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Investing.com -- Freeport McMoRan shares rose about 4% at $40 on Tuesday after the miner said it will begin a phased restart of its Grasberg Block Cave mine in Indonesia in the second quarter of 2026.
Co also outlined production plans that keep next year’s output largely steady despite the halt caused by a deadly mudslide.
Freeport said in a statement that work is underway to restore large scale operations at Grasberg, where a September mudflow forced the company to suspend mining and declare force majeure.
Production from the unaffected Deep Mill Level Zone and Big Gossan underground mines resumed in late October.
The company said remediation efforts will allow a gradual restart at the Block Cave section from the second quarter of 2026.
It expects copper and gold volumes from the Grasberg district in 2026 to be similar to the reduced 2025 levels at about 1 billion pounds of copper and 0.9 million ounces of gold. Output is forecast to rise across 2026 and 2027, with average annual volumes of 1.6 billion pounds of copper and 1.3 million ounces of gold for 2027 to 2029.
Freeport also issued full year sales guidance. It expects gold sales of 1.05 million ounces, slightly above the 1.03 million ounce analyst consensus. Copper sales are projected at 3.5 billion pounds, in line with internal expectations, while molybdenum sales of 82 million pounds came in below the average estimate of about 86 million.
The company said the incident weighed on third quarter results and will have a significant impact on the fourth quarter and full year 2026. It recorded charges tied to the event and expects additional costs ahead.
Freeport guided to operating cash flow of about 5.5 billion dollars in 2025 and capital spending of 3.9 billion dollars excluding downstream projects. It targets 2026 capital spending of 4.1 billion dollars excluding downstream projects.