Freeport-McMoRan cuts 2026 copper sales forecast amid Grasberg mine delays, shares drop 12%.

Freeport-McMoRan reported Q1 2026 results beating revenue and EPS estimates but lowered its 2026 copper sales forecast from 3.4 billion to 3.1 billion pounds due to delays in the Grasberg mine ramp-up. The company now expects full Grasberg production by mid-2027, with only 65% capacity in H2 2026, down from 85%. Rising diesel costs from geopolitical tensions add to cost pressures, pushing unit net cash costs higher. Despite these challenges, Freeport maintains strong cash reserves and strategic growth plans, with capital expenditures around $4.3 billion for 2026.