Why did Freeport-McMoRan beat quarterly profit estimates despite lower copper and gold production?

Freeport-McMoRan beat quarterly profit estimates because higher copper prices—up 41.5% year-on-year to an average realized price of $6.17 per pound—more than offset the impact of reduced production at its Grasberg mine in Indonesia, where operations remain at 50% capacity following a September 2023 flood incident.

What is the current status and timeline for full recovery of the Grasberg mine?

The Grasberg mine, the world's second-largest copper and largest gold mine, is currently operating at 50% of capacity and is expected to reach 65% later in 2024; full capacity is not anticipated until the end of 2027, according to PT Freeport Indonesia, which majority-owns and operates the complex with Freeport-McMoRan.

Freeport-McMoRan beats quarterly profit estimates on higher copper prices

Jul 23, 2026

Freeport-McMoRan reported Q2 adjusted earnings of 74 cents per share, beating estimates as copper prices surged 41.5% year-on-year, offsetting production declines at its flooded Grasberg mine.

reuters

2026-07-23

Freeport-McMoRan beats quarterly profit estimates on higher copper prices

2026-10-27

Super-Strong Metal’s Surge Has Freeport Dusting Off Growth Plans

Freeport-McMoRan beats quarterly profit estimates on higher copper prices

FAQ