FREEPORT-MCMORAN INC
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
FCX$59.42+2.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0000831259-26-000036
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0000831259-26-000051
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 318 previous paragraphs and 317 current paragraphs.
139 unchanged; 120 reworded; 54 added; 49 removed; 10 previous and 4 current paragraphs rearranged.
Tables are not compared: 33 previous and 33 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (54)
Current report
Across our U.S. copper mines and South America operations, we are incorporating new applications, technologies and data analytics into our leaching processes to strengthen long-term cost competitiveness and unlock value. These initiatives are expected to increase annual copper production from the current run rate of approximately 220 million pounds to 300 million pounds in 2027, with potential for further significant increases in recoverable metal in future years.
Current report
We are also advancing high-value organic growth opportunities. In November 2026, our Board of Directors (Board) approved a $4.5 billion expansion and modernization program at our Bagdad copper and molybdenum operation in northwest Arizona that would more than double Bagdad’s mining and milling rates. In Chile, we are advancing the permitting process for a significant expansion at our El Abra mine.
Current report
Projected consolidated sales volumes for fourth-quarter 2026 are expected to approximate 875 million pounds of copper, 300 thousand ounces of gold and 22 million pounds of molybdenum. With the projected significant increase in gold sales in fourth-quarter 2026, PTFI may sell gold in the export market to the extent not required by the domestic market. PTFI is seeking clarity from the Indonesia government on administrative procedures for PTFI’s refined gold exports since current regulations (specifying a 10% export duty) conflict with the terms in PTFI’s special mining business license (IUPK) (which do not require the payment of duties on refined gold exports).
Current report
The impact of price changes on consolidated unit net cash costs for the year 2026 would approximate $0.01 per pound of copper for each $100 per ounce change in the average price of gold and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum during fourth-quarter 2026.
Current report
Copper continues to trade at historically elevated levels, supported by tight market fundamentals, regional inventory dislocations, supply disruptions and strong long-term demand expectations. Trade policy uncertainty and refined copper tariff policy and expectations have changed physical trade flows, concentrating inventories in the U.S. while reducing copper availability in Asia and Europe.
Current report
This graph presents London Bullion Market Association (London) PM gold prices from January 2016 through September 2026. During third-quarter 2026, average gold prices declined from second-quarter 2026, as gold market performance was influenced by changing expectations for U.S. interest rates, movements in the U.S. dollar, ongoing geopolitical tensions and continued central bank purchasing activity.
Current report
e. Cash used for working capital totaled $0.4 billion in third-quarter 2026, $0.2 billion in third-quarter 2025, $0.8 billion for the first nine months of 2026 and $0.5 billion for the first nine months of 2025.
Current report
During the ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normalized levels, a portion of PTFI's production and delivery costs has been recognized as idle facility costs, which are non-inventoriable. Idle facility, direct recovery and restoration costs totaled $244 million ($0.33 per pound of copper) in third-quarter 2026, $171 million ($0.18 per pound of copper) in third-quarter 2025, $934 million ($0.44 per pound of copper) for the first nine months of 2026 and $171 million ($0.06 per pound of copper) for the first nine months of 2025, which were excluded from consolidated net cash costs.
Current report
d. In third-quarter 2026, PTFI received confirmation of income tax benefits associated with its smelter development, which include benefits attributable to a six-year incentive period from 2025 through 2030. In third-quarter 2026, PTFI recognized tax benefits associated with the year 2025 and first nine months of 2026.
Current report
U.S. Rod & Refining consists of copper conversion facilities located in the U.S., and includes a refinery, that primarily produces copper cathode from copper anode produced at FCX’s U.S. smelter, and two rod mills that produce salable copper rod from copper cathode primarily produced at FCX’s U.S. copper mines and refineries.
Current report
b. Includes idle facility, direct recovery and restoration costs associated with the September 2025 external mud rush incident totaling $244 million in third-quarter 2026, $934 million for the first nine months of 2026 and $171 million in both the third quarter and first nine months of 2025.
Current report
Also includes net (recoveries) remediation costs related to the October 2024 fire at PTFI’s smelter totaling $(9) million in the third quarter and first nine months of 2026, $26 million in third-quarter 2025 and $56 million for the first nine months of 2025.
Current report
The third quarter and first nine months of 2025 also include $39 million of tolling fees that were recognized as idle facility costs associated with PT Smelting’s planned maintenance turnaround.
Current report
c. Includes idle facility costs associated with the September 2025 external mud rush incident totaling $64 million in third-quarter 2026 and $236 million for the first nine months of 2026, and $24 million in both the third quarter and first nine months of 2025.
Current report
d. Includes income tax benefits associated with PTFI’s smelter development. Refer to Note 3 and “Consolidated Results – Income Taxes” for further discussion.
Current report
Feasibility and Optimization
Current report
In November 2026, our Board approved an expansion and modernization program at our Bagdad copper and molybdenum operation in northwest Arizona. Future incremental capital costs for a new concentrator, mining equipment and expanded infrastructure are expected to approximate $4.5 billion. This project is expected to more than double Bagdad’s mining and milling rates and includes new concentrator facilities and supporting infrastructure.
Current report
When it reaches full operating rates, the project is expected to increase Bagdad’s annual copper production to over 400 million pounds of copper (an increase of approximately 225 million pounds per year) and annual molybdenum production to over 20 million pounds (an increase of approximately 12 million pounds per year). We expect the expansion, along with Bagdad’s fully autonomous haulage fleet and other modern technologies, to improve Bagdad’s long-term cost position and performance. The expansion would position Bagdad as the second-largest copper mine in the U.S., behind our Morenci operation, a top producer of molybdenum in the U.S. and one of the lowest-cost operations in our U.S. portfolio.
Current report
We are advancing engineering, procurement planning and early works for the project and construction is expected to take approximately 3.5 years, with initial production targeted for mid-2030. Based on current estimates, we expect to incur approximately 20% of project costs in 2027, 30% to 35% in 2028 and the balance in 2029 and 2030. We will incorporate the project’s planned capital expenditures into our outlook as a discretionary growth project under our financial policy. The capital cost estimates are based on current market conditions. Ongoing inflationary pressures, cost escalation and other factors could cause actual costs and timing to differ from these estimates.
Current report
Our U.S. copper mines faced challenging operating conditions in third-quarter 2026 associated with an increased frequency of extreme weather conditions, which adversely affected operating rates and productivity.
