Freeport-McMoRan reported Q4/FY2025 results, highlighting strong US performance and progress on Grasberg recovery. Management guided 2026 copper sales to reach a ~1 billion pound quarterly run rate in H2, with unit costs averaging $1.75/lb and capex of $4.3-$4.5bn per year in 2026-27. No significant cross-company signals were provided. Grasberg Block Cave restart on track for Q2 2026, targeting 85% of district production by H2 2026.
Freeport-McMoRan reported Q4/FY2025 results, highlighting strong US performance and progress on Grasberg recovery. Management guided 2026 copper sales to reach a ~1 billion pound quarterly run rate in H2, with unit costs averaging $1.75/lb and capex of $4.3-$4.5bn per year in 2026-27. No significant cross-company signals were provided. Grasberg Block Cave restart on track for Q2 2026, targeting 85% of district production by H2 2026.
Freeport-McMoRan reported Q4/FY2025 results, highlighting strong US performance and progress on Grasberg recovery. Management guided 2026 copper sales to reach a ~1 billion pound quarterly run rate in H2, with unit costs averaging $1.75/lb and capex of $4.3-$4.5bn per year in…
Grasberg Block Cave restart on track for Q2 2026, targeting 85% of district production by H2 2026.
US operations expect 8% volume growth in 2026, driven by leach initiatives and efficiency gains.
Freeport is increasing capital expenditures to approximately $4.3-4.5 billion per year in 2026 and 2027, up from $3.9 billion in 2025, with an added $150 million in 2026 to advance engineering and early works for the Bagdad expansion. The capital is directed at growth projects…
Copper demand projected to double by 2040 per S&P report. Management expressed confidence in executing the Grasberg restart plan and highlighted significant growth opportunities in leaching and U.S. expansion, while acknowledging challenges.
Freeport is increasing capital expenditures to approximately $4.3-4.5 billion per year in 2026 and 2027, up from $3.9 billion in 2025, with an added $150 million in 2026 to advance engineering and early works for the Bagdad expansion. The capital is directed at growth projects including the Kucing Liar development, the LNG project at Grasberg, and the leach initiative.
Management expressed confidence in executing the Grasberg restart plan and highlighted significant growth opportunities in leaching and U.S. expansion, while acknowledging challenges.
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2026 | $4.3B–$4.5B | $4.4B | GUIDED |
| Capex | FY2027 | $4.3B–$4.5B | $4.4B | GUIDED |