"FCX's Q4 was shaped almost entirely by the September 2025 mud rush at its Grasberg Block Cave mine in Indonesia, which killed seven workers and halted operations. Copper output collapsed to 640 million pounds in Q4, down from 1.0 billion pounds a year earlier."
"Newmont delivered record full-year free cash flow of $7.3 billion, retired $3.4 billion in debt, and closed the year in a $2.10 billion net cash position. Q4 realized gold prices hit $4,216 per ounce."
"FCX's 2026 thesis depends entirely on Grasberg. Management guided a phased restart beginning Q2, targeting about 85% of normal production rates in H2 2026, with copper sales recovering to 4.1 billion to 4.2 billion pounds annually by 2027-2028."
"Newmont's 2026 challenge is different: production steps down to about 5.3 million ounces from 5.9 million in 2025 due to planned mine sequencing."
Freeport-McMoRan's recent quarter was negatively impacted by a mud rush at its Grasberg mine, leading to significant drops in copper and gold production. Despite this, higher copper prices helped mitigate losses. In contrast, Newmont achieved record free cash flow and reduced debt, benefiting from high gold prices. FCX's recovery depends on restoring Grasberg operations, while Newmont anticipates a decrease in production due to planned mine sequencing. Both companies face unique challenges in the commodity market moving forward.
Read at 24/7 Wall St.
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