Current report
c. Includes charges for materials and supplies inventory write-offs totaling $0.07 per pound of copper in third-quarter 2026 and $0.02 per pound of copper for the first nine months of 2026.
Current report
b. Includes charges for materials and supplies inventory write-offs totaling $0.05 per pound of copper in third-quarter 2026 and $0.02 per pound of copper for the first nine months of 2026. Also includes charges for stockpile inventory write-offs totaling $0.01 per pound of copper for the first nine months of 2026.
Current report
In third-quarter 2026, mill throughput averaged 141 thousand metric tons of ore per day (approximately 67% of capacity), including 70 thousand metric tons of ore per day from the Grasberg Block Cave underground mine. PTFI continues to expect to reach 80% of capacity in mid-2027 and approach full capacity by year-end 2027.
Current report
PTFI has combined smelting capacity, including PT Smelting, to produce up to approximately 800,000 metric tons of copper cathode annually, and the PMR is capable of processing all of PTFI’s gold production.
Current report
In Indonesia, abnormally dry weather conditions have been generally favorable for mining but present various challenges in the milling process. Water availability for the operations and site infrastructure is being actively managed with limited impacts to production to date. Extended periods without precipitation may impact future mill rates and mitigation efforts will continue to be implemented during this period.
Current report
b. Includes idle facility costs associated with the September 2025 external mud rush incident totaling $0.42 per pound of copper in third-quarter 2026, $0.07 per pound of copper in third-quarter 2025, $0.61 per pound of copper for the first nine months of 2026 and $0.02 per pound of copper for the first nine months of 2025.
Current report
c. Includes idle facility, direct recovery and restoration costs associated with the September 2025 external mud rush incident totaling $1.59 per pound of copper in third-quarter 2026, $0.47 per pound of copper in third-quarter 2025, $2.40 per pound of copper for the first nine months of 2026 and $0.16 per pound of copper for the first nine months of 2025.
Current report
d. Includes operational readiness and start-up costs associated with PTFI’s downstream processing facilities totaling $0.14 per pound of copper in third-quarter 2026 and $0.08 per pound of copper for the first nine months of 2026, and a gain associated with insurance recoveries related to the October 2024 incident at PTFI’s smelter totaling $0.06 per pound of copper in third-quarter 2026 and $0.02 per pound of copper for the first nine months of 2026.
Current report
During the first nine months of 2026, FCX returned $955 million to shareholders, consisting of $650 million in common stock dividends and $305 million in share repurchases. Refer to Note 4 and “Financing Activities” below for further discussion.
Current report
In September 2026, PTFI amended and restated its $1.75 billion, senior unsecured revolving credit facility and extended the maturity date from November 2028 to September 2031. The terms of the amended facility are substantially similar to PTFI’s prior facility. In addition, FCX’s and Cerro Verde’s revolving credit facilities were extended to 2031 earlier in 2026.
Current report
c. Includes charges totaling $23 million ($0.07 per pound of copper) for feasibility studies and optimization projects.
Current report
b. Includes gold sales of 17 thousand ounces ($4,470 per ounce average realized price), silver sales of 1.4 million ounces ($67.03 per ounce average realized price) and related production costs.
Current report
c. Includes charges totaling $61 million ($0.06 per pound of copper) for feasibility studies and optimization projects and $22 million ($0.02 per pound of copper) for materials and supplies inventory write-offs.
Current report
b. Includes gold sales of 11 thousand ounces ($3,497 per ounce average realized price), silver sales of 1.4 million ounces ($38.92 per ounce average realized price) and related production costs.
Current report
c. Includes charges totaling $63 million ($0.07 per pound of copper) for feasibility studies and optimization projects.
Current report
a. Includes silver sales of 0.9 million ounces ($61.76 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
Current report
b. Includes charges totaling $14 million ($0.05 per pound of copper) for feasibility studies and optimization projects and $13 million ($0.05 per pound of copper) for materials and supplies inventory write-offs.
Current report
a. Includes silver sales of 0.9 million ounces ($44.89 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
Current report
b. Includes charges totaling $18 million ($0.06 per pound of copper) for feasibility studies and optimization projects.
Current report
a. Includes silver sales of 2.6 million ounces ($67.05 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
Showing the first 40 of 54 passages. Open the source sections for the rest.
Removed paragraphs (49)
Previous report
At our U.S. and South America operations, we are advancing testing of innovative technologies to target significant increases in incremental production from leaching initiatives. We are targeting reaching an annual run rate of 300 million pounds of copper from these initiatives by the end of 2026 and believe there is potential for further significant increases in recoverable metal in future years. We are finalizing cost estimates for an opportunity to more than double the concentrator capacity of the Bagdad operation in northwest Arizona and have advanced technical and economic studies in preparation for a potential investment decision during the second half of 2026. Additionally, we are advancing our evaluation of a potential major expansion at our El Abra mine in Chile. Refer to “Operations – United States” and “Operations – South America” for further discussion.
Previous report
During the first six months of 2026, we acquired 3.4 million shares of our common stock for a total cost of $203 million ($59.30 average cost per share). As of July 31, 2026, we have acquired a total of 55.4 million shares ($39.80 average cost per share) and have $2.8 billion available under our $5.0 billion share repurchase program.
Previous report
Projected consolidated sales volumes for third-quarter 2026 are expected to approximate 750 million pounds of copper, 160 thousand ounces of gold and 22 million pounds of molybdenum. We expect an increase in second-half 2026 copper sales volumes, compared to first-half 2026, primarily as a result of the continued phased ramp-up of the Grasberg Block Cave underground mine and at our U.S. copper mines associated with incremental production from leaching initiatives.
Previous report
Expected capital expenditures for the year 2026 do not include project capital costs associated with the expansion project at Bagdad, which we are preparing for a potential investment decision during the second half of 2026. Refer to “Operations – United States” for further discussion.
Previous report
The conflict in the Middle East continues to contribute to copper price volatility. While direct impacts on copper demand have been limited, secondary effects, including higher energy prices and freight costs, are weighing on global manufacturing activity and delaying demand recovery, particularly in energy-importing regions.
Previous report
This graph presents London Bullion Market Association (London) PM gold prices from January 2016 through June 2026. During second-quarter 2026, gold prices retreated from all-time highs reached at the beginning of 2026, as macroeconomic conditions tightened, driven by a stronger U.S. dollar, higher U.S. treasury yields and rising energy costs stemming from the conflict in the Middle East.
Previous report
f. Cash used for working capital, including tax payments, totaled $596 million in second-quarter 2026, $45 million in second-quarter 2025, $457 million for the first six months of 2026 and $342 million for the first six months of 2025.
