Freeport-McMoRan Inc.

Freeport-McMoRan owns stakes in 10 copper mines, led by its 49% ownership of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. It sold around 1.2 million metric tons of copper (its share) in 2024, making it the one of the world's largest copper miners by volume. It also sold about 900,000 ounces of gold, mostly from Grasberg, and 70 million pounds of molybdenum. It had about 25 years of copper reserves at the end of December 2024. We expect it to sell similar amounts of copper midcycle in 2029, though we expect gold volumes to decline to about 650,000 ounces then due to falling production at Grasberg.

Consensus

Buy

Average target

$48.10

Implied upside

—

Analysts

15

Why Is FCX Slightly Up Today?

Freeport-McMoRan gained a modest $0.17 (0.23%) today, though the stock is moving against broader market momentum according to recent coverage. The copper mining giant continues to navigate investor sentiment tied to commodity price expectations and comparative performance within the mining sector.

Bottom line: FCX's modest gain today masks underlying tensions between bullish copper fundamentals and near-term stock underperformance versus the broader market. Investors should monitor whether recent dips represent genuine weakness or buying opportunities, while tracking copper prices as the primary driver of FCX's valuation trajectory. Key risks include commodity price volatility and macroeconomic headwinds, though long-term structural copper demand remains supportive.