FCX · 10-Q · 2026Q2 · Full report

Guidance and Outlook

FREEPORT-MCMORAN INC · 2026-08-06 · Importance 75 · Surprise 60 · No source text

FCX projects 2026 consolidated sales of 3.057 billion pounds of copper, with 750 million pounds expected in the third quarter, and anticipates higher second-half copper sales as Grasberg ramps up and U.S. leaching initiatives add production. Full-year 2026 consolidated unit net cash costs are expected to average $1.90 per pound of copper, while idle facility and restoration costs related to the Grasberg mud rush are expected to total approximately $1.2 billion. Consolidated operating cash flow is projected at approximately $8.3 billion, including a $2.6 billion income-tax provision, assuming second-half prices of $6.00 per pound for copper, $4,000 per ounce for gold and $30 per pound for molybdenum. Planned 2026 capital expenditures total $4.3 billion, including $3.0 billion for major projects, but exclude potential Bagdad expansion capital pending a second-half 2026 investment decision.

Key facts

• Projected consolidated sales volumes for the year 2026: U.S. copper mines 1,360 million recoverable pounds; South America operations 1,022 million recoverable pounds; Indonesia operations (implied) total leading to consolidated total 3,057 million recoverable pounds of copper. source
• Projected consolidated sales volumes for third-quarter 2026 are expected to approximate 750 million pounds of copper, 160 thousand ounces of gold and 22 million pounds of molybdenum. source
• Consolidated operating cash flows are expected to approximate $8.3 billion for the year 2026, net of $0.3 billion of working capital and other uses, assuming average prices of $6.00 per pound of copper, $4,000 per ounce of gold and $30.00 per pound of molybdenum for the second half of 2026. source
• Assuming average prices of $4,000 per ounce of gold and $30.00 per pound of molybdenum for the second half of 2026, consolidated unit net cash costs for our copper mines are expected to average $1.90 per pound for the year 2026 (including $2.00 per pound in third-quarter 2026). source
• Consolidated sales volumes from PTFI are expected to approximate 0.7 billion pounds of copper and 650 thousand ounces of gold for the year 2026. source
• Based on current estimates and assuming an average price of $4,000 per ounce of gold for the second half of 2026, PTFI's average unit net cash credits (including by-product credits and excluding idle facility and restoration costs) are expected to approximate $1.22 per pound of copper for the year 2026. source
• Based on achievement of current sales volume and cost estimates and assuming an average price of $30.00 per pound of molybdenum for the second half of 2026, average unit net cash costs for our U.S. copper mines are expected to approximate $2.96 per pound of copper for the year 2026. source
• Consolidated copper sales from our U.S. mines are expected to approximate 1.4 billion pounds for the year 2026. source

Impact estimates