FCX · 10-Q · 2026Q2 · Full report

South America Sales Weakness

FREEPORT-MCMORAN INC · 2026-08-06 · Importance 37 · Surprise 32

Copper sales from Freeport-McMoRan’s South America operations declined to 245 million pounds in second-quarter 2026 from 265 million pounds in second-quarter 2025, and to 493 million pounds for the first six months from 540 million pounds. The decline primarily reflected lower leach production and the processing of lower-grade stockpile ore caused by mine sequencing. Leach ore placed in stockpiles fell to 147,200 metric tons per day in the second quarter from 182,800 metric tons per day a year earlier, a decline of more than 19%. Full-year 2026 copper sales from South America are expected to approximate 1.0 billion pounds.

Key facts

• Our consolidated copper sales volumes from South America operations totaled 245 million pounds in second-quarter 2026 and 265 million pounds in second-quarter 2025. source
• South America consolidated copper sales volumes were 493 million pounds for the first six months of 2026 and 540 million pounds for the first six months of 2025. source
• Lower copper sales volumes in the 2026 periods at South America operations primarily reflect lower leach production and the processing of lower grade stockpile ore as a result of mine sequencing. source
• We manage two copper operations in South America – Cerro Verde in Peru (55.66%-owned) and El Abra in Chile (51%-owned). source