Freeport-McMoRan Meets Q3 Copper Output Estimates
Freeport-McMoRan Inc., () reported its third-quarter consolidated production numbers, meeting market expectations. The company produced approximately 830 million pounds of copper and 230,000 ounces of gold in Q3 2026.
The quarterly output was on par with estimates, but changes in the timing of gold sales at PT Freeport Indonesia resulted in a deferral of about 60,000 ounces of refined gold from Q3 to Q4. Freeport expects copper sales for the quarter to be around 750 million pounds and gold sales to reach approximately 100,000 ounces.
Consolidated unit net cash costs for Q3 are estimated to be about 5% above $2.00 per pound of copper due to lower by-product credits from deferred gold sales. The company's average realized price is expected to exceed $6.50 per pound of copper. U.S. operations faced challenges due to flooding, power outages, and strong winds.
The Grasberg Block Cave underground mine saw mill throughput averaging around 140,000 metric tons of ore per day in Q3, representing about 67% of normalized rates prior to a September 2025 incident. PT Freeport Indonesia's smelter re-commenced operations in late August after being temporarily suspended following the Grasberg incident.