Freeport-McMoRan to restore large-scale production from Grasberg operations

Freeport announced plans to restore large-scale production from PT Freeport Indonesia’s Grasberg operations in Central Papua, Indonesia. As previously reported, PTFI commenced production from the unaffected Deep Mill Level Zone and Big Gossan underground mines in late October. Remediation activities are being advanced to prepare for a phased restart and ramp-up of the Grasberg Block Cave underground mine beginning in second-quarter 2026. Kathleen Quirk, president and CEO, said, “Our team is committed to restoring large-scale, low-cost production at Grasberg in a safe, efficient and responsible manner. We have incorporated the learnings from the recent tragic incident into our future plans and are implementing several initiatives to address the conditions that led to the incident. We will continue to prioritize safety above all else as we restore operations and work to provide benefits to our many stakeholders.” Under the phased restart and ramp-up plans, FCX expects PTFI’s production of copper and gold from the Grasberg minerals district in 2026 to be similar to estimated 2025 volumes, approximating 1B pounds of copper and 0.9M ounces of gold. FCX expects PTFI’s production will increase throughout 2026 and 2027 with average annual production of approximately 1.6B pounds of copper and 1.3M ounces of gold for the three-year period 2027-2029.