Freeport-McMoRan (FCX) Q1 FY26 earnings call

The quarter split along two lines: a favorable copper backdrop and record US mining profitability against a materially reduced Grasberg, where an unexpected shift toward wet ore forced a chute-regulator redesign that delays the block-cave ramp by roughly a year. Management insists this is a timing and logistics issue—not lost resource or a major cost—while leaning on the brownfield growth pipeline (leach, Bagdad, El Abra) and the life-of-resource Indonesia MOU as the durable thesis.