Previous report
Consolidated interest expense, net totaled $95 million in second-quarter 2026, $82 million in second-quarter 2025, $209 million for the first six months of 2026 and $152 million for the first six months of 2025. Higher interest expense, net for the 2026 periods, primarily reflects the placement of assets in service at our U.S. copper mines and at PTFI in 2025, which reduced the amount of interest eligible for capitalization in 2026.
Previous report
U.S. Rod & Refining consists of copper conversion facilities, including a refinery and two rod mills. These operations process copper produced at our U.S. copper mines and purchased copper into copper cathode and rod. At times, these operations refine copper and produce copper rod for customers on a toll basis.
Previous report
b. Includes idle facility and restoration costs associated with the September 2025 external mud rush incident totaling $284 million in second-quarter 2026 and $690 million for the first six months of 2026. Refer to Note 7 for further discussion.
Previous report
c. Includes idle facility costs associated with the September 2025 external mud rush incident totaling $79 million in second-quarter 2026 and $172 million for the first six months of 2026. Refer to Note 7 for further discussion.
Previous report
d. Represents a volume adjustment on concentrate shipped to Atlantic Copper in a prior period.
Previous report
Feasibility and Optimization Studies
Previous report
We have defined an opportunity to more than double the concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. We completed technical and economic studies in late 2023 and have advanced these studies in preparation for a potential investment decision during the second half of 2026. These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year and increase molybdenum production by 10 to 12 million pounds per year. Expanded operations would position Bagdad as the second largest copper mine in the U.S. (behind our flagship Morenci mine) and among the lowest cost mines in our U.S. portfolio, and Bagdad would benefit from improved efficiency and lower unit net cash costs through economies of scale.
Previous report
Capital cost estimates for the Bagdad expansion are being finalized, taking into account current estimates, including for materials, equipment and labor. Current estimates, which continue to be reviewed, indicate project capital costs of approximately $4.5 billion, approximately 30% above the prior $3.5 billion estimate prepared in 2023. The revisions incorporate the impact of cost escalation, revisions in project scope and revised estimates associated with additional engineering. Taking into account higher capital cost estimates and enhanced operational plans, the project economics continue to be supported at an incentive copper price of approximately $4.00 per pound and would require three to four years to complete, with no expected major permitting hurdles. The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.
Previous report
Our consolidated copper sales volumes from the U.S. copper mines totaled 312 million pounds in second-quarter 2026, 308 million pounds in second-quarter 2025, 639 million pounds for the first six months of 2026 and 615 million pounds for the first six months of 2025.
Previous report
PTFI continues to advance activities for a planned future restart of Production Block 1S and risk mitigation strategies associated with drainage and cave management technologies.
Previous report
PTFI’s overall production rates are expected to approximate 65% of capacity in the second half of 2026, 80% by mid-2027 and approach full capacity by the end of 2027.
Previous report
b. Includes idle facility costs associated with the September 2025 external mud rush incident totaling $0.52 per pound of copper in second-quarter 2026 and $0.73 per pound of copper for the first six months of 2026.
Previous report
c. Includes idle facility and restoration costs associated with the September 2025 external mud rush incident totaling $1.86 per pound of copper in second-quarter 2026 and $2.93 per pound of copper for the first six months of 2026.
Previous report
A significant portion of PTFI’s costs are fixed and unit costs vary depending on volumes and other factors. Additionally, during the phased ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs totaled $284 million ($1.86 per pound of copper) in second-quarter 2026 and $690 million ($2.93 per pound of copper) for the first six months of 2026, which were excluded from PTFI's unit net cash credits.
Previous report
Refer to Note 4 and “Financing Activities” below for further discussion of shares acquired in the first six months of 2026 under our $5.0 billion share repurchase program.
Previous report
In May 2026, we and PTFI entered into a new $3.0 billion, five-year senior unsecured revolving credit facility that matures in May 2031, which replaced the prior revolving credit facility, and Cerro Verde entered into a new $350 million, five-year, senior unsecured revolving credit facility that matures in May 2031, which replaced its prior revolving credit facility. The terms of the new facilities are substantially similar to the respective prior facilities.
Previous report
c. Includes charges totaling $18 million ($0.06 per pound of copper) for feasibility and optimization studies.
Previous report
b. Includes gold sales of 10 thousand ounces ($4,584 per ounce average realized price), silver sales of 0.8 million ounces ($69.40 per ounce average realized price) and related production costs.
Previous report
c. Includes charges totaling $35 million ($0.05 per pound of copper) for feasibility and optimization studies.
Previous report
b. Includes gold sales of 7 thousand ounces ($3,249 per ounce average realized price), silver sales of 1.0 million ounces ($34.84 per ounce average realized price) and related production costs.
Previous report
c. Includes charges totaling $40 million ($0.07 per pound of copper) for feasibility and optimization studies.
Previous report
a. Includes silver sales of 0.8 million ounces ($62.23 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
Previous report
b. Includes charges totaling $10 million ($0.04 per pound of copper) for inventory write-offs and $9 million ($0.04 per pound of copper) for feasibility and optimization studies.
Previous report
a. Includes silver sales of 0.8 million ounces ($36.01 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
Previous report
b. Includes charges totaling $18 million ($0.07 per pound of copper) for feasibility and optimization studies.
Previous report
a. Includes silver sales of 1.6 million ounces ($69.33 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
Previous report
b. Includes charges totaling $20 million ($0.04 per pound of copper) for feasibility and optimization studies and $10 million ($0.02 per pound of copper) for inventory write-offs.
Previous report
a. Includes silver sales of 1.6 million ounces ($34.54 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
Previous report
b. Includes charges totaling $33 million ($0.06 per pound of copper) for feasibility and optimization studies.
Previous report
a. Includes silver sales of 0.6 million ounces ($69.25 per ounce average realized price) and incremental metals and sulfuric acid produced by PT Smelting and PTFI’s downstream processing facilities.
Previous report
b. Includes $79 million ($0.52 per pound of copper) of idle facility costs associated with the September 2025 external mud rush incident.
Previous report
c. Includes $284 million ($1.86 per pound of copper) of idle facility and restoration costs associated with the September 2025 external mud rush incident.
Previous report
e. Represents the combined total for U.S. copper mines, South America operations, Molybdenum mines, U.S. Rod & Refining and Atlantic Copper as presented in “Business Divisions and Segments.”
Showing the first 40 of 49 passages. Open the source sections for the rest.
