Freeport-McMoRan Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 2 October 2026: press release. Guidance figures: 1 raised, 1 lowered, 3 new, 3 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Copper production in line: Copper production was about 830 million pounds, in line with expectations. International operations were slightly better, offsetting slightly lower U.S. output. Source
• Refined gold sales deferred to fourth quarter: About 60 thousand ounces of refined gold moved from third-quarter to fourth-quarter 2026 because of the timing of PTFI gold sales. Source
• Mill ran at two-thirds of normal: Mill throughput averaged about 140,000 metric tons of ore per day, roughly 67% of normalized rates before the September 2025 incident. Source
• Smelter restarted in August: PTFI's Eastern Java smelter, suspended after the September 2025 incident, resumed operations in late August 2026. Source
• U.S. rates below plan on weather: U.S. operations ran below planned rates due to localized flooding, power outages and strong winds. Source
• Unit costs about 5% above estimate: Unit net cash costs are expected to be about 5% above the July estimate of $2.00 per pound, driven by lower by-product credits. Source
• Bagdad doubling decision nears: Work is being finalized toward a year-end 2026 investment decision on doubling Bagdad's concentrator capacity. Source

“Mining operations in the Grasberg minerals district proceeding in line with expectations.”

Freeport-McMoRan Inc., press release

Guidance

What changed from last quarter

• Guidance lowered: Third-quarter gold sales estimate lowered from 160 thousand to about 100 thousand ounces, reflecting deferred sales. Source
• Guidance raised: Third-quarter unit net cash cost estimate is now about 5% above the July figure of $2.00 per pound. Source
• New guidance: A third-quarter average realized copper price above $6.50 per pound is now given; the prior update gave no such figure. Source
• New guidance: A mid-2027 date is now given for the targeted restart of Production Block 1S. Source
• New: The PTFI smelter, suspended after the September 2025 incident, re-commenced operations in late August 2026. Source

Results and production volumes

• Copper production in line: Copper production was about 830 million pounds, in line with expectations. International operations were slightly better, offsetting slightly lower U.S. output. Source
• Gold production approximated expectations: Gold production was about 230 thousand ounces, approximating management's expectations for the quarter. Source
• Refined gold sales deferred to fourth quarter: About 60 thousand ounces of refined gold moved from third-quarter to fourth-quarter 2026 because of the timing of PTFI gold sales. Source

Grasberg mine and mill

• Mill ran at two-thirds of normal: Mill throughput averaged about 140,000 metric tons of ore per day, roughly 67% of normalized rates before the September 2025 incident. Source
• Block Cave supplies part of throughput: About 70,000 metric tons of ore per day came from the Grasberg Block Cave, within the total mill throughput. Source
• Mining proceeding as expected: Management said mining operations in the Grasberg district are proceeding in line with expectations. Source

“FCX is strongly positioned for future growth opportunities with ongoing progress on the Grasberg recovery, innovation-led growth and potential organic brownfield development opportunities.”

Freeport-McMoRan Inc., press release

Smelting and refining

• Smelter restarted in August: PTFI's Eastern Java smelter, suspended after the September 2025 incident, resumed operations in late August 2026. Source
• Smelting capacity up to 800,000 tons: Combined smelting capacity, including PT Smelting, is up to about 800,000 metric tons of cathode per year. The refinery can process all PTFI gold. Source
• Smelter ramp-up tracking plan: Management said smelter ramp-up activities are proceeding in line with expectations. Source

U.S. and Indonesia conditions

• U.S. rates below plan on weather: U.S. operations ran below planned rates due to localized flooding, power outages and strong winds. Source
• Indonesia dry weather aids mining: Abnormally dry weather in Indonesia has generally been favorable for mining operations. Source
• Dry weather milling challenges managed: The dry weather creates milling process challenges, which management is actively managing, with limited impact to date. Source

Unit costs and realized price

• Unit costs about 5% above estimate: Unit net cash costs are expected to be about 5% above the July estimate of $2.00 per pound, driven by lower by-product credits. Source
• Realized price expected above $6.50: The third-quarter consolidated average realized copper price is estimated to exceed $6.50 per pound. Source
• Cost figure excludes idle charges: The unit cost figure excludes idle facility and restoration costs tied to the phased Block Cave ramp-up. Source

Growth projects and studies

• Leach innovation drives growth plans: FCX continued to advance projects to scale its innovative leach initiative under its America's Copper Champion growth plans. Source
• El Abra expansion in permitting: The regulatory process continues for a potential large expansion of the El Abra mine in Chile. Source
• Bagdad doubling decision nears: Work is being finalized toward a year-end 2026 investment decision on doubling Bagdad's concentrator capacity. Source

Coming up, as management said on 2 October 2026

• Q3 2026 earnings release: Third-quarter earnings are to be released before market open on October 27, 2026, with a call at 10:00 a.m. Eastern. Source
• Haulage-level upgrades due early 2027: Material handling upgrades at the Block Cave haulage level are progressing toward completion by early 2027. Source
• Block 1S restart targeted mid-2027: Preparations continue for the targeted restart of production from Production Block 1S by mid-2027. Source

Figures management reported

Risks management discussed

• Operational: U.S. operating rates were below plan due to more frequent localized flooding, power outages and strong winds. Source
• Operational: Dry weather presents milling process challenges in Indonesia, which management is actively managing with limited impact so far. Source
• Financial: Deferred gold sales reduce by-product credits, which raises the expected unit net cash cost per pound of copper. Source

Earlier plans management reported on

• Met: Gold production came in close to the level management expected for the quarter. Source
• On track: Management describes Grasberg mining as proceeding in line with expectations. Source
• On track: Management describes smelter ramp-up as proceeding in line with expectations. Source
• Delayed: Gold sales planned for third quarter were pushed into fourth quarter by timing at PTFI. Source
• Not stated: Management reiterates the 80% capacity timing without stating progress against it. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.