FCX · 10-Q · 2026Q2 · Full report

Indonesian Processing Constraints

FREEPORT-MCMORAN INC · 2026-08-06 · Importance 32 · Surprise 24

Limited copper concentrate availability during the Grasberg Block Cave ramp-up affected PTFI’s Indonesian smelters and precious-metals refinery. PT Smelting resumed operations in late December 2025 and was operating at capacity by the end of second-quarter 2026, while PTFI’s smelter is expected to restart at reduced rates in the second half of 2026. The PMR remains on limited operations, primarily processing anode slimes from PT Smelting. Production is expected to exceed sales in 2026 because approximately 100 million pounds of copper and 50 thousand ounces of gold are held in inventory at PTFI’s smelting operations.