Freeport-McMoRan Inc. (NYSE: FCX) issued a press release on October 2, 2026, providing an operational update for the third quarter of 2026. The company reported that its consolidated copper production for the quarter was approximately 830 million pounds, which management stated was in line with expectations. This result was described as slightly better from international operations offsetting lower production in the United States.
Consolidated gold production for the third quarter of 2026 was approximately 230,000 ounces, which approximated expectations. However, changes in the timing of gold sales at PT Freeport Indonesia (PTFI) resulted in the deferral of approximately 60,000 ounces of refined gold from the third quarter to the fourth quarter of 2026.
Regarding sales, FCX expects its consolidated copper sales for the third quarter to approximate its July 2026 estimate of 750 million pounds. For gold, consolidated sales are expected to approximate 100,000 ounces, which is below the July estimate due to the deferred sales.
The company provided cost and pricing estimates for the quarter. Consolidated unit net cash costs are currently expected to be approximately 5% above the July 2026 estimate of $2.00 per pound of copper, primarily due to lower by-product credits. FCX also estimates its consolidated average realized price for copper to exceed $6.50 per pound.
Operations in the U.S. experienced lower than planned operating rates in the third quarter due to localized flooding, power outages, and strong winds. In Indonesia, abnormally dry weather conditions have been favorable for mining but have presented challenges in the milling process.
The company reported significant progress regarding the Grasberg minerals district. During the third quarter, mill throughput averaged approximately 140,000 metric tons of ore per day, including 70,000 metric tons from the Grasberg Block Cave. Upgrades to the material handling system are progressing toward completion by early 2027, with preparations continuing for the restart of production from Production Block 1S by mid-2027. FCX expects to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027.
Additionally, FCX announced that PTFI’s smelter in Eastern Java successfully re-commenced operations in late August 2026. Ramp-up activities are proceeding in line with expectations. PTFI has combined smelting capacity, including PT Smelting, to produce up to approximately 800,000 metric tons of cathode per annum and a precious metals refinery capable of processing all of PTFI’s gold production.
FCX stated it is strongly positioned for future growth, including advancing projects to scale its innovative leach initiative and finalizing work to reach an investment decision by year-end 2026 to double the capacity of its Bagdad operation. The company plans to release its third-quarter 2026 earnings results before the market opens on Tuesday, October 27, 2026.
