Freeport-McMoRan stock moves 1.24% as Grasberg focus holds

Freeport-McMoRan stock traded at 55.49 euros on Lang & Schwarz at 16:41 CET on Tuesday, November 3, 2026. That was 1.24 percent above the 54.81 euros quoted in the earlier ad-hoc-news report at 13:13 CET the same day, a separate comparison from the Xetra session.

Profit improves despite lower sales

Freeport-McMoRan reported its third-quarter results on October 27, 2026. Net income attributable to common shareholders rose to USD 1.17 billion, or USD 0.81 per diluted share, from USD 674 million, or USD 0.46, a year earlier. Revenue increased 8 percent to USD 7.55 billion.

Higher realized copper prices supported the result even as copper sales fell to 749 million pounds from 977 million pounds. The realized copper price rose to USD 6.54 per pound from USD 4.68, while production reached 832 million pounds. Adjusted earnings were USD 0.88 per share after USD 101 million in net charges, according to Canadian Mining Journal.

Grasberg sets the recovery path

The Grasberg Block Cave averaged about 70,000 tonnes a day in the third quarter, up from 53,000 tonnes in the second quarter. Freeport-McMoRan expects the Indonesian operation to reach 80 percent of capacity by mid-2027 and approach full capacity by year-end.

Material-handling upgrades are scheduled for completion early next year, while preparations continue for a restart of Production Block 1S around mid-2027. Dry conditions have supported mining, but limited water availability has complicated efforts to raise milling rates.

Lower forecasts raise execution risk

Freeport-McMoRan reduced its consolidated copper sales forecasts to 3.0 billion pounds for 2026 and 3.7 billion pounds for 2027, from earlier estimates of 3.1 billion and 3.8 billion pounds. The 2028 forecast remains 4.1 billion pounds. The company cited lower production in the United States and Chile as well as updated mine plans.

Third-quarter unit net cash costs rose to USD 2.07 per pound of copper from USD 1.40 a year earlier. Capital spending is expected to reach USD 4.4 billion this year and USD 5.2 billion next year, keeping execution and funding needs important for the recovery case.

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