Freeport Indonesia Produces 276,000 Ounces of Gold in First Half of 2026

Jakarta - Freeport-McMoRan (FCX) recorded gold production from its mine in Tembagapura, Indonesia, reaching 276,000 ounces throughout the first half of 2026. This figure represents a 54% decline compared to the same period last year, which was recorded at 595,000 ounces. FCX President and Chief Executive Officer Kathleen Quirk explained that the production decline from the mine operated by PT Freeport Indonesia was due to upstream mining constraints resulting from a mudslide incident at the Grasberg Block Cave (GBC) underground mine in September 2025. Quirk affirmed that the company continues to monitor operational progress in Indonesia to maintain growth momentum in the global market. “The Freeport team achieved strong results in the second quarter, supported by the solid execution of our operating plans and favourable prices for our products,” Kathleen Quirk stated in the FCX First Half 2026 report. The decline was triggered by low ore processing rates due to the recovery phase at the Grasberg Block Cave underground mine following the incident in September 2025. “Following the external mud overflow incident in September 2025, PTFI has advanced a series of activities to address the incident and remains focused on increasing safe and sustainable operational capacity,” the FCX report stated. In terms of sales, the volume of gold sold during the first half of 2026 reached 234,000 ounces at an average realised price of US$4,709 per ounce. The company projects that overall production rates will continue to increase to 65% in the second half of 2026. “PTFI’s overall production rate is expected to approach 65% in the second half of 2026, 80% by mid-2027, and near full capacity by the end of 2027,” the FCX report continued. Besides gold, PTFI also recorded copper production of 300 million pounds throughout the first half of 2026. This figure also declined compared to the same period last year, which was 655 million pounds. Consequently, the company is currently continuing to optimise operations at its smelter facility in Gresik, East Java, to support company production.