Freeport-McMoRan 8-K
EarningsGuidance
≈60,000 oz of refined gold sales shift to Q4, raising expected copper cash costs above July estimates; Grasberg ramp-up stays on track
Filed 2026-10-02 08:35 ET
- 2.02 Results of Operations
- 7.01 Regulation FD Disclosure
- 9.01 Financial Statements and Exhibits
Summary
Q3 2026 operational update. Copper and gold production approximated expectations; gold sales are lower than the July estimate because about 60,000 ounces of refined gold shifted to Q4. Grasberg’s phased ramp-up and the Eastern Java smelter restart are proceeding in line with expectations.
Key Figures
| Metric | Q3 2026 | Q3 2025 | Y/Y |
|---|---|---|---|
| Consolidated copper production | ≈830M lb | — | — |
| Consolidated gold production | ≈230,000 oz | — | — |
| Grasberg district mill throughput | ≈140,000 metric tons/day | — | — |
| Grasberg Block Cave throughput | ≈70,000 metric tons/day | — | — |
- About 60,000 ounces of refined gold sales shifted from Q3 to Q4. Lower gold by-product credits from the deferral are the main reason expected unit net cash costs are above the July estimate.
- U.S. operations had lower-than-planned rates amid more frequent localized flooding, power outages and strong winds. Dry weather in Indonesia aided mining but challenged milling, with limited impact to date.
- PTFI’s Eastern Java smelter restarted in late August; ramp-up is proceeding in line with expectations.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Consolidated copper sales | Q3 2026 | ≈750M lb | 750M lb | Reaffirmed |
| Consolidated gold sales | Q3 2026 | ≈100,000 oz | — | Lowered |
| Consolidated unit net cash costs, net of by-product credits and excluding specified Grasberg ramp-up costs | Q3 2026 | ≈5% above July estimate of $2.00/lb copper | $2.00/lb copper | Raised |
| Consolidated average realized copper price | Q3 2026 | >$6.50/lb | — | — |
| Grasberg Block Cave capacity | Mid-2027 | 80% | — | — |
| Grasberg Block Cave capacity | Year-end 2027 | Approach full capacity | — | — |
Investor Takeaways
- Watch the Q3 earnings release, planned before market open on 10/27/2026, for final operating results and sales.
- Grasberg’s haulage-system upgrades are targeted for completion by early 2027, with Production Block 1S targeted to restart by mid-2027.
- FCX expects an investment decision by year-end 2026 on doubling Bagdad’s capacity; progress on that decision and the potential El Abra expansion will shape its growth plans.
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