Headquartered in Phoenix, AZ Fiscal year ends December NYSE: FCX fcx.com
Freeport-McMoRan (FCX) is an international metals miner and one of the world's largest publicly traded copper producers. It also produces significant gold and molybdenum and describes itself as the world's largest molybdenum producer.
Its operations are organized into four mining divisions:
- **U.S. copper mines:** Morenci (72% joint venture interest), Bagdad, Safford/Lone Star, Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. These account for about 70% of total U.S. refined copper production.
- **South America:** Cerro Verde in Peru (55.66%-owned) and El Abra in Chile (51%-owned).
- **Indonesia:** The Grasberg minerals district, operated by PT Freeport Indonesia (PTFI), in which FCX holds a 48.76% economic interest. It is one of the world's largest copper and gold deposits, with the Grasberg Block Cave, DMLZ and Big Gossan underground mines and the Kucing Liar development.
- **Molybdenum mines:** Climax and Henderson in Colorado.
Downstream, FCX runs:
- U.S. Rod & Refining: a smelter and rod mill in Miami, Arizona, and a refinery and rod mill in El Paso, Texas.
- The Atlantic Copper smelter and refinery in Spain, which is building an electronic-material recycling facility (CirCular).
- In Indonesia, PTFI's smelter, 66%-owned PT Smelting and a precious metals refinery, which make PTFI a fully integrated producer of refined copper, gold and silver.
Copper is sold as cathode, rod and concentrate, largely priced off LME and COMEX benchmarks. A molybdenum sales company markets molybdenum products, about 64% of which is by-product output.
Current priorities include:
- Recovering Grasberg Block Cave production after the September 2025 mud rush.
- Scaling leaching technologies (additives and heat) to recover copper from existing stockpiles.
- Brownfield expansions at Bagdad, Safford/Lone Star and El Abra.
- Extending Grasberg operating rights beyond 2041. Updated
Freeport beat on both lines and guided FY26 operating cash flow to $8.5B against $4.4B of capex, leaving real free cash with copper costs held at $1.90 a pound.
FREEPORT-MCMORAN $FCX Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $7.5B (Est. $7.42B) 🟢 🔹 Adj. EPS: $0.88 (Est. $0.81) 🟢 🔹 Net Income: $1.2B 🔹 Operating Cash Flows: $2.0B FY26 Guide: 🔹 Operating Cash Flows: $8.5B 🔹 Capital Expenditures: $4.4B 🔹 Unit Net Cash Costs: $1.90/lb https://t.co/AimOub9J2j
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Freeport-McMoRan (FCX) is an international metals miner and one of the world's largest publicly traded copper producers. It also produces significant gold and molybdenum and describes itself as the world's largest molybdenum producer.
24/7 Wall St.'s 12-month price target for FCX is $70.92, rated Buy. The Wall Street consensus target is $78.75. FCX price prediction →
