Freeport says Grasberg recovery not delayed until 2028, stands by 2027 forecast
Freeport CEO Kathleen Quirk plans to discuss the Grasberg operations on Tuesday.
Freeport CEO Kathleen Quirk plans to discuss the Grasberg operations on Tuesday.
Freeport now aims for 65% capacity in the second half of 2026, 80% by mid-2027, and near full capacity by the end of 2027.
Shares in Freeport plunge after the world's number 2 copper company flags significant delays in Indonesian mine rampup.
The company declared force majeure on its Indonesian shipments in late September, estimating output would be curbed well into 2026.
Average copper prices rose in the fourth quarter and hit all-time highs late in December.
Remediation activities are currently being advanced to prepare for a phased restart and ramp-up of the Grasberg Block Cave underground mine.
The company said operations at Big Gossan mine and Deep Mill Level Zone mine at Grasberg have been restarted in late October.
Copper retreated after its biggest weekly gain in a year, as the dollar rallied amid political turmoil in Japan and France.
The last five miners were found Sunday, ending a weeks-long search after 800,000 tonnes of wet material hit the site.
The rally has been bolstered by Freeport-McMoRan’s force majeure at the Grasberg mine in Indonesia.