Operational disruptions at the Grasberg mine—including equipment failures and scheduled maintenance—significantly reduced the mine’s first-quarter output, prompting Freeport-McMoRan to reassess and lower its annual copper sales outlook for 2026.

Stronger commodity prices, with copper and gold both rising in the quarter, helped cushion the impact of lower volumes; this market strength underpinned earnings and supported the company’s confidence in free cash flow despite the guidance cut.