Freeport-McMoRan Profits Climb as Gold and Copper Prices Hold Steady

The company reported adjusted earnings of $1.1 billion, or $0.74 per share, marking a significant increase from the $790 million, or $0.54 per share, recorded a year earlier. While these results fell slightly short of analyst expectations of $0.78 per share, the firm benefited from a 37% jump in realized gold prices, which reached $4,520 an ounce. Simultaneously, copper prices rose 36% to $6.17 per pound, providing a dual engine for growth.

President and CEO Kathleen Quirk attributed the performance to disciplined operational execution and favorable pricing. Production at the Grasberg Block Cave mine in Indonesia continues to recover from a mud rush incident last September. Management confirmed that the ramp-up remains on schedule, with the complex expected to reach 65% capacity in the second half of 2026 and full production by the end of next year. Freeport anticipates selling roughly 650,000 ounces of gold this year, projecting an operating cash flow of $8.3 billion based on a conservative price estimate of $4,000 per ounce.