News about Freeport-McMoRan

The article compares MP Materials, a top domestic rare-earth producer, with Freeport-McMoRan, a major copper producer, as both benefit from data center and power grid build-outs. MP operates the Mountain Pass Mine, the only scaled rare-earth mining and processing site in the U.S., and has a Department of Defense price floor of $110/kilogram for NdPr plus a 10-year agreement guaranteeing at least $140 million of annual EBITDA for its second magnet campus. Freeport accounts for about 70% of U.S. refined copper production and is on pace to produce 3.1 billion pounds of copper this year, while S&P Global projects global copper demand could grow 50% by 2040. The author suggests Freeport suits investors seeking a more established business, while MP's binding DoD agreement and price floor offer earnings visibility and downside protection. Copper deficits are expected to persist through the end of the decade.

Freeport-McMoRan reported third-quarter 2026 copper production of about 830 million pounds and gold output of roughly 230 thousand ounces, broadly in line with internal expectations. About 60 thousand ounces of refined gold sales were deferred into the fourth quarter due to shipment timing and Indonesian smelter logistics. The company guided to Q3 copper sales of about 750 million pounds and gold sales near 100 thousand ounces, lower than prior expectations because of the deferrals. The article says the Q3 2026 earnings release on October 27 is the near-term catalyst, and identifies operational and regulatory complexity in Indonesia as the biggest current risk.

Freeport-McMoRan (FCX) has released its third-quarter 2026 copper and gold production update, with volumes broadly in line with internal expectations and part of Indonesian gold output shifted into the fourth quarter. After a softer stretch, the share price fell 3.87% over one day and 3.12% over seven days, but it remains up 34.07% year-to-date and 68.47% over one year. The most-followed valuation narrative puts fair value at $73.14, above the latest close of $69.62, while the P/E of 34.1x compares with a fair ratio of 27.5x and peer levels near 19.8x. The article flags risks including setbacks at Grasberg or higher-than-planned Bagdad capital spending, which could challenge the valuation case.