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Freeport-McMoRan copper-gold complex at Grasberg ramps to 67%
Freeport-McMoRan said it processed about 140,000 tonnes of ore per day at Grasberg during the third quarter as it works toward near-full production by the end of next year.
Freeport-McMoRan averaged nearly two-thirds of normal milling rates at its Grasberg copper-gold complex in Indonesia during the third quarter, according to Mining.com. The update comes about a year after a mudslide killed seven workers and shut the operation.
Mining.com reported that Freeport expects near-full production by the end of next year, and that the company aims to reach 80% of capacity by mid-2027. The Central Papua complex processed about 140,000 tonnes of ore per day, modestly above the 65% rate expected by BMO Capital Markets.
Mining.com also noted that Grasberg is a core source of Freeport’s production, and that its closure was estimated to remove 278,000 tonnes of copper from 2025 supply, about 1.2% of global mine output, based on Benchmark Mineral Intelligence. Freeport shares rose 3.6% to $71.79 apiece on Friday afternoon after moving in a 12-month range between $38.54 and $80.24.
Latest closeGold $4,172.10 ▼0.7%|Copper $6.579 ▲1.5%