Freeport‑McMoRan falls after cutting Grasberg output forecast

Freeport-McMoRan

23/04/2026 13:42

** Shares of miner Freeport-McMoRan FCX.N down 8.2% at $64.67 premarket

** Co cut forecast for its Grasberg mine in Indonesia to 800 million pounds of copper and 700 million ounces of gold this year, compared with its prior expectations of 1.1 billion pounds of copper cathode and around 800 million ounces of gold

** Co expects Grasberg operations to average around 65% in the second half of 2026, rise to 80% by mid-2027 and approach full capacity by end-2027

** Q1 copper production was down 23.7% to 662 million recoverable pounds from a year earlier

** However, it posted Q1 adjusted profit of 57 cents/share, beating analysts' estimate of 46 cents/share - LSEG data

** As of last close, FCX up 38.5% YTD

 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))