Freeport-McMoRan Releases Q3 2026 Operational Update

Freeport-McMoRan Inc. (NYSE: FCX) Q3 2026 Operational Update Summary

Freeport-McMoRan furnished an 8-K under Items 2.02 and 7.01 providing a preliminary operational performance overview for the third quarter of 2026 ahead of its scheduled earnings call on October 27, 2026.

Key Production & Sales Highlights

• Consolidated Copper Production: Approximately 830 million pounds, matching corporate expectations. Outperformance in international assets balanced lower-than-planned U.S. operating rates caused by flooding, wind, and power interruptions.
• Consolidated Copper Sales: Tracking to meet July 2026 guidance of approximately 750 million pounds.
• Consolidated Gold Production & Sales: Gold production totaled roughly 230,000 ounces. However, sales are forecasted at approximately 100,000 ounces due to a timing-related deferral of ~60,000 ounces of refined gold at PT Freeport Indonesia (PTFI) into Q4 2026.
• Realized Copper Price: Projected to exceed $6.50 per pound.
• Unit Net Cash Costs: Estimated at approximately 5% above the previous $2.00 per pound estimate, directly resulting from diminished by-product credits related to deferred Q3 gold sales.

Operational Milestones & Grasberg Recovery

• Grasberg Block Cave: Mill throughput averaged approximately 140,000 metric tons per day (~67% of pre-September 2025 normalized levels). Full capacity recovery remains targeted for year-end 2027, with an interim target of 80% capacity by mid-2027.
• PTFI Smelter: Smelting operations in Eastern Java successfully resumed in late August 2026 following suspension after the 2025 incident.

Growth Projects

• Management reported continued evaluation of the Bagdad expansion in Northwest Arizona, with an investment decision slated for year-end 2026, alongside ongoing permitting processes for the El Abra mine expansion in Chile.