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Freeport shares tumble, copper futures rise on guidance cut due to Indonesia mine accident
Shares of Freeport-McMoRan tumbled Wednesday after the Phoenix-based miner said it expected a significant decline in third-quarter copper revenue due to an accident at its Indonesia mine earlier this month that will keep much of it shut down into the first half of 2026. Freeport said in a release Wednesday that it expects consolidated sales of copper to be 4 per cent lower than its July estimates. Gold sales are expected to be 6 per cent lower than previous estimates. Shares of Freeport fell more than 13 per cent at midday, to US$39.31 each. Copper futures rose 3.8 per cent to US$4.82 a pound at midday, with analysts ... (full story)
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From investinglive.com | Sep 25, 2025
I wrote about the Indonesian copper mine disaster yesterday and outlined how it was a potential game-changer in the industrial metals space. It took the market some time to figure out the impacts but ultimately led to a crushing decline in Freeport-McMoran shares (FCX) and a jump in other miners due to the reduced supply. Shares of Freeport fell nearly 20% ...
From zerohedge.com | Sep 24, 2025
In what Goldman's commodity team dubbed a "black swan event", copper mining giaint Freeport-McMoRan (FCX) declared force majeure on contracted supplies from its giant Grasberg mine in Indonesia, the second-largest source of the metal, sending prices of the metal soaring. The US company also cut its copper and gold sales guidance for the quarter, now seeing ...
From msn.com | Sep 24, 2025
Two workers were found dead last weekend and five remain missing after a mud rush earlier this month at one of Freeport-McMoRan’s copper and gold mines in Indonesia, the company announced Wednesday. Around 800,000 metric tons of mud and debris entered the mine in the previously disclosed Sept. 8 incident, reaching the service level where the missing ...