Reworded paragraphs (120)
Previous wording
We achieved strong results in second-quarter 2026, supported by solid execution of our operating plans and favorable realized prices for copper, gold and molybdenum. The strength and diversity of our portfolio of assets contributed to these results, as operating income from our U.S. copper mines more than doubled in the first six months of 2026, compared to the first six months of 2025, primarily reflecting higher average realized copper and molybdenum prices. This increase helped offset lower operating income from Indonesia during the continued phased ramp-up of the Grasberg Block Cave underground mine.
Current wording
We delivered strong financial results in third-quarter 2026, which benefited from favorable realized prices for copper and molybdenum and continued execution of our operating plans. We continue to advance the ramp-up of operations in the Grasberg minerals district, increasing production volumes while maintaining our focus on safe and sustainable operations. The strength and diversity of our portfolio of assets contributed to our results – operating income from our U.S. copper mines more than doubled and operating income from our South America operations increased over 90% in the first nine months of 2026, compared with the first nine months of 2025. These improvements, driven primarily by higher average realized copper and molybdenum prices, helped offset lower operating income from Indonesia during the continued ramp-up of the Grasberg Block Cave underground mine and higher costs for energy (primarily diesel) and other inputs.
Previous wording
Net income attributable to common stockholders totaled $984 million in second-quarter 2026, $772 million in second-quarter 2025, $1.9 billion for the first six months of 2026 and $1.1 billion for the first six months of 2025. Higher net income attributable to common stock in the 2026 periods, compared to the 2025 periods, primarily reflects the impact of lower income taxes and noncontrolling interests in the 2026 periods associated with a higher contribution of operating income from our U.S. copper mines. The first six months of 2026 also include the recognition of a gain for the insurance settlement related to the September 2025 external mud rush incident. Refer to “Consolidated Results” and “Business Divisions and Segments” for further discussion.
Current wording
Net income attributable to common stockholders totaled $1.2 billion in third-quarter 2026, $0.7 billion in third-quarter 2025, $3.0 billion for the first nine months of 2026 and $1.8 billion for the first nine months of 2025. Higher net income attributable to common stock in the 2026 periods, compared to the 2025 periods, primarily reflects higher average realized copper and molybdenum prices, combined with the impact of lower income taxes and noncontrolling interests from our Indonesia operations. The first nine months of 2026 also include the recognition of a gain for the insurance settlement related to the September 2025 external mud rush incident. Refer to “Consolidated Results” and “Business Divisions and Segments” for further discussion.
Previous wording
At June 30, 2026, we had consolidated debt of $9.4 billion and consolidated cash and cash equivalents of $4.1 billion. Net debt totaled $2.1 billion, excluding $3.2 billion of debt for PTFI’s downstream processing facilities. Refer to “Net Debt” for a reconciliation of consolidated debt and consolidated cash and cash equivalents to net debt.
Current wording
At September 30, 2026, we had consolidated debt of $9.4 billion and consolidated cash and cash equivalents of $4.3 billion. Net debt totaled $1.8 billion, excluding $3.2 billion of debt for PT Freeport Indonesia’s (PTFI) downstream processing facilities. Refer to “Net Debt” for a reconciliation of consolidated debt and consolidated cash and cash equivalents to net debt. At September 30, 2026, we had $3.0 billion of availability under our revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.
Previous wording
Refer to Note 4 and “Capital Resources and Liquidity” for further discussion.
Current wording
During the first nine months of 2026, we returned $955 million to shareholders, including $650 million through common stock dividends and $305 million through share repurchases. Refer to Note 4 and “Capital Resources and Liquidity” for further discussion.
Previous wording
Our financial results vary as a result of fluctuations in metals market prices primarily for copper, gold and, to a lesser extent, molybdenum, as well as other factors. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Refer to “Markets” below, and “Risk Factors” in Part I, Item 1A. of our 2025 Form 10-K and Part II, Item 1A. herein for further discussion. Because we cannot control the prices of our products, the key measures that management focuses on in operating our business are sales volumes, unit net cash costs, operating cash flows and capital expenditures.
Current wording
Our financial results vary as a result of fluctuations in metals market prices primarily for copper, gold and molybdenum, as well as other factors. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Refer to “Markets” below, and “Risk Factors” in Part I, Item 1A. of our 2025 Form 10-K and Part II, Item 1A. herein for further discussion. Because we cannot control the prices of our products, the key measures that management focuses on in operating our business are sales volumes, unit net cash costs, operating cash flows and capital expenditures.
Previous wording
a. Includes 60 million pounds produced by our U.S. copper mines and Cerro Verde mine, and 33 million pounds produced by our primary molybdenum mines.
Current wording
a. Includes 61 million pounds produced by our U.S. copper mines and Cerro Verde mine, and 32 million pounds produced by our primary molybdenum mines.
Previous wording
Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 50 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
Current wording
Consolidated copper and gold production volumes for the year 2026 are expected to exceed sales volumes, reflecting deferrals of approximately 100 million pounds of copper and 70 thousand ounces of gold associated with inventory held at PTFI’s smelting operations.
Previous wording
Projected sales volumes are dependent on operational performance; the phased ramp-up of the Grasberg Block Cave underground mine at PTFI; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.
Current wording
Projected sales volumes are dependent on operational performance; the continued ramp-up of the Grasberg Block Cave underground mine and PTFI’s smelter; weather-related conditions; timing of shipments and sales and other factors detailed in the “Cautionary Statement” below.
Previous wording
Based on achievement of current sales volume and cost estimates and assuming average prices of $4,000 per ounce of gold and $30.00 per pound of molybdenum for the second half of 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs) for our copper mines are expected to average $1.90 per pound of copper for the year 2026 (including $2.00 per pound of copper in third-quarter 2026). The impact of price changes on consolidated unit net cash costs for the second half of 2026 would approximate $0.02 per pound of copper for each $100 per ounce change in the average price of gold and $0.03 per pound of copper for each $2 per pound change in the average price of molybdenum.
Current wording
Based on achievement of current sales volume and cost estimates and assuming average prices of $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026, consolidated unit net cash costs (net of by-product credits and excluding idle facility and restoration costs) for our copper mines are expected to average $1.90 per pound of copper for the year 2026 (including $1.68 per pound of copper in fourth-quarter 2026).
Previous wording
During the phased ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normal capacity, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs are expected to approximate $1.2 billion for the year 2026 (including $0.3 billion in third-quarter 2026). Refer to “Operations – Indonesia” for further discussion.
