(Kitco News) - Higher copper and gold prices drove third-quarter earnings for Freeport (NYSE: FCX), even as a devastating mudslide at its Grasberg copper mine in eastern Indonesia impacted production.
Seven workers died after 800,000 tonnes of wet material swept through the site in early September.
“Our strong third-quarter 2025 results were overshadowed by the tragic incident at our Grasberg operation in September. The entire FCX organization is grieving for our coworkers lost in this accident, and we remain steadfast in our commitment to prioritize the safety of our workforce above all else,” said Kathleen Quirk, President and Chief Executive Officer, in a statement.
One of the world’s largest metals producers, Freeport reported net income attributable to common stockholders of $674 million, or $0.46 per share, and adjusted net income attributable to common stockholders of $722 million, or $0.50 per share. Earnings beat expectations, as analysts had been looking for EPS of $0.41.
According to the earnings report, the company recorded a net charge totaling $48 million, or $0.04 per share, related to last month’s mudslide.
Despite the production challenges, the company benefited from higher commodity prices. It reported an average realized copper price of $4.68 per pound, up from $4.30 per pound in the third quarter of last year.
At the same time, Freeport reported an average realized gold price of $3,539 per ounce, up sharply from $2,568 per ounce in 2024.
In terms of production, Freeport mined 912 million pounds of copper in the third quarter, down from 1,051 million pounds a year earlier.
The company also produced 287,000 ounces of gold, down sharply from 456,000 ounces mined during the same period last year.
