Freeport-McMoRan Cuts 2026 Production Target for Grasberg Mine

Freeport-McMoRan cut its 2026 Grasberg mine production target to 478,000 tons from 700,000 tons after a mudslide caused damage requiring extensive repairs. The company now expects the mine to return to full capacity in early 2028, marking a second delay. The shortfall is estimated at more than 900 million pounds of copper, and Grasberg accounts for about 3% of global copper supply.