• Third-quarter 2025 operating results:
? Consolidated production was impacted by the temporary suspension of operations in
Indonesia since the September 8, 2025, mud rush incident
? Consolidated copper and gold sales were approximately 1% and 4%, respectively, lower than
July 2025 guidance
? Consolidated unit net cash costs of $1.40 per pound of copper were better than July 2025
guidance
• Strong financial position and favorable long-term outlook
• Net income attributable to common stock in third-quarter 2025 totaled $674 million, $0.46 per share, and adjusted
net income attributable to common stock totaled $722 million, $0.50 per share.
• Consolidated production totaled 912 million pounds of copper, 287 thousand ounces of gold and 22 million
pounds of molybdenum in third-quarter 2025.
• Consolidated sales totaled 977 million pounds of copper, 336 thousand ounces of gold and 19 million pounds of
molybdenum in third-quarter 2025.
• Consolidated sales are expected to approximate 3.5 billion pounds of copper, 1.05 million ounces of gold and 82
million pounds of molybdenum for the year 2025, including 635 million pounds of copper, 60 thousand ounces of
gold and 21 million pounds of molybdenum in fourth-quarter 2025. Forecasts for fourth-quarter 2025 assume
minimal contribution from Indonesia, pending a phased restart of mining and smelting operations.
• Average realized prices were $4.68 per pound for copper, $3,539 per ounce for gold and $24.07 per pound for
molybdenum in third-quarter 2025.
• Average unit net cash costs were $1.40 per pound of copper in third-quarter 2025 and are expected to average
$1.68 per pound of copper for the year 2025.
• Operating cash flows totaled $1.7 billion, net of $0.2 billion of working capital and other uses, in third-quarter 2025.
Operating cash flows are expected to approximate $5.5 billion, net of $0.7 billion of working capital and other uses,
for the year 2025, assuming prices of $4.75 per pound for copper, $4,000 per ounce for gold and $25.00 per pound
for molybdenum in fourth-quarter 2025.
• Capital expenditures in third-quarter 2025 totaled $1.1 billion, including $0.5 billion for major mining projects and
$0.1 billion for PT Freeport Indonesia’s (PTFI) new smelter and precious metals refinery (PMR) (collectively, PTFI’s
downstream processing facilities). For the year 2025, capital expenditures are expected to approximate $4.5 billion,
including $2.3 billion for major mining projects and $0.6 billion for PTFI’s downstream processing facilities.
• At September 30, 2025, consolidated debt totaled $9.3 billion and consolidated cash and cash equivalents
totaled $4.3 billion. At September 30, 2025, net debt totaled $1.7 billion, excluding $3.2 billion of debt for PTFI’s
downstream processing facilities. Refer to the supplemental schedule, “Net Debt,” on page IX.
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