Freeport-McMoRan Inc. reported a net income of $674 million for the third quarter of 2025, reflecting a slight increase from $526 million in the same period last year. For the first nine months of 2025, the company achieved a net income of $1.8 billion, compared to $1.6 billion in 2024. The increase in profitability is attributed to higher operating income from U.S. and South American mining operations, despite challenges faced in Indonesia due to a mud rush incident that occurred in September 2025, which resulted in operational disruptions and associated costs.
Total revenues for the third quarter of 2025 reached $6.97 billion, up from $6.79 billion in the prior year, while revenues for the first nine months increased to $20.28 billion from $19.74 billion. The growth in revenue was driven by higher average realized prices for copper, gold, and molybdenum, which offset a decline in sales volumes primarily due to the aforementioned incident in Indonesia. The average realized price for copper rose to $4.68 per pound in the third quarter, compared to $4.30 per pound in the same quarter of 2024.
In terms of operational metrics, Freeport-McMoRan's copper production for the third quarter was 912 million pounds, down from 1.051 billion pounds in the previous year, while gold production decreased to 287,000 ounces from 456,000 ounces. The company reported a total debt of $9.3 billion as of September 30, 2025, with cash and cash equivalents amounting to $4.3 billion. The net debt, excluding project debt for PT Freeport Indonesia’s downstream processing facilities, was approximately $1.75 billion.
Strategically, Freeport-McMoRan is focusing on enhancing its operational efficiencies and expanding its production capabilities. The company is targeting an annual production of 300 million pounds of copper by 2026 through innovative leaching processes and technology advancements. However, the mud rush incident has necessitated a reevaluation of operational plans, with a phased restart of the Grasberg Block Cave underground mine anticipated in 2026. The company is also pursuing a long-term extension of its operating rights in Indonesia, which would support continued operations in the Grasberg minerals district.
Looking ahead, Freeport-McMoRan expects its consolidated sales volumes for 2025 to be approximately 3.5 billion pounds of copper, with a projected average unit net cash cost of $1.68 per pound. The company remains committed to managing its capital expenditures, which are expected to total $4.5 billion for the year, while maintaining a strong balance sheet and liquidity position to support future growth initiatives.
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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