Overview

• Work remains halted across the Grasberg district after about 800,000 tonnes of wet material surged through multiple levels on Sept. 8, killing two workers with five still missing.
• Freeport cut near-term outlook, saying third-quarter sales are about 4% lower for copper and 6% lower for gold, with fourth-quarter copper and gold sales described as insignificant versus prior forecasts.
• The company outlined repairs and a phased restart that defer significant output through 2026, with a potential return to pre-incident operating rates in 2027.
• Freeport shares fell about 10.5% as copper prices rose roughly 2.6% following the update.
• Analysts estimate the disruption could remove around 270,000 tonnes of copper in 2026, potentially flipping the International Copper Study Group’s prior surplus forecast into a deficit.