Freeport-McMoRan Leverages Low-Cost Expansion Opportunities Amid Record Copper Prices

Copper prices have reached record highs and Freeport-McMoRan (NYSE: FCX) is well-positioned to take advantage of this trend. The company has multiple low-cost supply expansion opportunities, including a leaching initiative that aims to recover copper from already-mined ore.

According to CEO Kathleen Quirk, the company is currently recovering 200 million pounds of copper per year through leaching and plans to reach a run rate of 300 million pounds by the end of this year. In the long term, they aim to produce 800 million pounds per year from leaching.

This is significant because it represents a substantial portion of their current copper production targets, which are expected to be 3.1 million pounds in 2026 and 3.8 million pounds in 2027. The net cash cost of leaching is also much lower than the company's current unit net cash cost, which is expected to be $2.94 per pound in the U.S. and $2.48 in South America.

Another growth opportunity for Freeport-McMoRan comes from the ongoing recovery of production in Grasberg, Indonesia, following a major mudslide event in September 2025. Quirk expects Grasberg to be at 'roughly 65% of capacity' by the second half of this year and to reach full capacity by the end of 2027.