FCX · 10-Q · 2026Q2 · Full report

Integrated Processing Network

FREEPORT-MCMORAN INC · 2026-08-06 · Importance 31 · Surprise 6 · From source text

Freeport-McMoRan’s downstream network includes smelters, refineries and rod mills in the U.S., Spain and Indonesia, enabling the company to place a significant portion of its copper concentrate production internally. U.S. rod facilities primarily use copper from the company’s U.S. mines and are expected to produce approximately one billion pounds of copper rod in 2026. Atlantic Copper in Spain sourced 82% of its concentrate from third parties and 18% from Freeport-McMoRan’s South America operations during the first six months of 2026, indicating a diversified feedstock model. The company’s U.S. mines are comparatively less exposed to changes in treatment charges because they are largely integrated with the Miami smelter and El Paso refinery.

Key facts

• Revenues at Atlantic Copper totaled $1.0 billion in second-quarter 2026, $0.8 billion in second-quarter 2025, $2.0 billion for the first six months of 2026 and $1.6 billion for the first six months of 2025. source
• Volumes of copper purchases totaled 37 million pounds in second-quarter 2026, 35 million pounds in second-quarter 2025, 47 million pounds for the first six months of 2026 and 101 million pounds for the first six months of 2025. source
• All U.S. operations are wholly owned except Morenci; we record our 72% undivided joint venture interest in Morenci using the proportionate consolidation method. source
• We performed a major maintenance turnaround for the Miami smelter in first-quarter 2025 and incurred maintenance charges and idle facility costs totaling $73 million for the first six months of 2025. source
• Through downstream integration, rod production from U.S. rod facilities approximated one billion pounds of copper for each of the last three years and is expected to approximate one billion pounds of copper for the year 2026. source
• We manage seven copper operations in the U.S.: Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico; we also operate a smelter and rod mill in Miami, AZ, and a refinery and rod mill in El Paso, TX. source

Impact estimates