Freeport-McMoRan stays bullish despite Grasberg mine setbacks, citing strong copper demand and rising prices.

Freeport-McMoRan reported an 8.7% revenue increase to $6.23 billion in Q1 2026, supported by a $700 million insurance payout despite reduced output from the Grasberg mine. The company lowered its 2026 copper sales target to 3.1 billion pounds due to ongoing delays at Grasberg, with full capacity now expected by late 2027. Higher copper prices near $6 per pound and strong demand underpin an EBITDA projection of $18 billion and free cash flow up to $10 billion, making current stock weakness a potential buying opportunity.