Freeport-McMoRan Inc. (NYSE: FCX) shares gained more than 2% in intra-day trading on Thursday after the mining giant reported third-quarter profit that beat expectations, as higher copper prices and improved cost efficiency helped counter the impact of halted operations at its key Indonesian site.
The Arizona-based company posted adjusted earnings of $0.50 per share, above the $0.41 analyst forecast. Revenue rose 4% year-over-year to $6.97 billion, exceeding expectations of $6.9 billion. Net income totaled $674 million.
Production and sales were affected by the temporary suspension of Grasberg operations in Indonesia, which supplies roughly 3% of the world’s copper. Output fell to 912 million pounds of copper from 1.1 billion pounds last year, while gold production dropped more than 30% to 287,000 ounces.
Average realized copper prices rose to $4.68 per pound amid tight supply conditions. Unit net cash costs improved to $1.40 per pound, outperforming prior guidance, while operating cash flow reached $1.7 billion for the quarter.
For 2025, Freeport projected total sales of 3.5 billion pounds of copper and 1.05 million ounces of gold. The company said production at Grasberg would resume gradually as part of a phased restart plan.
