Freeport-McMoRan issued a third quarter 2026 operational update reporting copper production and sales in line with July guidance, though gold sales were significantly impacted by timing shifts in Indonesia. While international mining operations performed well, U.S. output was hampered by adverse weather conditions including flooding and power outages.
Key Highlights
- Consolidated copper production reached approximately 830 million pounds, meeting expectations despite localized flooding and power outages in U.S. operations.
- Gold sales of 100,000 ounces fell below the July estimate as 60,000 ounces of refined gold were deferred from the third quarter to the fourth quarter.
- Unit net cash costs are expected to be approximately $2.10 per pound, 5% above previous guidance, driven by lower gold by-product credits.
- The Grasberg minerals district continued its recovery with mill throughput averaging 140,000 metric tons of ore per day, roughly 67% of normalized rates.