Nov 4, 4:13 PM ET
Freeport-McMoRan's Board of Directors approved a $4.5 billion expansion and modernization program for its wholly owned Bagdad copper and molybdenum operation in northwest Arizona. The filing says the project would lift annual long-term copper output to over 400 million pounds, about 225 million pounds more, with initial production targeted for mid-2030. For shareholders, this is a large, multi-year capital commitment, with planned spending to be incorporated into the company's updated capital expenditure outlook and classified as discretionary.
- Future incremental capital costs for a new concentrator, mining equipment and expanded infrastructure are expected to approximate $4.5 billion.
- Annual long-term production would exceed 400 million pounds of copper (about 225 million pounds incremental) and over 20 million pounds of molybdenum (about 12 million pounds incremental).
- Construction is expected to take about 3.5 years, with about 20% of project costs funded in 2027, 30-35% in 2028 and the balance in 2029-2030.
- Project break-even economics are supported at a copper price of approximately $4.00 per pound, and the company expects a roughly 20% reduction in long-term unit net cash costs.
Read the filing on SEC.gov ↗
Oct 27, 8:08 AM ET
Freeport-McMoRan reported third-quarter 2026 net income attributable to common stock of $1.2 billion, or $0.81 per share, alongside consolidated production of 832 million pounds of copper and 234 thousand ounces of gold. The company advanced its Grasberg underground mine ramp-up and maintained strong cash flow generation, while outlining capital expenditure expectations of $4.4 billion for the full year 2026. These results highlight stable operational performance and ongoing development initiatives across its global mining portfolio.
- Third-quarter 2026 net income attributable to common stock totaled $1.2 billion, or $0.81 per share.
- Consolidated production reached 832 million pounds of copper, 234 thousand ounces of gold, and 22 million pounds of molybdenum in the third quarter.
- Operating cash flows for the third quarter of 2026 were $2.0 billion.
- During the third quarter, the company repurchased 1.4 million shares of its common stock for $102 million.
Read the filing on SEC.gov ↗
Oct 2, 8:35 AM ET
Freeport-McMoRan said third-quarter 2026 copper production was about 830 million pounds, in line with its expectations. Gold sales timing at PT Freeport Indonesia moved about 60 thousand ounces of refined gold into fourth-quarter 2026, and unit net cash costs are expected to be about 5% above the July estimate. The update points to steady operations but higher costs and lower gold sales for the quarter, and full third-quarter results are due October 27, 2026.
- Third-quarter copper production of about 830 million pounds and gold production of about 230 thousand ounces, both in line with expectations.
- Third-quarter gold sales are expected to be about 100 thousand ounces, below the July 2026 estimate, due to deferred sales.
- Unit net cash costs are expected to be about 5% above the July 2026 estimate of $2.00 per pound of copper, mainly from lower by-product credits.
- Full third-quarter 2026 earnings results are scheduled for release before the market opens on October 27, 2026.
Read the filing on SEC.gov ↗
Jul 23, 8:06 AM ET
Freeport-McMoRan reported second-quarter 2026 net income attributable to common stock of $984 million, or $0.68 per share, up from $772 million, or $0.53 per share, a year earlier. Revenue fell to $7,029 million from $7,582 million and operating income fell to $2,003 million from $2,432 million, as copper sales dropped due to lower output at the Grasberg mine in Indonesia. Shareholders also face after-tax charges of $96 million tied to the September 2025 mud rush incident at PTFI.
- Net income attributable to common stock was $984 million, $0.68 per share, versus $772 million, $0.53 per share, in second-quarter 2025
- Revenue was $7,029 million and operating income was $2,003 million, compared with $7,582 million and $2,432 million a year earlier
- Copper sales were 710 million pounds, down from 1.0 billion pounds in second-quarter 2025, reflecting the phased ramp-up of the Grasberg Block Cave mine
- During the quarter, the company bought back 1.7 million shares for $110 million and 2.0 million Cerro Verde shares for $107 million
Read the filing on SEC.gov ↗
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.