Freeport-McMoRan: how the business works

• Copper

  Sold as concentrate (ground, upgraded ore for smelters), cathode (pure copper plates) and rod (for wire). Copper sales were $19,325 million in FY2025, 74.5% of product sales before deductions.

• Gold

  Mostly a by-product of Grasberg's copper ore: $3,900 million in FY2025, or 15.0%. It sold 1,066 thousand ounces at $3,423 an ounce.

• Molybdenum

  A metal used in steel alloys, from its own molybdenum mines and from its US copper mines and Cerro Verde: $1,966 million in FY2025, or 7.6%.

• Silver and other

  Silver and other by-products: $749 million in FY2025, or 2.9%.

1. 1Buyers paid Freeport-McMoRan $25.9 billion in FY2025; other income added $240 million.
2. 2Mining, processing and shipping took $16.4 billion, the largest cost.
3. 3Wear and depletion of mines took $2.2 billion; overheads, exploration and environmental costs took $795 million.
4. 4Income tax took $2.2 billion and interest $369 million, leaving total net income of $4.2 billion.
5. 5Of that, $1.9 billion belonged to the partners in its Indonesian, Peruvian and Chilean mining companies, and $2.2 billion to Freeport-McMoRan's shareholders.

• Ore reserves

  Consolidated reserves at the end of 2025 were 112.3 billion pounds of copper (78.6 billion net of other owners), 20.6 million ounces of gold and 3.5 billion pounds of molybdenum. Indonesia reserves are counted only to 2041, when its mining license ends.

• A few large mines

  Grasberg in Indonesia made 30% of FY2025 consolidated copper production, Cerro Verde in Peru 26% and Morenci in Arizona 15%. Grasberg made 98% of its gold.

• Mining rights in Indonesia

  PT Freeport Indonesia mines under a special license (IUPK) that runs to 2041. A Feb 18, 2026 agreement in principle with the government covers an extension beyond 2041.

• Capital spending

  Capital expenditures were $4,494 million in FY2025, of which $2,358 million was in Indonesia, including its new smelter. They were $2,115 million in FY2021.

• People

  About 29,000 employees at Dec 31, 2025, plus about 27,700 contractors in Indonesia. About 28% of the workforce is under collective labor agreements.

• Southern Copper

  NYSE: SCCO

  A US-listed copper miner. Its FY2025 10-K reports revenue from contracts with customers of $13,420 million and net income of $4,348 million, including a small share for noncontrolling holders.

• Newmont

  NYSE: NEM

  Mainly a gold producer; gold was 15.0% of Freeport-McMoRan's FY2025 product sales. Its FY2025 10-K reports revenue from contracts with customers of $22,669 million and net income attributable to Newmont of $7,085 million.

• Compare: Freeport-McMoRan vs Newmont  →

• Grasberg Block Cave restart

  Behind

  Indonesia mill at 67% of capacity, Q3 2026

  The FY2025 10-K expected about 85% of normal PTFI production in the second half of 2026. The company said on Oct 27, 2026 that it expects 80% of capacity by mid-2027 and close to full capacity by the end of 2027.

  Status: Behind, behind the company's own plan.

• Bagdad expansion in Arizona

  New

  $4.5 billion approved Nov 4, 2026

  The company said on Nov 4, 2026 that it expects Bagdad to produce more than 400 million pounds of copper a year in the long term, about 225 million more. The 10-K had estimated about $3.5 billion.

  Status: New, recently announced.

• Leaching more copper out of ore

  Working

  About 220 million pounds a year run rate

  The company targets 300 million pounds in 2027 from these leach initiatives, it said on Oct 27, 2026.

  Status: Working, on track against what the company said.

• Indonesian smelter

  Working

  Restarted late August 2026

  The new smelter made its first cathode in July 2025 and was suspended after the mud rush. The 10-K expected it to restart in the second half of 2026.

  Status: Working, on track against what the company said.

• Indonesia mining rights beyond 2041

  Early

  Application filed June 2026

  An agreement in principle signed Feb 18, 2026 covers a life-of-resource extension, subject to an amended license. Freeport-McMoRan's share would fall to about 37% from 2042.

  Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

• Official (GAAP): Production and delivery costs, FY2025

  $16.4B

  Company's own measure: Unit net cash cost per pound of copper, FY2025

  165 cents per pound

  Site costs per pound of copper after subtracting gold and molybdenum sales as by-product credits. From Q4 FY2025 it leaves out mud rush idle and recovery costs, 17 cents a pound in FY2025.

• Official (GAAP): Production and delivery costs, Q3 FY2026

  $4.5B

  Company's own measure: Unit net cash cost per pound of copper, Q3 FY2026

  207 cents per pound

  Same definition, excluding mud rush idle facility and restoration costs. The company's 2026 estimate was $1.75 a pound in January and $1.90 in October.

• Official (GAAP): Net income to common stockholders, Q3 FY2026

  $1.2B

  Company's own measure: Adjusted net income to common stock, Q3 FY2026

  $1.3B

  The company adds back $101 million of after-tax net charges, mainly mud rush idle and restoration costs. The release rounds it to $1.3 billion.

• Official (GAAP): Diluted earnings per share, Q3 FY2026

  $0.81

  Company's own measure: Adjusted earnings per diluted share, Q3 FY2026

  $0.88

  Same adjustments, per diluted share.

• Official (GAAP): Diluted earnings per share, Q1 FY2026

  $0.61

  Company's own measure: Adjusted earnings per diluted share, Q1 FY2026

  $0.57

  Below GAAP because the company leaves out the $699 million pre-tax mud rush insurance settlement gain.

• Official (GAAP): Total debt, Sep 30, 2026

  $9.4B

  Company's own measure: Net debt excluding debt for PT Freeport Indonesia's downstream processing facilities, Sep 30, 2026

  $1.8B

  Debt minus cash of $4,335 million is the company's net debt of $5,063 million; this measure also leaves out $3,237 million of debt for PT Freeport Indonesia's smelter and refinery. Its financial policy keeps this measure at no more than a $3–4 billion target.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

• Net debt of $5,063 million on Sep 30, 2026 is stated in the Q3 FY2026 earnings release. Debt to equity (0.45) is a Cityfort calculation from the Q3 FY2026 10-Q; the 0.9 times is a Cityfort calculation from the Q3 FY2026 earnings release and the FY2025 10-K. Equity here is stockholders' equity of $20,981 million; noncontrolling interests of a further $12,632 million are left out.
• The company's financial policy uses net debt excluding $3,237 million of debt for PT Freeport Indonesia's smelter and refinery: $1,826 million on Sep 30, 2026 (Q3 FY2026 earnings release). The policy keeps that measure at no more than a $3–4 billion target.
• Interest coverage is FY2025 operating income of $6,518 million ÷ net interest expense of $369 million (Cityfort calculation from FY2025 10-K).
• Environmental and mine closure obligations were $5,983 million on Sep 30, 2026, outside debt. A $3.0 billion revolving credit facility running to May 2031 replaced the Oct 2027 facility on May 14, 2026. PT Freeport Indonesia's $1.75 billion revolver was extended to Sep 2031, with $250 million drawn.

Officers and directors (as a group), shares

0.7%

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Auditor

Ernst & Young LLP

Auditor changes

None in the period covered

Audit qualifications

None reported

Related-party dealings

Freeport-McMoRan sells copper to partners in its mines: sales to the other owners of its South American mines and to Morenci's joint venture partners were $1.5 billion in FY2025. Mitsubishi Materials Corporation, PTFI's partner in the PT Smelting plant, bought $1.7 billion.

Credit rating

Moody's, Fitch and S&P (as stated in Freeport-McMoRan's FY2025 10-K) Baa2 (Moody's) / BBB (Fitch) / BBB- (S&P), senior unsecured debt (Stable at all three), Jan 31, 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Share price

$57.90

Market value (market cap)

$83.1B

P/E

24.3×

P/B

4×

Source: FCX historical daily prices, Nasdaq table for an NYSE-listed share (close of Nov 5, 2026: $57.90); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Q4 FY2025 earnings release (8-K Exhibit 99.1), Jan 22, 2026 and 3 more