Current wording
During the ramp-up period of the Grasberg Block Cave underground mine and until PTFI’s operations return to normalized levels, a portion of PTFI's production and delivery costs will be recognized as idle facility costs, which are non-inventoriable. Idle facility and restoration costs are expected to total $1.2 billion for the year 2026 (including approximately $250 million in fourth-quarter 2026). Refer to “Operations – Indonesia” for further discussion.
Previous wording
Projected unit net cash costs for the year 2026 are dependent on operational performance; the phased ramp-up of the Grasberg Block Cave underground mine at PTFI; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below.
Current wording
Projected unit net cash costs for the year 2026 are dependent on operational performance; the ramp-up of the Grasberg Block Cave underground mine and PTFI’s smelter; impacts related to the conflict in the Middle East, including changes in energy costs and other consumables; weather-related conditions; timing of shipments and sales and other factors detailed in the “Cautionary Statement” below.
Previous wording
Our consolidated operating cash flows vary with sales volumes; prices realized from copper, gold and molybdenum sales; production costs; income taxes; other working capital changes; and other factors, such as the phased ramp-up of the Grasberg Block Cave underground mine at PTFI and impacts related to the conflict in the Middle East, including changes in energy costs and other consumables.
Current wording
Our consolidated operating cash flows vary with sales volumes; prices realized from copper, gold and molybdenum sales; production costs; income taxes; other working capital changes; and other factors, such as the ramp-up of the Grasberg Block Cave underground mine and PTFI’s smelter, and impacts related to the conflict in the Middle East, including changes in energy costs and other consumables.
Previous wording
Consolidated operating cash flows are expected to approximate $8.3 billion for the year 2026, net of $0.3 billion of working capital and other uses, based on current sales volume and cost estimates, and assuming average prices of $6.00 per pound of copper, $4,000 per ounce of gold and $30.00 per pound of molybdenum for the second half of 2026. Estimated consolidated operating cash flows for the year 2026 include a projected income tax provision of $2.6 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2026). The impact of price changes on consolidated operating cash flows for the second half of 2026 would approximate $150 million for each $0.10 per pound change in the average price of copper, $40 million for each $100 per ounce change in the average price of gold and $45 million for each $2 per pound change in the average price of molybdenum.
Current wording
Consolidated operating cash flows are expected to approximate $8.5 billion for the year 2026, net of $0.6 billion of working capital and other uses, based on current sales volume and cost estimates, and assuming average prices of $6.50 per pound of copper, $4,000 per ounce of gold and $32.00 per pound of molybdenum in fourth-quarter 2026. Estimated consolidated operating cash flows for the year 2026 include a projected income tax provision of $2.9 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2026). The impact of price changes during fourth-quarter 2026 on consolidated operating cash flows for the year 2026 would approximate $75 million for each $0.10 per pound change in the average price of copper, $25 million for each $100 per ounce change in the average price of gold and $12 million for each $2 per pound change in the average price of molybdenum.
Previous wording
a. Includes $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects, primarily in the Grasberg minerals district for the continued development of Kucing Liar and at Bagdad for tailings infrastructure.
Current wording
a. Includes $1.4 billion for planned projects, primarily associated with underground mine development and supporting mill and power capital costs in the Grasberg minerals district and a leaching project at El Abra, and $1.6 billion for discretionary growth projects, primarily in the Grasberg minerals district for the continued development of Kucing Liar and at Bagdad for early works associated with the expansion project. Refer to “Operations” for further discussion.
Previous wording
Copper sales from our South America and Indonesia operations are generally based on quoted LME monthly average copper settlement prices. During second-quarter 2026, LME copper settlement prices averaged $6.05 per pound (ranging from a low of $5.51 per pound to a high of $6.39 per pound) and closed at $6.05 per pound on June 30, 2026. The LME copper settlement price was $6.28 per pound on July 31, 2026, and on August 6, 2026, the LME copper settlement price closed at an all-time high of $6.56 per pound.
Current wording
Copper sales from our South America and Indonesia operations are generally based on quoted LME monthly average copper settlement prices. During third-quarter 2026, LME copper settlement prices averaged $6.40 per pound (ranging from a low of $5.94 per pound to an all-time high of $6.74 per pound) and closed at $6.57 per pound on September 30, 2026. The LME copper settlement price was $6.55 per pound on October 31, 2026.
Previous wording
Copper sales from our U.S. copper mines are generally based on prevailing COMEX monthly average copper settlement prices. During second-quarter 2026, COMEX copper settlement prices averaged $6.16 per pound (ranging from a low of $5.54 per pound to a high of $6.65 per pound) and closed at $6.19 per pound on June 30, 2026. The COMEX copper settlement price was $6.44 per pound on July 31, 2026, and on August 5, 2026, the COMEX copper settlement price closed at an all-time high of $6.70 per pound.
Current wording
Copper sales from our U.S. copper mines are generally based on prevailing COMEX monthly average copper settlement prices. During third-quarter 2026, COMEX copper settlement prices averaged $6.48 per pound (ranging from a low of $6.05 per pound to an all-time high of $6.80 per pound) and closed at $6.56 per pound on September 30, 2026. The COMEX copper settlement price was $6.46 per pound on October 31, 2026.
Previous wording
During second-quarter 2026, London PM gold prices averaged $4,506 per ounce (ranging from a low of $4,002 per ounce to a high of $4,871 per ounce) and closed at $4,026 per ounce on June 30, 2026. The London PM gold price closed at $4,027 per ounce on July 31, 2026.
Current wording
During third-quarter 2026, London PM gold prices averaged $4,262 per ounce (ranging from a low of $3,994 per ounce to a high of $4,664 per ounce) and closed at $4,176 per ounce on September 30, 2026. The London PM gold price was $3,913 per ounce on October 31, 2026.
Previous wording
This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2016 through June 2026. Overall global demand for molybdenum is driven by energy, power generation, aerospace and construction sectors. We believe fundamentals for molybdenum are positive with favorable demand drivers and limited supply.
Current wording
This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average prices from January 2016 through September 2026. Molybdenum prices have increased during 2026, supported by supply disruptions and favorable demand conditions. Global demand for molybdenum is driven by energy, power generation, aerospace and construction sectors. We believe fundamentals for molybdenum are positive with favorable demand drivers and limited supply.
