Overview
- Freeport outlined a phased ramp of the Grasberg Block Cave starting in the second quarter of 2026 following a September incident that halted parts of the mine.
- Executives said about 800,000 metric tons of wet mud flooded the mine on September 8, killing seven workers.
- Early findings indicate mud breached a previously undetected hole in a retired open pit and rushed into an active work area, with the company cooperating with Indonesian officials.
- Production from the unaffected Deep Mill Level Zone and Big Gossan resumed in late October 2025 as safety measures and remediation efforts advanced.
- Freeport guided to roughly 1 billion pounds of copper and 900,000 ounces of gold in 2026 and to average about 1.6 billion pounds of copper and 1.3 million ounces of gold annually in 2027–2029, and shares rose roughly 4.5% on the update.