Freeport-McMoRan (FCX) FY2025 results: revenue $25.9 billion, up 1.8% on the year

Freeport-McMoRan is an international metals company in Phoenix, Arizona, with the stated objective of being foremost in copper, and one of the world's largest publicly traded copper producers. Its assets include the Grasberg minerals district in Central Papua, Indonesia, described as one of the world's largest copper and gold deposits, the Morenci minerals district in Arizona and the Cerro Verde operation in Peru. Copper was 75% of what the group took in during 2025, gold 15% and molybdenum 8%. Operations and results for the year were affected by a mud rush at Grasberg in September 2025; the unaffected Deep Mill Level Zone and Big Gossan underground mines restarted in late October, remedial plans were finished in the fourth quarter, and a phased restart of the Grasberg Block Cave mine is anticipated from the second quarter of 2026.

Where the mines are

In the United States the company manages seven copper operations, Morenci, Bagdad, Safford including Lone Star, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico, and two molybdenum mines, Henderson and Climax in Colorado. It also runs a copper smelter and rod mill in Miami, Arizona and a copper refinery and rod mill in El Paso, Texas, and several of its copper mines also produce molybdenum concentrate, gold and silver. In South America it manages Cerro Verde in Peru, which also produces molybdenum concentrate and silver, and El Abra in Chile. In Indonesia, PT Freeport Indonesia operates the Grasberg district, which produces gold and silver alongside copper, and with its smelter and precious metals refinery at Gresik finished during 2025 it became a fully integrated producer of refined copper and gold. Of 2025 production, the United States was 39% of copper, South America 31% and Indonesia 30%, while Morenci, Cerro Verde and Grasberg together were 70% of consolidated copper output.

What it sells

Copper is an internationally traded commodity priced on the London Metal Exchange, COMEX and the Shanghai Futures Exchange, and those prices can be volatile and cyclical. During 2025, 43% of mined copper was sold as concentrate, 33% as cathode and 24% as rod. Concentrate is produced at six mines by crushing and treating ore to a copper content of roughly 20% to 30%, with much of it shipped to the Miami smelter and some Cerro Verde material to Atlantic Copper, the wholly owned smelting and refining unit in Spain. Cathode is produced at the El Paso refinery and at nine mines, either by solution extraction and electrowinning, where copper is dissolved out of stacked ore with a weak sulphuric acid solution and won back as metal averaging 99.99% copper, or by smelting concentrate into anode and refining that electrolytically. Continuous cast copper rod is made at the American rod facilities, at about one billion pounds of copper in each of the last three years.

Gold and molybdenum

Gold comes almost entirely from the Grasberg district. Before its export licence expired on 16 September 2025 the gold was sold mainly inside copper concentrate or in anode slimes from refining, priced off the average London afternoon gold price near the month of shipment. Since the downstream plants were finished, the Indonesian business sells gold bars from its own refinery, priced near the London afternoon price on the shipment date and net of royalties. The company cites Wood Mackenzie in calling itself the world's largest producer of molybdenum and molybdenum-based chemicals, mined at Henderson and Climax and drawn as concentrate from certain copper mines and Cerro Verde, mostly processed in its own plants and priced off published Platts assessments.

Position and people

The top ten copper producers account for 38% of worldwide mined output, and on Wood Mackenzie's December 2025 estimates the company ranked third among them with approximately 5% of the world total on a net equity basis. It attributes its position to the size, quality and grade of its ore bodies and its ability to manage costs, which are driven by location, grade, the nature of the deposits and input prices for energy, labour and equipment. At 31 December 2025 it employed approximately 29,000 people, 13,900 in the United States, 7,300 in South America, 6,600 in Indonesia and 1,200 elsewhere, with contractors adding tens of thousands more. Approximately 28% of the global employee population is covered by collective labour agreements, and employees in the United States are not.

From Freeport-McMoRan's annual report on Form 10-K for the year ended 31 December 2025, read as the whole document rather than from a separately located business section. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.