Freeport's Copper and Gold Production Not Yet Fully Recovered in First Half of 2026

Freeport-McMoRan (FCX) has reported the copper and gold production figures for PT Freeport Indonesia (PTFI) for the first half of 2026. PTFI’s performance continues to be affected by the mud rush incident that occurred in September 2025.

President and Chief Executive Officer of FCX, Kathleen Quirk, outlined the progress of the underground mine recovery in the company’s mid-year report. She confirmed that the company is continuing to accelerate operations in a phased manner to restore production levels in line with the annual work plan.

“The Freeport team delivered strong results in the second quarter, supported by solid execution of our operating plans and favourable prices for our products. We made steady progress in ramping up operations at Grasberg,” she said in the FCX H1 2026 report, quoted on Thursday (6/8/2026).

The company reported that PTFI’s gold production in the first six months of 2026 totalled 276,000 ounces, a decline compared with the 595,000 ounces recorded in the first half of 2025.

Meanwhile, copper production stood at 300 million pounds, down from the previous year’s realisation of 655 million pounds.

“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 report stated.

The decline in production volume was caused by lower ore processing rates during the remediation and restoration phase of the GBC mine infrastructure. However, the company noted that progress in Production Blocks 2 and 3 has been completed, allowing mining activity to increase since the end of March 2026.

“Following the external mud rush 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 report stated.