Grasberg Remediation for PB 2/3 Completed on Schedule
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 23 2026
0mins
Should l Buy FCX?
Says Grasberg remediation for opening of PB 2/3 completed on schedule, initial mining commenced in March. Says number of wet drawpoints in PB 2/3 increased following extended period of inactivity. Says commenced required modifications to rail loading infrastructure to achieve full ramp-up. Says PB 2/3 production limited over the next 12 month. Says majority of bottlenecks to be addressed by mid-2027. Says 'confident' in the quality of the resource and ability to operate large-scale underground mining safely and efficiently long-term. Says PB 1S restart planned in mid-2027. Sees potential PB 1C restart by YE27.
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Analyst Views on FCX
Wall Street analysts forecast FCX stock price to fall
15 Analyst Rating
13 Buy
2 Hold
0 Sell
Strong Buy
Current: 60.610
Low
46.00
Averages
58.79
High
70.00
Current: 60.610
Low
46.00
Averages
58.79
High
70.00
About FCX
Freeport-McMoRan Inc. is a metals company. The Company operates assets with reserves of copper, gold and molybdenum. Its portfolio of assets includes the Grasberg minerals district in Indonesia, which is a copper and gold deposit; and operations in the United States, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America. Its segments include Cerro Verde copper mine, Indonesia operations and United States Rod & Refining operations. It produces copper concentrate, cathode and continuous cast copper rod. Its copper ore from mines is processed by smelting and refining or by solution extraction and electrowinning (SX/EW). It produces copper cathodes at an electrolytic refinery located in El Paso, Texas. The SX/EW cathode is produced from the Morenci, Bagdad, Safford, Sierrita, Miami, Chino and Tyrone mines in the United States, and from the Cerro Verde and El Abra mines in South America.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Project Launch: Diamond Infrastructure has initiated a power and steam supply modernization project at its Freeport, Texas site, actively seeking proposals from experienced developers and technology providers through a Request for Quotes (RFQ) to advance next-generation facilities.
- Facility Upgrade: The project plans to retire two legacy cogeneration plants and replace them with advanced, purpose-built assets expected to begin operations in 2032, significantly enhancing efficiency, availability, and operational flexibility across the Freeport site.
- Ongoing Investment: This initiative reflects Diamond's continued investment in modernizing the Freeport energy platform while ensuring operational continuity during the transition, aimed at meeting evolving operational needs and sustainability objectives.
- Evaluation Process: The company expects to advance the project later this year, with the RFQ available to qualified respondents until June 25, 2026, following a rigorous evaluation process.
See More
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- Capacity Recovery Plan: Freeport Indonesia is targeting a return to 'full capacity' at the Grasberg copper mine by 2028, aligning with the year-end 2027 target set by shareholder Freeport-McMoRan, indicating confidence in future copper supply.
- Current Production Status: Currently, Grasberg operates at only 40%-50% capacity, with plans to reach 65% by H2 2026; this gradual recovery process is expected to significantly impact the global copper supply outlook.
- Government Cooperation Agreement: In February, the Indonesian government agreed to extend Freeport's operating rights at Grasberg in exchange for a free transfer of a 12% stake in PT Freeport Indonesia in 2041, further solidifying the partnership.
- Market Impact Analysis: Once the world's second-largest copper producer, Grasberg's operations were severely disrupted by a mudslide last year, and while recovery has been slow, the anticipated capacity increase will positively influence the global copper market.
See More
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- Employment Data Impact: The April ADP employment report indicated that US companies added 109,000 jobs, below the expected 120,000, yet the market remains optimistic about the Fed's monetary policy, believing it will help maintain a low interest rate environment.
- International Market Surge: Overseas stock markets closed sharply higher, with the Euro Stoxx 50 rising 2.68% and China's Shanghai Composite gaining 1.17%, indicating a positive global market response to the US economic recovery, further boosting investor confidence.
See More
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- Employment Data Impact: The April ADP employment change report indicated that US companies added 109,000 jobs, below the expected 120,000, yet the market remains optimistic about the Fed's monetary policy, suggesting a lower likelihood of interest rate hikes.
- Earnings Optimism: So far, 84% of the 375 S&P 500 companies that reported earnings have exceeded expectations, with Q1 earnings projected to rise 12% year-over-year, indicating strong corporate profitability that further supports the stock market's upward trend.
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- Crude Oil Price Plunge: WTI crude oil prices fell more than 5% to a two-week low as the US nears a peace agreement with Iran, which may help lower inflation expectations and improve profitability prospects for airlines and cruise operators amid declining fuel costs.
- Employment Data Impact: The April ADP employment change report indicated that US companies added 109,000 jobs, below the expected 120,000, yet the market remains optimistic about the Fed's monetary policy, which is likely to continue supporting stock market gains.
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- ETF Trading Mechanism: ETFs trade like stocks, where investors buy and sell 'units' that can be created or destroyed based on demand, impacting the ETF's liquidity and market performance.
- Inflows and Outflows Monitoring: Weekly monitoring of changes in shares outstanding helps identify significant inflows (new units created) or outflows (old units destroyed), which can affect the underlying holdings of the ETF and overall market dynamics.
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