EL7.AI
StocksMediumUpdated×3•Originally published 23 April 2026•Updated 24 April 2026•
1 min read

Freeport-McMoRan Gold and Copper Output Drops After Indonesia Mine Incident

Key Facts

1Freeport-McMoRan reported lower production of gold and copper following a fatal mudslide at one of its Indonesian mines last year.

Freeport-McMoRan reported an 8.7% increase in Q1 revenues to $6.23 billion, even as copper output fell 24% to 662 million pounds following a mudslide at its Indonesian operations. The company's adjusted EPS of $0.57 beat expectations, bolstered by a $700 million insurance payout that mitigated the financial impact of the production slump. However, management lowered its 2026 production guidance and revealed that reaching full capacity at the Grasberg mine has been delayed until late 2027. Consequently, FCX shares dropped 12.62% to $61.48 as investors reacted to the prolonged recovery timeline. Despite the operational hurdles, Jefferies maintained a price target of $75, signaling long-term confidence. Analysts remain focused on the company's ability to navigate these logistical delays and their persistent pressure on profit margins.