Core Viewpoint - Freeport-McMoRan Inc. (FCX) is positioned as a strong investment opportunity in the mining sector, particularly in copper and gold extraction, with solid financial health and significant growth potential [1][5]. Company Overview - FCX operates large, long-lived, geographically diverse assets with substantial proven and probable reserves of copper, gold, and molybdenum [1]. - The company's operations span North America, South America, and Indonesia, making it a key player in the global mining industry [1]. Stock Performance - Over the past month, FCX's stock has declined by approximately 4.28%, which may concern some investors but also presents a potential buying opportunity [2][6]. - The stock experienced a slight dip of about 0.53% in the last 10 days, attributed to market volatility or specific challenges within the mining sector [2]. Growth Potential - FCX has a promising growth outlook, with an expected stock price increase of 18.68%, indicating that the stock is currently undervalued [3][6]. - Analysts have set a target price of $48.60, suggesting substantial upside potential from current levels, which could attract growth-oriented investors [3]. Financial Health - The company boasts a strong Piotroski Score of 8 out of 9, reflecting its profitability, liquidity, and operational efficiency, making it a financially sound investment [4][6]. - The recent touch of a local minimum in the stock price may signal a potential reversal, providing a strategic entry point for investors [4].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Freeport-McMoRan Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Legal Actions and Investor Rights - Shareholders who purchased Freeport securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees, facilitated by a contingency fee arrangement [2]. - The Rosen Law Firm is preparing a class action to seek recovery of investor losses related to Freeport [2]. Group 2: Incident Impacting Freeport - On September 24, 2025, Freeport issued a press release regarding a mud rush incident at the Grasberg Block Cave mine in Indonesia, which resulted in the fatal injuries of two team members [3]. - Following the announcement of this incident, Freeport's stock experienced a significant decline of 16.95% on the same day [3]. Group 3: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for the number of settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Freeport-McMoRan Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Legal Action and Investor Rights - Shareholders who purchased Freeport securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees, facilitated by a contingency fee arrangement [2]. - The Rosen Law Firm is preparing a class action to seek recovery of investor losses related to Freeport [2]. Group 2: Incident Impact - On September 24, 2025, Freeport released an update regarding a mud rush incident at the Grasberg Block Cave mine in Indonesia, which resulted in the fatal injuries of two team members [3]. - Following the announcement of this incident, Freeport's stock experienced a significant decline of 16.95% on the same day [3]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a proven track record in securities class actions, highlighting its own success in this area [4]. - The firm has achieved notable settlements, including the largest securities class action settlement against a Chinese company and has consistently ranked highly in securities class action settlements since 2013 [4]. - In 2019, the firm secured over $438 million for investors, showcasing its capability in recovering substantial amounts for its clients [4].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Freeport-McMoRan Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Legal Action and Compensation - Shareholders who purchased Freeport securities may be entitled to compensation through a contingency fee arrangement, with no out-of-pocket costs [2]. - A class action is being prepared by Rosen Law Firm to seek recovery of investor losses [2]. Group 2: Incident Impact - On September 24, 2025, Freeport issued a press release regarding a mud rush incident at the Grasberg Block Cave mine in Indonesia, which resulted in the fatal injuries of two team members [3]. - Following this announcement, Freeport's stock experienced a significant decline of 16.95% on the same day [3]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions [4]. - The firm has achieved notable settlements, including the largest securities class action settlement against a Chinese company and has consistently ranked highly in securities class action settlements since 2013 [4]. - In 2019, the firm secured over $438 million for investors, showcasing its capability in recovering substantial amounts for its clients [4].

Group 1 - Freeport Indonesia has completed the investigation into the landslide incident at the Grasberg copper-gold mine that resulted in the deaths of seven workers and has received improvement recommendations from the government [1] - The Indonesian Ministry of Mining is evaluating the incident to determine if negligence or regulatory violations contributed to the disaster before deciding on the resumption of operations [1][2] - On September 8, approximately 800,000 tons of wet material flooded the Grasberg mine complex, leading to the fatalities [1] Group 2 - Freeport-McMoRan indicated that the Big Gossan and Deep Mill Level Zone mines at Grasberg could potentially restart operations in the fourth quarter, as they were not affected by the landslide [2] - The Grasberg Block Cave (GBC) is expected to account for 70% of Freeport Indonesia's projected copper and gold production by 2029 [2]

