**Freeport-McMoRan Inc. Reports 2025 Financial Results, Grapples with Indonesian Mine Incident**
Freeport-McMoRan Inc. (FCX) released its 2025 financial results, showcasing a net income attributable to common stock of $2.2 billion, or $1.52 per diluted share. This compares to $1.9 billion, or $1.30 per diluted share, in the previous fiscal year. The company's revenues reached $25.9 billion, slightly up from $25.5 billion in 2024. The increase in net income was primarily driven by higher operating income from U.S. and South American copper mining operations, which benefited from increased average realized copper prices. These gains were partially offset by lower financial results from Indonesian operations due to a significant operational disruption.
A major factor impacting Freeport-McMoRan's 2025 performance was the mud rush incident at the Grasberg minerals district in Indonesia during September. This event led to a temporary suspension of mining operations and resulted in $625 million in idle facility costs and direct recovery expenses. Despite the setback, PT Freeport Indonesia (PTFI) restarted operations at unaffected underground mines in late October, with a phased restart of the Grasberg Block Cave underground mine anticipated to begin in the second quarter of 2026. Investigations and remedial plans were completed in the fourth quarter of 2025.
Operationally, Freeport-McMoRan produced 3.4 billion pounds of copper, 956 thousand ounces of gold, and 92 million pounds of molybdenum in 2025. The company's U.S. copper mines contributed 39% of the total copper production, while South America and Indonesia accounted for 31% and 30%, respectively. The average realized price for copper was $4.75 per pound, gold was $3,423 per ounce, and molybdenum was $22.63 per pound. The company also continued to advance its leaching and technology innovation initiatives, achieving an annual run rate of approximately 240 million pounds of copper in late 2025 and targeting 300 million pounds in 2026.
Looking ahead, Freeport-McMoRan anticipates copper sales of 3.38 billion pounds, gold sales of 800 thousand ounces, and molybdenum sales of 90 million pounds in 2026. The company expects consolidated unit net cash costs for its copper mines to average $1.75 per pound. Capital expenditures for 2026 are projected to be $4.3 billion, with a focus on underground mine development in Indonesia and potential expansion projects in the U.S. The company is also actively pursuing a long-term extension of PTFI's operating rights beyond 2041 and preparing its application for submission in 2026.
About FREEPORT-MCMORAN INC
Freeport-McMoRan Inc. is a leading international metals company specializing in the exploration, mining, and processing of copper, gold, and molybdenum. Its core assets include large, long-lived operations in North America, South America, and Indonesia, with a focus on copper production for electrical, construction, and renewable energy markets. The company emphasizes responsible mining, tailings safety, and sustainable growth through diverse, high-quality mineral reserves.
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