Freeport-McMoRan Q3 2026 Copper Output Meets Targets but Gold Sale Deferrals Push Cash Costs Higher

Freeport-McMoRan reported third-quarter 2026 consolidated copper production of approximately 830 million pounds, in line with expectations, with slightly better results from international operations offsetting marginally lower output in the U.S. Consolidated gold production of approximately 230 thousand ounces also approximated expectations.

However, a timing shift in gold sales at PT Freeport Indonesia deferred roughly 60 thousand ounces of refined gold from the third quarter into the fourth quarter. As a result, FCX now expects Q3 consolidated gold sales of approximately 100 thousand ounces, well below its July 2026 estimate. Copper sales for the quarter are still expected to approximate the July estimate of 750 million pounds.

The gold deferral reduced by-product credits and pushed consolidated unit net cash costs to approximately 5% above the July 2026 estimate of $2.00 per pound of copper. On the operational side, mining at the Grasberg minerals district proceeded in line with expectations, and PTFI's smelter recommenced operations in late August 2026 after an earlier outage. FCX shares outperformed peers on the day of the announcement, even as copper futures were heading for a weekly loss.