Freeport-McMoRan defers about 60K ounces of gold sales
FCX is finalizing work toward a year-end 2026 investment decision to double capacity at its Bagdad operation in northwest Arizona.
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Form Type
8-K
Rhea-AI Filing Summary
Freeport-McMoRan Inc. reported third-quarter 2026 consolidated copper production of approximately 830 million pounds, in line with expectations, and gold production of approximately 230 thousand ounces, approximating expectations. FCX expects copper sales to approximate its July 2026 estimate of 750 million pounds and gold sales to approximate 100 thousand ounces, below the July estimate after approximately 60 thousand ounces of refined gold sales were deferred to fourth-quarter 2026.
Consolidated unit net cash costs, net of by-product credits and excluding idle facility and restoration costs associated with the phased ramp-up of the Grasberg Block Cave underground mine, are expected to be approximately 5% above the July 2026 estimate of $2.00 per pound of copper. Grasberg mill throughput averaged approximately 140,000 metric tons of ore per day, about 67% of normalized rates before the September 2025 incident. The Eastern Java smelter resumed operations in late August 2026. FCX continues to expect 80% of capacity by mid-2027 and to approach full capacity by year-end 2027.
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8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Consolidated copper production: Approximately 830 million pounds
Consolidated gold production: Approximately 230 thousand ounces
Consolidated copper sales: 750 million pounds
+5 more
8 metrics
Consolidated copper production
Approximately 830 million pounds
Third-quarter 2026; in line with expectations
Consolidated gold production
Approximately 230 thousand ounces
Third-quarter 2026; approximated expectations
Consolidated copper sales
750 million pounds
Expected for third-quarter 2026, approximating the July 2026 estimate
Consolidated gold sales
Approximately 100 thousand ounces
Expected for third-quarter 2026; below the July 2026 estimate
Refined gold sales deferred
Approximately 60 thousand ounces
Deferred from third-quarter 2026 to fourth-quarter 2026
Consolidated unit net cash costs
Approximately 5% above the July 2026 estimate of $2.00 per pound of copper
Expected for third-quarter 2026; net of by-product credits and excluding idle facility and restoration costs associated with the phased Grasberg Block Cave ramp-up
Consolidated average realized copper price
Expected to exceed $6.50 per pound of copper
Third-quarter 2026 estimate
Grasberg mill throughput
Approximately 140,000 metric tons of ore per day
Third-quarter 2026 average; approximately 67% of normalized rates prior to the September 2025 incident
Key Terms
unit net cash costs, by-product credits, mill throughput, phased ramp-up, +1 more
5 terms
unit net cash costs financial
"Consolidated unit net cash costs"
Net cash costs per unit is a non‑GAAP operating metric that shows the cash cost to produce one unit of output after subtracting any direct revenues from by‑products or co‑products. It is calculated by taking a company’s cash operating costs (such as mining or processing costs, site-level operating expenses and often royalties) minus credits from incidental product sales, then dividing by the number of units produced in the period. Because there is no single accounting standard for what cash items or credits are included, companies can differ in the exact components and exclusions, so comparisons should be made only after confirming each issuer’s definition.
by-product credits financial
"lower by-product credits"
By-product credits are the value a company receives from selling or otherwise monetizing secondary materials or outputs that are produced alongside its main product — think of selling fruit peels as compost while selling the fruit itself. For investors, these credits act like a rebate that reduces reported production cost and can boost profit margins or cash flow, so they matter when assessing a company’s true cost structure and earnings quality.
mill throughput technical
"mill throughput averaged approximately 140,000 metric tons"
Mill throughput is the amount of raw material a processing mill handles over a given time, usually measured in tonnes or tons per day. It matters to investors because higher throughput means more potential product to sell and can spread fixed costs over more material, improving revenue and profit margins; think of it like how fast a factory assembly line or a blender can process ingredients—faster rates typically boost output and efficiency.
phased ramp-up technical
"phased ramp-up of the Grasberg Block Cave underground mine"
brownfield development technical
"potential organic brownfield development opportunities"
Reuse or redevelopment of land that was previously developed and often used for industrial or commercial purposes, where existing structures, infrastructure, or environmental contamination may be present; it typically involves assessing, cleaning up or containing pollution, modifying or demolishing old buildings, and repurposing the site for new commercial, residential, or mixed uses. Brownfield projects are subject to environmental regulations and cleanup standards, can require costly remediation and legal liability management, and are distinct from greenfield development on previously undeveloped land.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much copper and gold did FCX produce in third-quarter 2026?
FCX reported approximately 830 million pounds of consolidated copper production and approximately 230 thousand ounces of consolidated gold production for third-quarter 2026. Copper production was in line with expectations, and gold production approximated expectations.
What did FCX expect for third-quarter 2026 sales and unit net cash costs?
FCX expected consolidated copper sales to approximate its July 2026 estimate of 750 million pounds and gold sales to approximate 100 thousand ounces. Consolidated unit net cash costs were expected to be approximately 5% above the July 2026 estimate of $2.00 per pound of copper, net of by-product credits and excluding idle facility and restoration costs associated with the phased Grasberg Block Cave ramp-up.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 2, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (602 ) 366-8100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
Freeport-McMoRan Inc. issued a press release dated October 2, 2026, providing a third-quarter 2026 operational update. A copy of the press release is furnished hereto as Exhibit 99.1.
Item 7.01. Regulation FD Disclosure.
See Item 2.02, which is incorporated herein by reference.
The information furnished pursuant to Item 2.02 and Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Exhibit Title | ||||
99.1 | Press release dated October 2, 2026, titled “Freeport Provides Third-Quarter 2026 Operational Update.” | ||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Freeport-McMoRan Inc.