Previous wording
During second-quarter 2026, the weekly average prices for molybdenum averaged $29.40 per pound (ranging from a low of $26.67 per pound to a high of $31.29 per pound) and closed at $31.29 per pound on June 30, 2026. The Platts Metals Daily Molybdenum Dealer Oxide weekly average price closed at $32.61 per pound on July 31, 2026.
Current wording
During third-quarter 2026, the weekly average prices for molybdenum averaged $32.92 per pound (ranging from a low of $31.45 per pound to a high of $33.76 per pound) and closed at $33.61 per pound on September 30, 2026. The Platts Metals Daily Molybdenum Dealer Oxide weekly average price was $32.74 per pound on October 31, 2026.
Previous wording
b. Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $98 million ($35 million to net income attributable to common stock or $0.02 per share) in second-quarter 2026, $(35) million ($(10) million to net income attributable to common stock or $(0.01) per share) in second-quarter 2025, $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first six months of 2026 and $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first six months of 2025. Refer to Note 5 for further discussion.
Current wording
b. Includes favorable adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $52 million ($17 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $11 million ($1 million to net income attributable to common stock or less than $0.01 per share) in third-quarter 2025, $58 million ($24 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $63 million ($21 million to net income attributable to common stock or $0.01 per share) for the first nine months of 2025. Refer to Note 5 for further discussion.
Previous wording
c. We defer recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net (reductions) additions to operating income totaling $(18) million ($(6) million to net income attributable to common stock or less than $0.01 per share) in second-quarter 2026, $34 million ($9 million to net income attributable to common stock or $0.01 per share) in second-quarter 2025, $52 million ($17 million to net income attributable to common stock or $0.01 per share) for the first six months of 2026 and $148 million ($44 million to net income attributable to common stock or $0.03 per share) for the first six months of 2025.
Current wording
c. We defer recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions to operating income totaling $24 million ($8 million to net income attributable to common stock or $0.01 per share) in third-quarter 2026, $13 million ($15 million to net income attributable to common stock or $0.01 per share) in third-quarter 2025, $76 million ($25 million to net income attributable to common stock or $0.02 per share) for the first nine months of 2026 and $161 million ($58 million to net income attributable to common stock or $0.04 per share) for the first nine months of 2025.
Previous wording
d. Net income attributable to common stock (i.e., net of any taxes and noncontrolling interests) includes net charges totaling $96 million ($0.06 per share) in second-quarter 2026 and $45 million ($0.03 per share) for the first six months of 2026, primarily reflecting idle facility and restoration costs associated with PTFI’s September 2025 external mud rush incident. Net charges for the first six months of 2026 were partially offset by a gain on the insurance settlement associated with the September 2025 external mud rush incident.
Current wording
d. Net income attributable to common stock (i.e., net of any taxes and noncontrolling interests) includes net charges totaling $101 million ($0.07 per share) in third-quarter 2026, $48 million ($0.04 per share) in third-quarter 2025, $146 million ($0.10 per share) for the first nine months of 2026 and $72 million ($0.05 per share) for the first nine months of 2025, primarily reflecting idle facility, direct recovery and restoration costs associated with PTFI’s September 2025 external mud rush incident. Net charges for the first nine months of 2026 were partially offset by a gain on the insurance settlement associated with the September 2025 external mud rush incident.
Previous wording
b. Excludes $0.40 per pound in second-quarter 2026 and $0.50 per pound for the first six months of 2026 of idle facility and restoration costs associated with PTFI’s September 2025 external mud rush incident. Refer to “Operations – Indonesia” for further discussion.
Current wording
b. Excludes $0.33 per pound in third-quarter 2026, $0.18 per pound in third-quarter 2025, $0.44 per pound for the first nine months of 2026 and $0.06 per pound for the first nine months of 2025 of idle facility, direct recovery and restoration costs associated with PTFI’s September 2025 external mud rush incident. Refer to “Operations – Indonesia” for further discussion.
Previous wording
Consolidated revenues totaled $7.0 billion in second-quarter 2026, $7.6 billion in second-quarter 2025 and $13.3 billion for both the first six months of 2026 and 2025. Our revenues primarily include the sale of copper cathode, copper rod and copper concentrate, as well as gold and molybdenum products in various forms. Refer to Note 8 for a summary of product revenues.
Current wording
Consolidated revenues totaled $7.5 billion in third-quarter 2026, $7.0 billion in third-quarter 2025, $20.8 billion for the first nine months of 2026 and $20.3 billion for the first nine months of 2025. Our revenues primarily include the sale of copper cathode, copper rod and copper concentrate, as well as gold and molybdenum products in various forms. Refer to Note 8 for a summary of product revenues.
Previous wording
Sales Volumes. Consolidated copper and gold sales volumes decreased in the 2026 periods, compared to the 2025 periods, primarily reflecting lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine. Refer to “Operations” for further discussion of sales volumes at our mining operations.
Current wording
Sales Volumes. Consolidated copper and gold sales volumes decreased in the 2026 periods, compared to the 2025 periods, primarily reflecting lower operating rates at PTFI during the ramp-up of the Grasberg Block Cave underground mine and timing of shipments and sales. Refer to “Operations” for further discussion of sales volumes at our mining operations.
Previous wording
Realized Prices. Our consolidated revenues can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum. Our average realized prices in second-quarter 2026, compared with second-quarter 2025, were 36% higher for copper, 37% higher for gold and 36% higher for molybdenum. Average realized prices for the first six months of 2026, compared with the first six months of 2025, were 35% higher for copper, 44% higher for gold and 26% higher for molybdenum.
Current wording
Realized Prices. Our consolidated revenues can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum. Our average realized prices in third-quarter 2026, compared with third-quarter 2025, were 40% higher for copper, 21% higher for gold and 35% higher for molybdenum. Average realized prices for the first nine months of 2026, compared with the first nine months of 2025, were 37% higher for copper, 36% higher for gold and 29% higher for molybdenum.
Previous wording
Average realized copper prices include net favorable adjustments to current period provisionally priced copper sales totaling $40 million in second-quarter 2026, $69 million in second-quarter 2025, $59 million for the first six months of 2026 and $87 million for the first six months of 2025. As discussed in Note 5, certain sales contracts for copper and gold provide final pricing in a specified future month (generally one to four months from the shipment date). We record revenues and invoice customers at the time of shipment based on then-current LME prices for copper or London PM prices for gold, which results in an embedded derivative on provisionally priced sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. Accordingly, in times of rising copper and gold prices, our revenues benefit from adjustments to the final pricing of provisionally priced sales pursuant to contracts entered into in prior periods; in times of falling copper and gold prices, the opposite occurs.
