Freeport-McMoRan Inc (NYSE:FCX) stock rose 1.87% (As on January 23, 11:31:54 AM UTC-4, Source: Google Finance) after the company reported fourth-quarter profit and revenue above expectations, helped by higher copper and gold sales and lower unit cash costs, and said it remains on track to restart its Grasberg Block Cave mine in Indonesia in 2026. The copper producer posted adjusted net income attributable to common stock of $688 million. Net income excluded $282 million after tax, mainly tied to idle facility costs, recovery expenses and asset impairments following a September 2025 mud rush incident at its Indonesian operations, as well as charges at legacy oil and gas properties. The company benefits from the 50% tariff on copper imports, given its status as the largest U.S. producer and its greater expansion potential than rivals. Fourth-quarter production totaled 640 million pounds of copper, 65000 ounces of gold and 25 million pounds of molybdenum, while sales reached 709 million pounds of copper, 80000 ounces of gold and 22 million pounds of molybdenum. Average realized copper prices were $5.33 per pound in the quarter, with unit net cash costs of $2.22 per pound, which the company said were favorable to its October guidance.

FCX in the fourth quarter of FY25 has reported the adjusted earnings per share of 47 cents, beating the analysts’ estimates for the adjusted earnings per share of 28 cents. The company had reported the adjusted revenue of $5.63 billion in the fourth quarter of FY25, beating the analysts’ estimates for revenue of $5.28 billion.

For 2026, Freeport expects consolidated copper sales of about 3.4 billion pounds and average unit net cash costs of $1.75 per pound. Operating cash flow is projected at about $8 billion assuming copper prices of $5.00 per pound, rising to about $11 billion using recent commodity prices cited by the company. Capital spending totaled $4.5 billion in 2025 and is expected to ease slightly to about $4.3 billion in 2026, with $3billion allocated to major mining projects. The mining giant anticipates copper production from leach operations to grow 40% this year, while U.S. copper production is projected to increase by 8%. Quirk noted that the company has three “major projects in the Americas that provide optionality for future growth.” For South America specifically, copper sales in 2026 are expected to remain at levels similar to 2025’s 1.1 billion pounds. The CEO also highlighted shifting market dynamics, stating that copper demand in the U.S. from the artificial intelligence sector is offsetting softness in residential construction and automotive sectors.