FCX
Freeport-McMoRan Inc.47.54
+0.02+0.04%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Grasberg, leach details reaffirmed
Q&A largely reaffirmed prepared remarks on Grasberg recovery—on track for early Q2 2026 startup of PB2/3 after 97% mud removal and fresh cement barriers—but added alternatives like PB1N if PB1C proves unviable. Management voiced firmer conviction in US leach after field additives, calling 2026 pivotal for heat trials to unlock 800M lbs long-term, though only 250-300M lbs in 2026 guidance. Baghdad FID targets mid-year at $4/lb Cu breakeven, with capex inflation checks and autonomous tweaks ongoing. South America costs pegged at $2.58/lb from labor/energy; US eyes $2.50/lb by 2027 via low-cost volumes. Tariffs, substitution dismissed. Leach trials matter for thesis.
Key Stats
Market Cap
68.26BP/E (TTM)
33.24Basic EPS (TTM)
1.43Dividend Yield
0.01%Recent Filings
8-K
Grasberg rights extended via MOU
Freeport-McMoRan signed an MOU with Indonesia on February 18, 2026, extending PT Freeport Indonesia's Grasberg operating rights for the life of resources. It commits to community investments like a new hospital, boosted exploration, local downstreaming, and a 12% stake transfer to government interests in 2041 at no cost—retaining 48.76% through 2041, then ~37%. Extension hinges on amended IUPK approval. Risks include government delays.
10-K
FY2025 results
Freeport-McMoRan posted FY2025 consolidated copper production of 3.4 billion pounds, down 20% y/y from 4.2 billion pounds amid the September mud rush at Indonesia's Grasberg that halted the Block Cave mine through Q4; U.S. output rose 5% y/y to 1.3 billion pounds on leaching gains, while South America dipped 9% on lower grades. Q4 saw Grasberg volumes crater 44% y/y to 255 million pounds copper and 235 thousand ounces gold as DMLZ/Big Gossan ran at reduced rates post-incident, yet U.S./South America held steady sequentially. Average realized copper price surged 13% y/y to $4.75/pound on LME/COMEX strength, driving unit net cash costs to $1.65/pound despite $0.17/pound idle charges from Grasberg downtime. Net debt sits at $2.3 billion (ex-PTFI smelter debt), with $3.8 billion cash supporting $4.3 billion 2026 capex. Q4 Grasberg ramp risks seismic events.
8-K
Q4 hit by Grasberg mud rush
Freeport reported Q4 2025 net income of $406 million ($0.28/share), with copper sales of 709 million pounds at $5.33/pound, but production plunged to 640 million pounds due to PTFI's September mud rush. Unit net cash costs beat estimates at $2.22/pound. Grasberg Block Cave restart targets Q2 2026. 2026 sales guidance: 3.4 billion pounds copper. Strong balance sheet endures.
8-K
MSHA order at Morenci mine
Freeport-McMoRan’s Morenci mine subsidiary received an MSHA imminent danger order on January 14, 2026, for employees working on an elevated conveyor without fall protection. No injuries occurred; workers were withdrawn immediately. The company cooperated fully, terminating the order that same day. Operations resumed swiftly.
8-K
Grasberg restart update post-mud rush
Freeport-McMoRan updated Grasberg restart plans after September 8, 2025 mud rush that killed seven workers and suspended Grasberg Block Cave operations. Unaffected mines restarted late October 2025; GBC phased ramp-up starts Q2 2026, targeting 2026 production matching 2025's 1.0 billion pounds copper, 0.9 million ounces gold. Delays risk further hits to 2025-2026 results. Restart uncertain.
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