Current wording
Average realized copper prices include net favorable adjustments to current period provisionally priced copper sales totaling $64 million in third-quarter 2026, $71 million in third-quarter 2025, $174 million for the first nine months of 2026 and $169 million for the first nine months of 2025. As discussed in Note 5, certain sales contracts for copper and gold provide final pricing in a specified future month (generally one to four months from the shipment date). We record revenues and invoice customers at the time of shipment based on then-current LME prices for copper or London PM prices for gold, which results in an embedded derivative on provisionally priced sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. Accordingly, in times of rising copper and gold prices, our revenues benefit from adjustments to the final pricing of provisionally priced sales pursuant to contracts entered into in prior periods; in times of falling copper and gold prices, the opposite occurs.
Previous wording
2025 and 2024) recorded in consolidated revenues totaled $98 million in second-quarter 2026, $(35) million in second-quarter 2025, $58 million for the first six months of 2026 and $63 million for the first six months of 2025. Refer to Notes 5 and 8 for a summary of total adjustments to prior period and current period provisionally priced copper sales.
Current wording
Prior Period Provisionally Priced Copper Sales. Net favorable adjustments to prior periods’ provisionally priced copper sales (i.e., provisionally priced sales at June 30, 2026 and 2025, and December 31, 2025 and 2024) recorded in consolidated revenues totaled $52 million in third-quarter 2026, $11 million in third-quarter 2025, $58 million for the first nine months of 2026 and $63 million for the first nine months of 2025.
Previous wording
At June 30, 2026, we had provisionally priced copper sales totaling 202 million pounds (99 million pounds net of intercompany sales and noncontrolling interests) recorded at an average price of $6.07 per pound, subject to final LME copper settlement prices over the next several months. We estimate that each $0.05 change in the price realized from the June 30, 2026, recorded provisional price would have an approximate $9 million effect on 2026 revenues ($3 million to 2026 net income attributable to common stock). The LME copper settlement price closed at $6.28 per pound on July 31, 2026.
Current wording
At September 30, 2026, we had provisionally priced consolidated copper sales totaling 239 million pounds (134 million pounds net of noncontrolling interests) recorded at an average price of $6.55 per pound, subject to final LME copper settlement prices over the next several months. We estimate that each $0.05 change in the price realized from the September 30, 2026, recorded provisional price would have an approximate $12 million effect on 2026 revenues ($4 million to 2026 net income attributable to common stock). The LME copper settlement price was $6.55 per pound on October 31, 2026.
Previous wording
Atlantic Copper Revenues. Revenues at Atlantic Copper, our wholly owned smelter and refinery in Huelva, Spain, 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. Higher revenues in the 2026 periods, compared to the 2025 periods, primarily reflect higher metals prices, partly offset by lower copper and gold sales volumes.
Current wording
Atlantic Copper Revenues. Revenues at Atlantic Copper, our wholly owned smelter and refinery in Huelva, Spain, totaled $1.3 billion in third-quarter 2026, $0.8 billion in third-quarter 2025, $3.3 billion for the first nine months of 2026 and $2.3 billion for the first nine months of 2025. Higher revenues in the 2026 periods, compared to the 2025 periods, primarily reflect higher metals prices. Higher revenues during the first nine months of 2026, compared to the first nine months of 2025, were partially offset by lower gold sales volumes.
Previous wording
Sales of Purchased Copper. We purchase copper cathode primarily for processing by our U.S. Rod & Refining operations. The volumes of copper purchases vary depending on cathode production from our operations and 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. Revenues associated with the sale of purchased copper vary with the volume of copper purchases and changes in copper prices.
Current wording
Sales of Purchased Copper. We purchase copper cathode primarily for processing by our U.S. Rod & Refining operations. The volumes of copper purchases vary depending on cathode production from our operations and totaled 20 million pounds in third-quarter 2026, 9 million pounds in third-quarter 2025, 67 million pounds for the first nine months of 2026 and 110 million pounds for the first nine months of 2025. Revenues associated with the sale of purchased copper vary with the volume of copper purchases and changes in copper prices.
Previous wording
Treatment Charges. Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with market conditions, sales volumes and the price of copper. Treatment charges totaled $8 million in second-quarter 2026, $16 million in second-quarter 2025, $10 million for the first six months of 2026 and $43 million for the first six months of 2025. The 2026 periods primarily reflect lower treatment charge rates as a result of favorable market conditions and the lack of copper concentrate sales volumes in Indonesia as PTFI is now a fully integrated producer of refined copper, gold and silver.
Current wording
Treatment Charges. Revenues from our copper concentrate sales are recorded net of treatment charges, which will vary with market conditions, sales volumes and the price of copper. Treatment charges totaled $6 million in third-quarter 2026, $2 million in third-quarter 2025, $17 million for the first nine months of 2026 and $45 million for the first nine months of 2025. The reduction in treatment charges for the first nine months of 2026, compared with the first nine months of 2025, reflects lower rates in 2026 as a result of favorable market conditions and our reduced exposure to treatment charges following PTFI’s transition to a fully integrated producer of refined copper, gold and silver.
Previous wording
Export Duties. Prior to the expiration of its export license in September 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. PTFI incurred export duties totaling $146 million in second-quarter 2025 and $202 million for the first six months of 2025. Refer to Note 11 of our 2025 Form 10-K for further discussion.
Current wording
Export Duties. Prior to the expiration of its export license in September 2025, PTFI was assessed export duties on copper concentrate sales at a rate of 7.5%. Refer to Note 11 of our 2025 Form 10-K for further discussion.
Previous wording
Royalties. PTFI pays royalties on all copper and gold sales, the amount of which varies with sales volumes and metal prices. Royalties totaled $60 million in second-quarter 2026, $135 million in second-quarter 2025, $113 million for the first six months of 2026 and $203 million for the first six months of 2025.
Current wording
Royalties. PTFI pays royalties on all copper, gold and silver sales, the amount of which varies with sales volumes and metal prices. Consolidated royalties, mostly at PTFI, totaled $58 million in third-quarter 2026, $107 million in third-quarter 2025, $170 million for the first nine months of 2026 and $310 million for the first nine months of 2025.
Previous wording
Consolidated production and delivery costs totaled $4.3 billion in both second-quarter 2026 and 2025, $8.4 billion for the first six months of 2026 and $8.0 billion for the first six months of 2025. The 2026 periods, compared with the 2025 periods, primarily reflect higher costs of copper purchases at Atlantic Copper and higher costs for supplies, diesel fuel and other consumables at our mining operations, partly offset by the impact of reduced operating rates at PTFI following the September 2025 external mud rush incident. The first six months of 2025 also included charges totaling $73 million associated with a planned maintenance turnaround at the Miami smelter.
