Freeport reports fatal incident; Q4 copper sales insignificant, 2026 output ~35% below plan

FREEPORT-MCMORAN INC

Two PTFI team members found dead from Sept 8 mud rush at Grasberg Block Cave; five still missing.
Q3 2025 consolidated sales estimated 4% lower for copper and 6% lower for gold vs July 2025 guidance.
Q4 2025 copper and gold sales expected to be insignificant; previously estimated 445M lbs copper, 345K oz gold.
2026 production could be ~35% lower than pre-incident estimates (1.7B lbs copper, 1.6M oz gold); return to normal rates possibly by 2027.
PTFI seeking insurance recovery up to $1.0B (underground limit $0.7B) with $0.5B deductible; force majeure declared.

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