Freeport (FCX) to Restore Large-Scale Production at Grasberg Mine

By Ahmed Jameison • Tuesday, November 18 10:29 • Permanent Link

Freeport (NYSE: FCX) has announced its plans to restore large-scale production from PT Freeport Indonesia's (PTFI) Grasberg operations in central Papua, Indonesia. The company has indicated that it commenced production from the unaffected deep mill level zone and big gossan underground mines in late October 2025. Remediation activities are underway to prepare for a phased restart and ramp-up of the Grasberg block cave underground mine, which is expected to begin in the second quarter of 2026.

The company expects PTFI's production of copper and gold from the Grasberg minerals district in 2026 to be similar to estimated 2025 volumes, approximating 1.0 billion pounds of copper and 0.9 million ounces of gold. Furthermore, it anticipates that production will increase throughout 2026 and 2027, with an average annual production of approximately 1.6 billion pounds of copper and 1.3 million ounces of gold for the three-year period from 2027 to 2029.

Freeport also highlighted its commitment to restoring large-scale, low-cost production at Grasberg in a safe, efficient, and responsible manner. The company's president and chief executive officer, Kathleen Quirk, emphasized the incorporation of learnings from a recent incident into future plans and the implementation of initiatives to address the conditions that led to the incident.

The press release also mentioned that a conference call with securities analysts will be held to review the incident, discuss future operating plans, and provide an update on FCX's global business and ongoing initiatives to grow supplies of copper to meet increasing demand for the metal.

Freeport is recognized as a leading international metals company with significant proven and probable reserves of copper, gold, and molybdenum. The company's portfolio of assets includes the Grasberg minerals district in Indonesia, along with operations in the U.S. and South America, including the Morenci minerals district in Arizona and the Cerro Verde operation in Peru. The market has reacted to these announcements by moving the company's shares -2.89% to a price of $39.00. For more information, read the company's full 8-K submission here.

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