Overview

• The company cut its outlook to Q3 sales down about 4% for copper and 6% for gold, flagged negligible Q4 2025 output from Grasberg, and said 2026 production could be roughly 35% below prior plans with pre-incident rates not expected before 2027.
• Operations across the Grasberg district remain suspended, with the unaffected Big Gossan and Deep MLZ mines targeted to restart around mid–fourth quarter 2025 and a phased restart of Grasberg Block Cave planned for the first half of 2026.
• About 800,000 metric tons of wet material surged through multiple mine levels on Sept. 8, killing two workers and leaving five missing, as searches continue under Indonesian oversight and an independent investigation is slated to conclude by year-end 2025.
• Freeport declared force majeure on affected production and said it will pursue property and business interruption insurance claims, with media reports citing coverage up to about $1 billion and underground incident limits near $700 million after a $500 million deductible.
• Freeport shares fell roughly 10%–13% as copper futures rose around 3%–4%, and Goldman Sachs cut mine-supply forecasts, estimating a 525,000-ton global loss that shifts its 2025 balance view from surplus to deficit.