Freeport-McMoRan Gains $13 Price Target Boost, Secures Grasberg Mine Rights Through 2041
BofA Securities raised its price target for Freeport-McMoRan to $81 from $68 following higher 2026 metal price projections. The company signed an MOU with Indonesian authorities to extend PT Freeport Indonesia’s Grasberg mining license through 2041, retaining a 48.76% stake and expanding exploration, community support, and downstream production.
1. Price Target Upgrade
BofA Securities raised the price target on Freeport-McMoRan to $81 from $68, citing revised 2026 metal price projections across its North American Metals & Mining coverage and maintained a Buy rating on the stock.
2. Grasberg Resource Rights Extension
Freeport-McMoRan and Indonesian government officials signed an MOU to amend PT Freeport Indonesia’s special mining business license, securing life-of-resource operational rights in the Grasberg zone through 2041 with the company retaining a 48.76% stake and a future 12% government transfer subject to reimbursement of post-2041 investment costs.
3. Strategic Implications
The license extension and expanded exploration commitments bolster long-term copper output visibility, support downstream sulfuric acid, refined copper and precious metals production, and strengthen local community investments in healthcare and education under the agreement.