Grasberg Ramp-Up on Track: 80% Capacity by Mid-2027, Full by Year-End
FCX sits 89% above its 52-week low of $38.19 on light trading volume (0.2× avg).
Summary
Freeport confirms Grasberg Block Cave ramp-up is on schedule after last year's deadly mudslide, targeting 80% capacity by mid-2027 and full capacity by end-2027. Material handling upgrades finish early 2027, with Production Block 1S restarting mid-2027. Q3 copper sales of 750M lbs and gold sales of ~100K oz fall below July guidance due to deferred gold sales, but realized copper price should exceed $6.50/lb. US operations were hit by flooding, outages, and winds, lowering operating rates. Q3 results due October 27 will quantify the impact.
At the time of this announcement, FCX was trading at $72.37 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $103.9B. The 52-week trading range was $38.19 to $80.24. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.