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FCX produced 830M pounds of copper and 230,000 ounces of gold in the third quarter.
Grasberg mill throughput reached 67% of normalized rates, with 80% capacity targeted by mid-2027.
FCX is advancing leach plans, Bagdad expansion and the regulatory process for El Abra.
Freeport-McMoRan Inc. (FCX - Free Report) provided an update on its third-quarter 2026 operating results, with copper and gold production broadly in line with expectations. The company also continued to make progress on the phased recovery of its Grasberg Block Cave underground mine.
FCX Reports Q3 Production
FCX produced approximately 830 million pounds of copper and 230,000 ounces of gold in the third quarter. Copper production was in line with expectations, while gold production was broadly as expected. However, changes in the timing of gold sales at PT Freeport Indonesia deferred about 60,000 ounces of refined gold to the fourth quarter.
Third-quarter copper sales are expected to be approximately 750 million pounds, in line with the July estimate, while gold sales are expected at around 100,000 ounces, below the estimate. Unit net cash costs are expected to be about 5% above the July estimate of $2 per pound, mainly due to lower by-product credits. FCX expects its third-quarter average realized copper price to exceed $6.50 per pound.
FCX's U.S. operations experienced lower-than-planned operating rates during the quarter due to increased localized flooding, power outages and strong winds. In Indonesia, abnormally dry weather has generally supported mining activity but has created challenges in the milling process.
FCX is scheduled to report third-quarter 2026 earnings on Oct. 27, before market open.
FCX Advances Grasberg Recovery
In the third quarter, Grasberg mill throughput averaged approximately 140,000 metric tons of ore per day, or about 67% of normalized rates before the September 2025 incident. The Grasberg Block Cave contributed about 70,000 metric tons per day.
FCX expects upgrades to the material handling system to be completed by early 2027 and targets restarting Production Block 1S by mid-2027. The company continues to expect Grasberg to reach 80% capacity by mid-2027 and approach full capacity by year-end 2027.
PTFI's Eastern Java smelter also restarted in late August 2026, with ramp-up progressing as expected. PTFI's combined smelting capacity can produce up to approximately 800,000 metric tons of cathode annually.
Freeport Advances Growth Projects
FCX continues to advance its “America's Copper Champion” growth plans, including scaling its innovative leach initiative and working toward an investment decision by year-end 2026 to double Bagdad's capacity in Arizona. It is also progressing the regulatory process for a potential expansion of the El Abra mine in Chile.
Price Performance of FCX
Shares of FCX are up 78.7% over the past year compared with the industry’s 46.5% rise.
The Zacks Consensus Estimate for TX’s current-year earnings is $6.54 per share, implying a 201.4% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the negative average surprise being 11.1%.
The Zacks Consensus Estimate for AVNT’s current-year earnings is pegged at $3.20 per share, indicating a 13.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 3.4%.
The Zacks Consensus Estimate for IOSP’s current-year earnings has moved up 3.9% over the past 60 days. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 12.9%.
View the Zacks #1 Rank List
Image: Bigstock
Freeport-McMoRan Reports Q3 Copper Output, Advances Grasberg Recovery
Key Takeaways
Freeport-McMoRan Inc. (FCX - Free Report) provided an update on its third-quarter 2026 operating results, with copper and gold production broadly in line with expectations. The company also continued to make progress on the phased recovery of its Grasberg Block Cave underground mine.
FCX Reports Q3 Production
FCX produced approximately 830 million pounds of copper and 230,000 ounces of gold in the third quarter. Copper production was in line with expectations, while gold production was broadly as expected. However, changes in the timing of gold sales at PT Freeport Indonesia deferred about 60,000 ounces of refined gold to the fourth quarter.
Third-quarter copper sales are expected to be approximately 750 million pounds, in line with the July estimate, while gold sales are expected at around 100,000 ounces, below the estimate. Unit net cash costs are expected to be about 5% above the July estimate of $2 per pound, mainly due to lower by-product credits. FCX expects its third-quarter average realized copper price to exceed $6.50 per pound.
FCX's U.S. operations experienced lower-than-planned operating rates during the quarter due to increased localized flooding, power outages and strong winds. In Indonesia, abnormally dry weather has generally supported mining activity but has created challenges in the milling process.
FCX is scheduled to report third-quarter 2026 earnings on Oct. 27, before market open.
FCX Advances Grasberg Recovery
In the third quarter, Grasberg mill throughput averaged approximately 140,000 metric tons of ore per day, or about 67% of normalized rates before the September 2025 incident. The Grasberg Block Cave contributed about 70,000 metric tons per day.
FCX expects upgrades to the material handling system to be completed by early 2027 and targets restarting Production Block 1S by mid-2027. The company continues to expect Grasberg to reach 80% capacity by mid-2027 and approach full capacity by year-end 2027.
PTFI's Eastern Java smelter also restarted in late August 2026, with ramp-up progressing as expected. PTFI's combined smelting capacity can produce up to approximately 800,000 metric tons of cathode annually.
Freeport Advances Growth Projects
FCX continues to advance its “America's Copper Champion” growth plans, including scaling its innovative leach initiative and working toward an investment decision by year-end 2026 to double Bagdad's capacity in Arizona. It is also progressing the regulatory process for a potential expansion of the El Abra mine in Chile.
Price Performance of FCX
Shares of FCX are up 78.7% over the past year compared with the industry’s 46.5% rise.
FCX’s Zacks Rank & Key Picks
FCX currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Ternium S.A. (TX - Free Report) , Avient Corporation (AVNT - Free Report) and Innospec Inc. (IOSP - Free Report) . TX currently sports a Zacks Rank #1 (Strong Buy), while AVNT and IOSP carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for TX’s current-year earnings is $6.54 per share, implying a 201.4% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the negative average surprise being 11.1%.
The Zacks Consensus Estimate for AVNT’s current-year earnings is pegged at $3.20 per share, indicating a 13.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 3.4%.
The Zacks Consensus Estimate for IOSP’s current-year earnings has moved up 3.9% over the past 60 days. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 12.9%.