Freeport-McMoRan reported adjusted third-quarter profit of 88 cents per share, above the 81-cent estimate, as its average realized copper price rose about 40% to $6.54 per pound. Net income increased 74% to $1.2 billion despite a 9% decline in copper production to 832 million recoverable pounds.
Freeport-McMoRan beat Wall Street estimates for third-quarter profit as higher copper prices offset lower output at its Grasberg complex in Indonesia. Adjusted profit was 88 cents per share, compared with the 81-cent average estimate, and net income rose 74% year over year to $1.2 billion. The company’s average realized copper price rose about 40% to $6.54 per pound.
Copper production fell 9% from a year earlier to 832 million recoverable pounds, largely because of lower operating rates at Grasberg. The mine was hit by a mud flow in September 2025 that killed seven workers and halted operations for nearly a month. Freeport expects operations to reach 80% of capacity by mid-2027 and approach full capacity by year-end 2027. Gold sales fell 68.7% to 105,000 recoverable ounces, affected by shipment and refining timing.
Freeport expects to make an investment decision in the fourth quarter on a proposed expansion of its Bagdad mine in Arizona. The project could add 200 million to 250 million pounds of annual copper production at an estimated capital cost of $4.5 billion.
