Freeport-McMoRan (NYSE:FCX) has reported higher third-quarter earnings as stronger copper and gold prices offset lower sales volumes.
Net income attributable to shareholders rose to US$1.17 billion ($1.67 billion), or US$0.81 per share, from US$674 million, or US$0.46 per share, a year earlier.
Copper sales declined to 749 million pounds from 977 million pounds, while gold sales fell to 105,000 ounces from 336,000 ounces.
However, average realised prices increased to US$6.54 per pound for copper and US$4,273 per ounce for gold, compared with US$4.68 per pound and US$3,539 per ounce, respectively.
Operations at the Grasberg minerals district in Indonesia continue to recover from the September 2025 mud rush incident. Freeport expects the operation to reach around 80% of capacity by mid-2027 and approach full capacity by the end of that year.
Freeport loses Colombia exploration bid
Separately, Colombia’s National Mining Agency has awarded a 60.46km² exploration block in San Diego, Cesar, to privately held OP Gold Capital following a competitive bidding process involving Freeport.
Freeport-McMoRan Exploration Colombia was the only counterbidder, offering an additional economic payment of 2%. OP Gold subsequently exercised its right to improve its original offer, raising the payment to 2.5% and committing a 1.5% social contribution.
The contract covers exploration for copper, gold, and associated minerals. Exploration will be required to establish whether the block contains a commercially viable deposit before any potential development is considered.
OP Gold Capital is a privately held precious metals company established in Bogotá in 2019 as the Colombian branch of Panama-based OP Capital.
Freeport-McMoRan is a US-based copper producer with operations across the Americas and Indonesia.
Write to France Pinzon at Mining.com.au
Main image: Freeport-McMoRan
