Freeport-McMoRan is a metals company focused on copper, with by-product gold and molybdenum. It was incorporated in Delaware on 10 November 1987 and is headquartered in Phoenix, Arizona, where its contact address and corporate functions sit. Its shares trade on the New York Stock Exchange under the ticker FCX. The portfolio centres on the Grasberg minerals district in Indonesia, described by the company as one of the world's largest copper and gold deposits, together with large operations in the Americas including the Morenci minerals district in Arizona and the Cerro Verde operation in Peru. Kathleen Quirk is president and chief executive officer.
Second-quarter 2026 results
Freeport reported second-quarter and six-month 2026 results on 23 July 2026. Net income attributable to common stock was USD 984 million, or USD 0.68 per share, and adjusted net income was USD 1.1 billion, or USD 0.74 per share, after excluding USD 96 million of after-tax charges mainly for idle facility and restoration costs tied to the external mud rush incident at PT Freeport Indonesia in September 2025. Consolidated production in the quarter was 786 million pounds of copper, 192 thousand ounces of gold and 23 million pounds of molybdenum, while sales totalled 710 million pounds of copper, 123 thousand ounces of gold and 25 million pounds of molybdenum. Revenues for the quarter were USD 7.0 billion, against USD 7.6 billion a year earlier, and first-half revenues were USD 13.3 billion. Realised prices averaged USD 6.17 per pound of copper, USD 4,520 per ounce of gold and USD 28.75 per pound of molybdenum.
Guidance, costs and cash flow
For the full year 2026 the company expects consolidated sales of approximately 3.1 billion pounds of copper, 650 thousand ounces of gold and 93 million pounds of molybdenum, including 750 million pounds of copper in the third quarter. Average unit net cash costs were USD 1.97 per pound of copper in the second quarter and are guided to average about USD 1.90 per pound for the year. Operating cash flow was USD 2.0 billion in the quarter, and the company projects roughly USD 8.3 billion for 2026 assuming copper at USD 6.00 per pound, gold at USD 4,000 per ounce and molybdenum at USD 30.00 per pound in the second half. Capital expenditure was USD 1.1 billion in the quarter, of which USD 0.7 billion went to major mining projects, and is expected to reach about USD 4.3 billion for the year, including USD 3.0 billion on major projects. At 30 June 2026 consolidated debt was USD 9.4 billion against cash of USD 4.1 billion, giving net debt of USD 2.1 billion excluding USD 3.2 billion of debt raised for PT Freeport Indonesia's downstream processing facilities.
Grasberg ramp-up and the September 2025 incident
The central operational task described in the results is the safe restoration of full operations at Grasberg after the September 2025 mud rush, with the ramp-up of the Grasberg Block Cave underground mine reported as progressing on schedule. The company's chief executive said the Americas operations delivered strong performance during the quarter while work continues to bring Grasberg back to full capacity. Freeport's Indonesian subsidiary, PT Freeport Indonesia, operates the Grasberg district and the associated smelting and processing assets, and the company discloses separate external audits and non-mineral waste management reporting for that business.
Growth options in the Americas
Beyond the recovery work, Freeport lists organic growth projects including innovative leaching and technology initiatives and potential brownfield expansions at its United States operations, plus a potential major expansion of the El Abra operation in Chile. In the second quarter the company bought 2.0 million shares of Cerro Verde common stock on the open market for USD 107 million, lifting its ownership of the Peruvian operation from 55.08% to 55.66%. It also repurchased 1.7 million of its own shares for USD 110 million, an average cost of USD 64.34 per share.
Sustainability framework and contact
Freeport is a founding member of the International Council on Mining and Metals and applies the council's sustainable development framework across its sites, publishing an annual report on sustainability, tailings management disclosures with independent verification, climate and water stewardship reporting and a modern slavery statement. General corporate communications are handled at [email protected], media enquiries at [email protected], investor questions at [email protected], and community funding requests through [email protected]; the contact page also lists hotlines for oil and gas royalty owners and for 1099 tax enquiries. The company's Phoenix address and the FCX ticker are published in the footer of its website, which carries a 2026 copyright notice.