Group 1 - Freeport-McMoRan Inc has resumed operations at the Big Gossan and Deep Mill Level Zone mines after a fatal mudflow incident at the Grasberg mine, which occurred in late October [1] - The two mines that resumed operations were not affected by the September incident that resulted in the deaths of seven workers [1] Group 2 - China's copper industry faces three major challenges: increasing dependence on foreign resources in the upstream sector, overcapacity in the midstream processing segment, and suppressed downstream demand due to high copper prices [1] - To assist the industry in navigating these challenges, Shanghai Nonferrous Metals Network has collaborated with copper industry enterprises to compile a bilingual version of the "2026 China Copper Industry Chain Distribution Map" [1]

Core Viewpoint - Freeport-McMoRan's Indonesian subsidiary, PTFI, has resumed operations at the Big Gossan and Deep Mill underground mines following a fatal mudslide incident at the Grasberg mine, which resulted in the suspension of production activities for safety reasons [1][2]. Group 1: Incident and Response - The mudslide at the Grasberg Block Cave mine occurred on September 8, resulting in the deaths of seven workers, prompting PTFI to halt all mining activities in the area [1]. - PTFI is seeking to restore mining operations at unaffected areas and has applied for the necessary permits, with the Indonesian government showing a willingness to consider the application, contingent on safety assurances [1]. Group 2: Production Outlook - PTFI anticipates a 35% reduction in copper production for 2026, projecting output to fall to 1.7 billion pounds, and gold production to approximately 1.6 million ounces [2]. - The company expects to fully recover to pre-incident production levels by 2027, although the timeline will depend on operational and regulatory approvals [2]. - The unaffected Big Gossan and Deep Mill mines are projected to resume operations by the fourth quarter of 2025, while the larger Grasberg Block Cave mine is expected to gradually restart production in 2026 [1].

Group 1 - The Trump administration has added 10 minerals to its critical minerals list, bringing the total to 60, which includes copper and metallurgical coal, essential for electric vehicles, power grids, and data centers [2] - The updated list will guide federal investment and project permitting decisions, shaping a broader mineral strategy aimed at reducing import dependence and enhancing domestic mining [2][3] - The inclusion of uranium, boron, lead, phosphates, potash, rhenium, silicon, and silver reflects a comprehensive approach to securing materials necessary for defense, manufacturing, and clean energy technologies [3] Group 2 - Strengthening domestic production is seen as a way to mitigate potential supply shocks and export restrictions from competitors, with officials emphasizing the importance of reducing reliance on foreign sources [3] - The agricultural value of potash and phosphates is highlighted, as they are crucial for crop growth, with the U.S. relying heavily on imports for potash [4] - The profitability of U.S. copper mining is under scrutiny, as domestic mines have lower ore grades compared to international operations, leading to higher costs and lower profits [5][6] Group 3 - The inclusion of metallurgical coal aligns with the administration's support for fossil fuels, amidst challenges faced by U.S. metallurgical coal mines due to supply and export dynamics [7] - The National Mining Association is advocating for further expansion of the critical minerals list to ensure access to domestic resources when needed [8]

Group 1 - The Trump administration has released a new list of critical minerals essential for the U.S. economy and national security, which includes copper and metallurgical coal [1] - The list aims to guide federal investment and permitting decisions, helping to develop a broader mineral strategy to reduce reliance on imports [1] - The Department of the Interior emphasizes that critical minerals are vital for national security, economic stability, and supply chain resilience, supporting key industries and technological innovation [1] Group 2 - Freeport-McMoRan is the largest copper producer in the U.S., operating seven copper mines and controlling one of the two smelters in the country [1] - The company has indicated that if copper is designated as a critical mineral, it could receive over $500 million in tax credits related to the Inflation Reduction Act of 2022 [1] - However, the average copper grade in Freeport's U.S. mines is lower than in other regions, leading to increased costs and making the U.S. the company's least profitable area [2]

