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Additional Reading from MarketBeat.com Freeport-McMoRan Posts Strong Earnings Despite Indonesia ShutdownWritten by Chris Markoch. Published 10/24/2025. 
Key Points - Freeport-McMoRan topped estimates with adjusted EPS of 50 cents, up 22% from expectations, even as Indonesia operations paused after the Grasberg mine incident.
- Higher copper prices and operational strength in U.S. and South American mines offset lost output, keeping unit costs low and margins strong.
- With a $1.7B net debt position, ongoing dividends, and growing copper demand from electrification and data centers, FCX remains a compelling long-term buy.
Freeport-McMoRan Inc. (NYSE: FCX) reported third-quarter earnings on Oct. 23. The results highlighted the company's resilience despite a temporary halt in operations at its Grasberg mine in Indonesia, which reduced quarterly copper and gold output. Disciplined cost control and a rise in copper prices continue to support the miner's long-term investment case given rising global copper demand. Adjusted earnings per share (EPS) were $0.50, 22% above the $0.41 analysts expected and 31% higher year over year. While headlines point to collapsing sales and fading tax credits, tech analyst Jeff Brown says Tesla is on the verge of its biggest breakthrough yet — a revolutionary form of "Manifested AI" that Forbes has called a multi-trillion-dollar opportunity, potentially sparking a 25,000% growth market and setting up what he believes could be the greatest corporate comeback in history. Click here now to watch his urgent briefing Revenue was $6.97 billion, about 3.6% above estimates of $6.73 billion and roughly the same percentage higher than the $6.79 billion reported in the same quarter of 2024. Those results were supported by a year-over-year rise in copper prices, which averaged $4.68 per pound versus $4.30 per pound a year earlier. The increase is unlikely to be a one-time move: global electrification, data-center expansion, and renewable-energy buildouts will require large amounts of copper, which is bullish for basic materials stocks, and miners in particular. The Impact of Suspending Mining Operations The company had to address the September mud rush incident at the Grasberg mine. Freeport reported copper production was down by roughly 90 million pounds and gold production fell by about 80,000 ounces. Management expects minimal fourth-quarter contributions from its Indonesian operations and currently projects full-year copper sales of 3.5 billion pounds. Freeport did not provide a specific restart date while the investigation continues, but it said a phased restart is expected in 2026. Investors will receive more information on Nov. 18, when the company holds a conference call to report on the investigation and present FCX's multi-year operational and financial outlook. Despite these near-term disruptions, Freeport-McMoRan's long-term outlook remains constructive. CEO Kathleen Quirk emphasized the company's role as a "reliable and responsible" metals supplier. The Report Highlighted Freeport-McMoRan's Operational Efficiency The Grasberg shutdown rightly drew attention, but more than half of Freeport's copper production comes from its North and South American operations. U.S. mines helped offset some lost Indonesian output: sales were up 7% year over year. Freeport also reported that new autonomous haulage technology at its Bagdad mine in Arizona helped reduce per‑pound costs. Freeport Continues to Show Financial Strength Looking deeper into the balance sheet shows financial resiliency. The company ended the quarter with $4.3 billion in cash and $9.3 billion in debt, implying net debt of roughly $5.0 billion, which is modestly above its previously stated target range of $3 billion to $4 billion. Freeport did not repurchase shares during the quarter, but it still has $3 billion available under its announced share repurchase program. The company also reaffirmed its quarterly dividend of $0.15 per share. FCX Stock is a Strong Long-Term Buy FCX is attractively valued as a long-term holding given global copper demand. Trading at about 24x forward earnings, the stock sits at a discount to historical levels. Analysts had been expecting roughly 26% earnings growth before this report, which supports the view that the stock may be undervalued. FCX is up about 3% in early trading, placing it near its 50-day simple moving average (SMA). A decisive break above that level could send the stock toward the consensus price target of $46.92, about 12% above the price heading into earnings. That target would match highs seen in July and September but remain below the 52-week high of $48.21 set in November 2024; higher trading volume would likely be needed to push toward that level. 
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