Скачать или смотреть Freeport McMoRan Q4 2025 Earnings: Copper Beats but Risks Loom

Freeport McMoRan (FCX) reported a mixed Q4 2025 earnings with adjusted EPS of $0.47 beating estimates by $0.18 and revenue of $5.63 billion surpassing consensus. Despite strong copper and gold prices lifting profits by nearly 48%, the stock faced a 2.7% decline on concerns over operational risks, particularly the phased restart of the Grasberg mine in Indonesia after a fatal mud rush incident. CEO Kathleen Quirk emphasized strong copper demand fundamentals and operational initiatives driving an 8% US volume increase target for 2026. The companys phased Grasberg restart is set to begin in Q2 2026, with full recovery delayed until mid-2027 for one production block, adding execution uncertainty.

The innovative leaching technology at US mines, including the new "perfect pile" heat-injected stockpile at the Chino mine, aims to dramatically reduce unit costs and increase copper yields, potentially unlocking a massive new source of low-cost copper. However, challenges remain, such as the learning curve with autonomous trucks at the Baghdad mine and the high first-half 2026 cost guidance before expected improvements in the second half. Freeport's capital discipline, strong balance sheet with $2.3 billion net debt, and $4.34.5 billion capex plan support its long-term growth strategy amid volatile commodity cycles.

Investors remain cautiously bullish on Freeports multi-year growth tied to electrification and AI-driven copper demand growth, but near-term execution risks and the Indonesian restart timeline cloud sentiment. The market is pricing in uncertainty while watching quarterly volume guidance and Grasberg milestones closely. The deep dive into Freeports results reveals a complex story of commodity leverage, operational innovation, and execution risk in the worlds largest publicly traded copper producer.

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