Freeport-McMoRan downgraded at Freedom Capital after fatal accident at Grasberg

Freedom Capital analyst Vitaly Kononov downgraded Freeport-McMoRan (FCX) to Hold from Buy with a price target of $47, down from $55, after Freeport confirmed seven fatalities after approximately 800,000 tonnes of wet material flooded multiple underground levels at Indonesia’s Grasberg mine. Freeport McMoran expects about 35% lower copper output at Grasberg in 2026 compared with its previous estimates, notes the analyst, who estimates that this implies an additional roughly 1% deficit to the market balance in 2026.