Financial Performance - Net income attributable to common stockholders was $674 million in Q3 2025, up from $526 million in Q3 2024, and $1.8 billion for the first nine months of 2025, compared to $1.6 billion for the same period in 2024[111]. - Consolidated revenues for Q3 2025 were $6.972 billion, up from $6.790 billion in Q3 2024, and $20.282 billion for the first nine months of 2025, compared to $19.735 billion for the same period in 2024[151][154]. - Net income attributable to common stock for Q3 2025 was $674 million, an increase from $526 million in Q3 2024, and $1.798 billion for the first nine months of 2025, compared to $1.615 billion in the same period of 2024[151]. - Other income, net, was $59 million in Q3 2025, down from $97 million in Q3 2024, and $158 million for the first nine months of 2025 compared to $295 million for the same period in 2024[176]. - Cash dividends on common stock remained consistent at $0.6 billion for both the first nine months of 2025 and 2024[285]. Production and Sales - Consolidated sales volumes for 2025 are projected at 3.5 billion pounds of copper, 1.05 million ounces of gold, and 82 million pounds of molybdenum[127]. - Copper production in Q3 2025 was 912 million recoverable pounds, down from 1,051 million in Q3 2024, and 2,743 million for the first nine months of 2025, compared to 3,173 million in the same period of 2024[152]. - Gold production in Q3 2025 was 287 thousand recoverable ounces, down from 456 thousand in Q3 2024, and 891 thousand for the first nine months of 2025, compared to 1,448 thousand in the same period of 2024[152]. - Molybdenum production totaled 8 million pounds in Q3 2025, compared to 6 million pounds in Q3 2024, and 26 million pounds for the first nine months of 2025[258]. - Copper sales from South America operations are projected to be approximately 1.1 billion pounds for 2025[218]. Costs and Expenses - Consolidated unit net cash costs for copper mines are expected to average $1.68 per pound for 2025, excluding costs related to the September 2025 mud rush incident[130]. - Site production and delivery costs averaged $2.71 per pound of copper in Q3 2025, up from $2.61 per pound in Q3 2024, and $2.67 per pound for the first nine months of 2025 compared to $2.49 per pound in the same period of 2024[167]. - Unit net cash costs per pound of copper in Q3 2025 were $3.11, down from $3.24 in Q3 2024, indicating improved efficiency[208]. - Average unit net cash costs for U.S. copper mines are expected to approximate $3.03 per pound for 2025, reflecting efficiencies and cost reduction plans[212]. - Average unit net cash costs for South America operations are expected to approximate $2.45 per pound for 2025[226]. Capital Expenditures and Investments - Capital expenditures for 2025 are expected to total $4.5 billion, including $2.3 billion for major projects and $1.6 billion for sustaining capital[133]. - The company has a potential expansion project at the Bagdad operation that could increase copper production by 200 to 250 million pounds per year, with estimated capital costs of approximately $3.5 billion[199]. - Costs for feasibility and optimization studies totaled $43 million in Q3 2025, compared to $45 million in Q3 2024, and are estimated to approximate $200 million for the year 2025[189]. Incident and Recovery - The mud rush incident on September 8, 2025, resulted in seven fatalities and approximately 800,000 metric tons of wet material entering the mine, leading to temporary suspension of operations[115][116]. - Charges related to the mud rush incident totaled $195 million in Q3 2025, including $152 million for idle facility costs[120]. - PTFI is seeking recovery of damages under insurance policies covering up to $1.0 billion in losses, subject to a $0.5 billion deductible[123]. - During Q3 2025, the company collected $25 million in insurance recoveries related to the 2024 smelter fire incident[283]. Market Conditions - The average COMEX copper settlement price was 9% higher than the average LME copper settlement price during Q3 2025, with LME prices reaching an all-time high of $5.02 per pound in October 2025[141]. - U.S. tariffs could potentially increase costs of goods purchased in the U.S. by approximately 5%, with a 50% tariff imposed on semi-finished copper products effective August 1, 2025[190][191]. - The company is the leading copper supplier in the U.S., providing approximately 70% of total U.S. refined copper production[193]. Future Outlook - A phased restart of operations at the Grasberg Block Cave underground mine is anticipated to begin in 2026 following the mud rush incident[117]. - The company estimates annual production of 300 million pounds of copper in 2026 from leaching initiatives, with potential for further significant increases in recoverable metal[186]. - PTFI is preparing an application for a long-term extension of its operating rights beyond 2041, expected to be submitted in Q4 2025[241].