Company Reports

Freeport-McMoRan's second-quarter adjusted net profit after tax of $1.1 billion, or $0.74 per share, was up 37% year over year. The booming copper price and strong gold price more than offset lower sales volumes of each metal due to lower production at Grasberg.

The copper price is broadly unchanged on last quarter, trading around USD 6 per pound, near historical highs. The iron ore price continues to trade in a narrow range and at around USD 100 per metric ton is also flat as Chinese imports remain strong despite falling steel production.

Freeport-McMoRan owns stakes in 10 copper mines including three of the world’s largest: 49% of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona.

Freeport-McMoRan's first-quarter adjusted NPAT rose 130%, to USD 830 million or USD 0.57 per share, as stronger copper and gold prices more than offset reduced sales volumes. But Grasberg is now likely to ramp up production more slowly than expected after September 2025's tragic mud rush incident.

Freeport-McMoRan owns stakes in 10 copper mines including three of the world’s largest: 49% of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona.

Soaring copper and gold prices more than offset lower sales volumes of both metals in Freeport's 2025 fourth-quarter result. Adjusted net profit after tax of USD 690 million for the quarter and USD 2.6 billion for the year are up 53% and 19% on a year ago, respectively.

Freeport-McMoRan owns stakes in 10 copper mines including three of the world’s largest: 49% of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona.

Base metals prices have risen strongly since last quarter, with copper and aluminum driven by supply concerns and optimism over rising demand for use in decarbonization and electrification. Metallurgical coal and rare earths prices are also higher, but thermal coal and minerals sands are weaker.

Freeport-McMoRan owns stakes in 10 copper mines including three of the world’s largest: 49% of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona.

Freeport-McMoRan provided updated guidance following its investigation into the mud rush incident that saw mining temporarily halted at Grasberg in Indonesia. Shares closed up 3% on a day when other copper miner shares declined, suggesting the update was better than the market expected.

Freeport-McMoRan's 2025 third-quarter adjusted EBITDA rose 5%, to USD 2.8 billion, from a year ago. Lower copper and gold volumes were more than offset by higher prices on flat unit costs. The USD 0.15 quarterly dividend is unchanged, but investors' focus was on a potential Grasberg update.

The iron ore price has shrugged off re-escalation of the trade war between the United States and China, though copper is down moderately in response. Both are up about 10% since the last quarterly update of our assumed commodity prices.

Freeport-McMoRan owns stakes in 10 copper mines including three of the world’s largest: 49% of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona.

Freeport-McMoRan's 2025 second-quarter adjusted EBITDA rose 17%, to USD 3.2 billion, compared with a year ago. Higher copper and gold sales volumes and improved gold prices are the drivers. While copper prices are broadly stable, it is likely to benefit from US tariffs on refined copper imports.

Freeport-McMoRan owns stakes in 10 copper mines including three of the world’s largest: 49% of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona.

Shares of our iron ore, base metals, coal, and mineral sands miners have risen on last quarter after the shock of April 2, 2025 tariffs. With China driving demand for most commodities, investors appear to have concluded that tariffs wont materially weaken growth and commodity demand.

Demand from China has been the main driver of rising commodity prices in the past two decades. More recently, gold is close to historical highs on safe-haven demand. However, driven by weak China steel end-user demand and slower global growth, most other commodity prices have fallen.

Freeport-McMoRan's first-quarter 2025 earnings are soft due to maintenance activities at its 49%-owned Grasberg copper and gold mine in Indonesia. Reduced copper and gold volumes and higher unit cash costs more than offset higher prices, with adjusted EBITDA down 23%, to USD 1.9 billion.

Gold is higher in the March quarter as worries over tariffs affecting economic growth see a flight to safety. Despite likely slower global growth, copper is up as investors try to get ahead of potential tariffs on US copper imports. Iron ore is flat, while metallurgical and thermal coal are down.

Higher US tariffs could lead to slower economic growth and recession, reducing near-term commodity demand. Shares of our nongold mining coverage are materially lower on last quarter, led by base metals and coal miners.