Current wording
Consolidated production and delivery costs totaled $4.5 billion in third-quarter 2026, $4.2 billion in third-quarter 2025, $12.9 billion for the first nine months of 2026 and $12.2 billion for the first nine months of 2025. The 2026 periods, compared with the 2025 periods, primarily reflect higher costs of copper purchases at Atlantic Copper, and higher costs for energy (primarily diesel) and other inputs at our mining operations, partially offset by the impact of reduced operating rates at PTFI following the September 2025 external mud rush incident.
Previous wording
Mining Unit Site Production and Delivery Costs Per Pound. Site production and delivery costs for our copper mining operations primarily include labor, energy and other commodity-based inputs, such as sulfuric acid, steel, reagents, liners, tires and explosives. Consolidated unit site production and delivery costs (before net noncash and other costs) for our copper mines averaged $3.28 per pound of copper in second-quarter 2026 and for the first six months of 2026, compared to $2.71 per pound of copper in second-quarter 2025 and $2.65 per pound of copper for the first six months of 2025.
Current wording
Mining Unit Site Production and Delivery Costs Per Pound. Site production and delivery costs for our copper mining operations primarily include labor, energy and other commodity-based inputs, such as sulfuric acid, steel, reagents, liners, tires and explosives. Consolidated unit site production and delivery costs (before net noncash and other costs) for our copper mines averaged $3.24 per pound of copper in third-quarter 2026, $2.71 per pound of copper in third-quarter 2025, $3.27 per pound of copper for the first nine months of 2026 and $2.67 per pound of copper for the first nine months of 2025.
Previous wording
Depreciation will vary under the unit-of-production (UOP) method as a result of changes in sales volumes and the related UOP rates at our mining operations. Consolidated depreciation, depletion and amortization (DD&A) totaled $523 million in second-quarter 2026, $668 million in second-quarter 2025, $1.0 billion for the first six months of 2026 and $1.1 billion for the first six months of 2025. The decrease in DD&A in the 2026 periods, compared to the 2025 periods, primarily reflects lower UOP depreciation as a result of lower operating rates at PTFI, partly offset by higher depreciation associated with placing assets into service at our U.S. copper mines and at PTFI in 2025.
Current wording
Depreciation will vary under the unit-of-production (UOP) method as a result of changes in sales volumes and the related UOP rates at our mining operations. Consolidated depreciation, depletion and amortization (DD&A) totaled $520 million in third-quarter 2026, $625 million in third-quarter 2025, $1.6 billion for the first nine months of 2026 and $1.8 billion for the first nine months of 2025. The decrease in DD&A in the 2026 periods, compared to the 2025 periods, primarily reflects the impact of lower sales volumes at PTFI following the September 2025 external mud rush incident, partially offset by higher depreciation at our U.S. copper mines, primarily associated with placing assets into service in 2025.
Previous wording
Based on current sales volume estimates, consolidated DD&A is estimated to approximate $2.3 billion for the year 2026, including $0.3 billion recognized as idle facility costs associated with the September 2025 external mud rush incident. Refer to Note 7 for further discussion of idle facility costs.
Current wording
Based on current sales volume estimates, consolidated DD&A is estimated to approximate $2.3 billion for the year 2026, which includes $0.3 billion recognized as idle facility costs associated with the September 2025 external mud rush incident.
Previous wording
Net charges for environmental obligations and shutdown costs totaled $13 million in second-quarter 2026, $27 million in second-quarter 2025, $30 million for the first six months of 2026 and $37 million for the first six months of 2025.
Current wording
Net charges for environmental obligations and shutdown costs totaled $8 million in third-quarter 2026, no net charges in third-quarter 2025, $38 million for the first nine months of 2026 and $37 million for the first nine months of 2025.
Previous wording
Refer to Note 4 for further discussion of consolidated interest costs (before capitalization) and capitalized interest.
Current wording
Consolidated interest expense, net totaled $86 million in third-quarter 2026, $107 million in third-quarter 2025, $295 million for the first nine months of 2026 and $259 million for the first nine months of 2025. Refer to Note 4 for consolidated interest costs (before capitalization) and capitalized interest.
Showing the first 40 of 120 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Refer to “Operations” for further discussion.
Current report — wording carried from elsewhere
Refer to Notes 5 and 8 for a summary of total adjustments to prior period and current period provisionally priced copper sales.
Current report — wording carried from elsewhere
$131 million for the first nine months of 2025. We estimate the costs of these studies and projects will approximate $200 million for the year 2026, subject to market conditions and other factors.
Current report — wording carried from elsewhere
Refer to Note 10 of our 2025 Form 10-K for further discussion regarding environmental contingencies and AROs.
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
In May 2026, we purchased 2.0 million shares of Cerro Verde common stock in the open market for $107 million, increasing our ownership interest in Cerro Verde from 55.08% to 55.66%.
Previous report — wording carried elsewhere
At June 30, 2026, we had $3.0 billion of availability under our revolving credit facility, and PTFI and Cerro Verde had $1.5 billion and $350 million, respectively, of availability under their revolving credit facilities.
Previous report — wording carried elsewhere
Prior Period Provisionally Priced Copper Sales. Net favorable (unfavorable) adjustments to prior periods’ provisionally priced copper sales (i.e., provisionally priced sales at March 31, 2026 and 2025, and December 31,
Previous report — wording carried elsewhere
Grasberg Block Cave Ramp-Up. Following the September 2025 external mud rush incident, PTFI has progressed a series of activities to address the incident and remains focused on a safe and sustainable ramp-up to full operating capacity.
Previous report — wording carried elsewhere
We defer recognizing profits on sales from our mining operations to Atlantic Copper until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net (reductions)
Previous report — wording carried elsewhere
On June 24, 2026, our Board declared cash dividends totaling $0.15 per share on our common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on August 3, 2026, to common stockholders of record on July 15, 2026.
Previous report — wording carried elsewhere
f. Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”
Previous report — wording carried elsewhere
c. Primarily represents tolling costs paid to PT Smelting.
Previous report — wording carried elsewhere
f. Represents Corporate, other & eliminations as presented in “Business Divisions and Segments.”
Previous report — wording carried elsewhere
c. Primarily represents tolling costs paid to PT Smelting.