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Freeport-McMoRan, Inc. (NYSE:FCX) shares are trading higher Tuesday after the company announced plans to restore large-scale production from PT Freeport Indonesia’s Grasberg operations in Central Papua, Indonesia.
What To Know: Freeport said it will pursue a phased restart and ramp-up of the Grasberg Block Cave underground mine beginning in the second quarter of 2026 following a mud rush incident in September. The company noted that production from the unaffected Deep Mill Level Zone and Big Gossan underground mines began in late October 2025.
CEO Kathleen Quirk said the company has incorporated learnings from the recent incident and is advancing multiple initiatives aimed at addressing the conditions that led to it. She emphasized that safety will remain the top priority as operations are restored.
Under the restart plan, Freeport expects production of copper and gold from the Grasberg minerals district in 2026 to be similar to estimated 2025 volumes, approximating 1 billion pounds of copper and 900,000 ounces of gold. The company expects production to increase throughout 2026 and 2027, with average annual output of approximately 1.6 billion pounds of copper and 1.3 million ounces of gold for the 2027–2029 period.
Freeport is holding a conference call with analysts to review the incident, outline future operating plans and provide an update on its global business.
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FCX Price Action: At the time of writing, Freeport shares are trading 4.46% higher at $40.74, according to data from Benzinga Pro.
Image via Shutterstock
Posted In: FCX
