FCX · 10-Q · 2026Q2 · Full report
Capital Expenditure Outlook
FREEPORT-MCMORAN INC · 2026-08-06 · Importance 75 · Surprise 60 · From source text
Based on current sales volumes, cost estimates, metal prices and planned capital expenditures, Freeport-McMoRan projects approximately $8.3 billion of consolidated operating cash flows and $4.3 billion of consolidated capital expenditures for 2026. Planned capital spending over the next several years is primarily associated with underground mine development in the Grasberg minerals district and expansion projects in the United States. Capital expenditures, including capitalized interest, totaled $2.1 billion in the first six months of 2026, including $1.3 billion for major projects. Management expects available liquidity to fund capital expenditures and other cash requirements for the next 12 months.
Key facts
- Expected capital expenditures for the year 2026: Major projects $3.0 billion; Sustaining capital and other $1.3 billion; Total $4.3 billion. source
- Major projects total includes $1.4 billion for planned projects (primarily underground mine development and supporting mill and power capital in Grasberg and a leaching project at El Abra) and $1.6 billion for discretionary growth projects (primarily development of Kucing Liar and at Bagdad for tailings infrastructure). source
- For the first six months of 2026, capital expenditures included $1.3 billion for major projects primarily associated with underground development activities and supporting mill and power capital costs in the Grasberg minerals district. source
- Costs for feasibility and optimization studies totaled $33 million in second-quarter 2026, $52 million in second-quarter 2025, $64 million for the first six months of 2026 and $88 million for the first six months of 2025; we estimate these studies will total $200 million for the year 2026. source
- Capital expenditures, including capitalized interest, totaled $2.1 billion for the first six months of 2026 and $2.4 billion for the first six months of 2025, including amounts for major projects of $1.3 billion for the first six months of 2026 and $1.2 billion for the first six months of 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | probable | -3.6% | Expected capital expenditures for the year 2026: Major projects $3.0 billion; Sustaining capital and other $1.3 billion; Total $4.3 billion. |
| assets | positive | probable | +3.6% | Expected capital expenditures for the year 2026: Major projects $3.0 billion; Sustaining capital and other $1.3 billion; Total $4.3 billion. |
| cash | negative | realized | -2.2% | For the first six months of 2026, capital expenditures included $1.3 billion for major projects primarily associated with underground… |
| assets | positive | realized | +2.2% | For the first six months of 2026, capital expenditures included $1.3 billion for major projects primarily associated with underground… |
| operating_income | negative | committed | -1.7% | Costs for feasibility and optimization studies totaled $33 million in second-quarter 2026, $52 million in second-quarter 2025, $64 million… |
| operating_income | negative | realized | -0.9% | Costs for feasibility and optimization studies totaled $33 million in second-quarter 2026, $52 million in second-quarter 2025, $64 million… |
| cash | positive | realized | +0.5% | Capital expenditures, including capitalized interest, totaled $2.1 billion for the first six months of 2026 and $2.4 billion for the first… |