Freeport’s Grasberg averaged 67 percent of normal milling in the third quarter, about 140,000 tonnes per day, slightly above BMO’s 65 percent estimate. Third-quarter production was about 830 million pounds of copper and 230,000 ounces of gold. The East Java smelter restarted in late August, and Production Block 1S restarts mid-2027 toward 80 percent capacity and near-full by year-end.
Unit net cash costs guidance rose to about $2.10 a pound excluding idle and restoration charges, on deferred gold byproduct credits. Realized copper may exceed $6.50 a pound. BMO rates the shares outperform with an $85 target; shares rose 3.6 percent to $71.79 on October 2.
The ramp matters for a market pricing record copper on thin supply. Grasberg is the world’s largest single source of copper concentrate swing capacity, and its recovery timeline now extends the supply response into 2027.