By: /s/ Ellie L. Mikes
----------------------------------------
Ellie L. Mikes
Vice President and Chief Accounting Officer
(authorized signatory)
Date: October 2, 2026
1 Freeport Provides Third-Quarter 2026 Operational Update Third-quarter 2026 consolidated copper and gold production approximated expectations Third-quarter 2026 consolidated copper sales expected to approximate July estimates; consolidated gold sales impacted by timing in Indonesia Mining operations in the Grasberg minerals district proceeding in line with expectations Operations at PTFI’s smelter re-commenced in late August 2026 Positioned for future growth PHOENIX, AZ, October 2, 2026 - Freeport (NYSE: FCX) today provided an update on its third-quarter 2026 operating results. CONSOLIDATED RESULTS Third-quarter 2026 consolidated copper production of approximately 830 million pounds was in line with expectations, with slightly better results from international operations offsetting slightly lower production in the U.S. Third-quarter 2026 consolidated gold production of approximately 230 thousand ounces approximated expectations. Changes in the timing of gold sales at PT Freeport Indonesia (PTFI) resulted in the deferral of approximately 60 thousand ounces of refined gold from third-quarter 2026 to fourth-quarter 2026. FCX expects its consolidated copper sales for third-quarter 2026 to approximate its July 2026 estimate of 750 million pounds. FCX expects consolidated gold sales for third-quarter 2026 to approximate 100 thousand ounces, which is below its July 2026 estimate reflecting the impact of deferred gold sales. Consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs associated with the phased ramp-up of the Grasberg Block Cave underground mine) for third-quarter 2026 are currently expected to be approximately 5% above the July 2026 estimate of $2.00 per pound of copper, principally reflecting lower by-product credits resulting from the impact of deferred gold sales. FCX estimates its third-quarter 2026 consolidated average realized price to exceed $6.50 per pound of copper. The U.S. operations experienced lower than planned operating rates in third-quarter 2026 associated with an increased frequency of localized flooding, power outages and strong winds. In Indonesia, abnormally dry weather conditions have been generally favorable for mining but present various challenges in the milling process which are being actively managed with limited impact to date.
{N4163160.1} 2 GRASBERG UPDATE Significant progress continued for the phased ramp-up of the Grasberg Block Cave underground mine. During third-quarter 2026, mill throughput averaged approximately 140,000 metric tons of ore per day (approximating 67% of normalized rates prior to the September 2025 incident), including approximately 70,000 metric tons of ore per day from the Grasberg Block Cave. Upgrades to the material handling system at the Grasberg Block Cave haulage level are progressing toward completion by early 2027, and preparations continue for the targeted restart of production from Production Block 1S by mid-2027. FCX continues to expect to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027. PTFI’s smelter in Eastern Java, which was temporarily suspended following the September 2025 Grasberg incident, successfully re-commenced operations in late August 2026. Ramp-up activities are proceeding in line with expectations. A recent video highlighting the operation is available on fcx.com. PTFI has combined smelting capacity, including PT Smelting, to produce up to approximately 800,000 metric tons of cathode per annum and a precious metals refinery capable of processing all of PTFI’s gold production. FUTURE GROWTH FCX is strongly positioned for future growth opportunities with ongoing progress on the Grasberg recovery, innovation-led growth and potential organic brownfield development opportunities. During third-quarter 2026, FCX continued to progress its America’s Copper ChampionTM growth plans, including advancing projects to scale its innovative leach initiative and finalizing work to reach an investment decision by year-end 2026 to double the capacity of its Bagdad operation in Northwest Arizona. In addition, FCX continues to advance the regulatory process for a potential transformative expansion of its El Abra mine in Chile. FCX plans to release its third-quarter 2026 earnings results before the market opens on Tuesday, October 27, 2026, and will hold a conference call to discuss the results at 10:00 a.m. Eastern Time. FREEPORT: Foremost in Copper FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers. FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at fcx.com. Cautionary Statement: This press release contains forward-looking statements in which FCX discusses its potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections or expectations relating to business outlook, strategy, goals or targets; restoration and remediation efforts, and phased ramp-up of production and downstream processing following the September 2025 external mud rush incident at PTFI’s Grasberg Block Cave underground mine and the anticipated impact on our business, production, sales, results of operations and operating plans; ore grades and milling rates; production and sales volumes; unit net cash costs; timing of sales of inventoried production; improvements in operating procedures and technology innovations and applications; development and production activities, rates and costs; future organic growth opportunities and investment decisions; and the impact of copper and gold price changes. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” "targets," “intends,” “likely,” “will,” “should,” “to be,” “potential" and any similar expressions are intended to identify those assertions as forward-looking statements.
{N4163160.1} 3 FCX cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause FCX's actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities FCX produces, primarily copper and gold; changes in export duties and tariff rates; production rates; timing of shipments and sales; reduced customer demand or capacity; changes in the terms of arrangements or contracts; PTFI’s ability to repair mud rush incident-related damage, implement enhanced operating procedures, safely restart with a phased ramp-up and achieve full operating rates of production and downstream processing on the expected timeline and optimize production plans; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine or inventory production; weather- and climate-related risks; and other factors described in more detail under the heading “Risk Factors” in FCX's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC). Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which FCX cannot control, and production volumes and costs, some aspects of which FCX may not be able to control. Further, FCX may make changes to its business plans that could affect its results. FCX undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes. The operational estimates in this press release are subject to further changes upon completion of FCX’s normal quarterly closing process and procedures. # # #