Freeport‑McMoRan suffers sharpest fall since Sept 2025 after Grasberg forecast cut

Freeport-McMoRan

23/04/2026 14:47

Updates

** Shares of Freeport‑McMoRan FCX.N slide 11% to $62.04, their steepest drop since September 24, 2025

** The miner cut forecast for its Grasberg mine in Indonesia to 800 million pounds of copper and 700 million ounces of gold this year from 1.1 billion pounds of copper cathode and around 800 million ounces of gold

** 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 fell 23.7% from a year earlier to 662 million recoverable pounds

** But Q1 adjusted EPS of 57 cents beat analysts' average estimate of 46 cents, per LSEG data

** Including session's moves, FCX up 23.9% YTD

 (Reporting by Sumit Saha in Bengaluru)

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