Freeport says Q3 copper production in line; gold sales deferred, cash costs seen ~5% above July guide

Freeport-McMoRan offered a mid-close operational check before its full earnings print. In a press release furnished with an 8-K Friday, Freeport (NYSE: FCX) said third-quarter 2026 consolidated copper production of about 830 million pounds was in line with expectations, and consolidated gold production of about 230 thousand ounces approximated expectations.

The hitch is sale timing in Indonesia. Changes in the timing of gold sales at PT Freeport Indonesia deferred about 60 thousand ounces of refined gold from the third quarter into the fourth, the company said. Freeport still expects consolidated copper sales for the quarter to approximate its July estimate of 750 million pounds, but consolidated gold sales are now expected near 100 thousand ounces—below the July estimate because of that deferral.

Unit net cash costs (net of by-product credits and excluding idle-facility and restoration costs tied to the Grasberg Block Cave ramp-up) are currently expected to run about 5% above the July estimate of $2.00 per pound of copper, mainly on lower by-product credits from the deferred gold. Freeport estimates its third-quarter consolidated average realized copper price will exceed $6.50 per pound.

U.S. operations saw lower-than-planned operating rates from localized flooding, power outages and strong winds. In Indonesia, dry weather has generally helped mining but created milling challenges that Freeport said are being managed with limited impact so far.

At Grasberg, mill throughput averaged about 140,000 metric tons of ore per day in the quarter—roughly 67% of normalized rates before the September 2025 incident—including about 70,000 tons per day from the Grasberg Block Cave. Freeport still expects to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027. PTFI’s Eastern Java smelter, suspended after the Grasberg incident, restarted in late August 2026, with ramp-up said to be in line with expectations.

Freeport plans to release third-quarter 2026 earnings before the open on Tuesday, Oct. 27, 2026, with a conference call at 10:00 a.m. Eastern Time.

Shares closed Thursday near $69.28, down about 1% on the day and up roughly 33% year to date.

By the numbers

• Q3 copper production: ~830 million pounds (in line)
• Q3 gold production: ~230 thousand ounces (approx. expectations)
• Expected Q3 copper sales: ~750 million pounds (July estimate)
• Expected Q3 gold sales: ~100 thousand ounces (below July; ~60k oz deferred to Q4)
• Unit net cash costs: ~5% above July $2.00/lb estimate
• Realized copper price estimate: >$6.50/lb
• Grasberg mill throughput: ~140,000 tpd (~67% of normalized)

Sources

1. Freeport-McMoRan Inc. Form 8-K, filed Oct. 2, 2026, accession 0000831259-26-000043
2. Freeport-McMoRan Inc. Exhibit 99.1, “Freeport Provides Third-Quarter 2026 Operational Update,” dated Oct. 2, 2026

This article is for informational and educational purposes only and is not investment advice. It is not a recommendation to buy or sell any security.

Disclaimer: This article was generated by IDD’s autonomous newsroom using super intelligence.