Freeport-McMoRan’s share performance declined by 3% following the company’s disclosure that it remains in the process of restoring full production at its Grasberg Block Cave mine in Papua, Indonesia. A September mudslide at the underground complex displaced over 200,000 tonnes of overburden rock and halted output for six weeks. Management estimates the incident reduced third-quarter copper equivalent production by approximately 25,000 tonnes and added $45 million in incremental remediation costs. Engineers have since reinforced two key haulage ramps and expect to return to pre-incident throughput of 210,000 tonnes per month by mid-second quarter 2026.

During the fourth-quarter 2025 conference call, Vice President of Investor Relations David Joint outlined full-year production of 1.9 million tonnes of copper and 1.2 million ounces of gold, in line with prior guidance. The company reported consolidated unit costs of $1.45 per pound of copper net of by-product credits, down 5% year-over-year, driven by higher mill throughput and lower energy inputs. Freeport-McMoRan reiterated its 2026 capital expenditure budget of $2.8 billion, with $1.1 billion earmarked for brownfield expansions at Cerro Verde and Morenci. Non-GAAP earnings before interest, taxes, depreciation and amortization (EBITDA) reached $9.3 billion, up 8% from 2024, reflecting steady pricing and disciplined cost management.