updated mine plans. The 2028 forecast remains 4.1 billion pounds.

The proposed Bagdad mine expansion in Arizona provides a separate potential growth option. Freeport-McMoRan expects an investment decision in the fourth quarter. The project could add 200 million to 250 million pounds of annual copper production, but estimated capital costs could reach USD 4.5 billion and construction would take three to four years.

Freeport-McMoRan stock traded at 54.81 euros on Lang & Schwarz at 13:13:31 CET on Tuesday, November 3, 2026. Investors can follow the real-time quote of Freeport-McMoRan stock.

The S&P 500 provides the relevant broad-market backdrop for the U.S.-listed miner.

For further company-specific developments, see More news and analyses on Freeport-McMoRan stock.