Published
# Freeport-McMoRan Inc. (FCX) — Recent Events ## Filings that contain financial statements - **Form 8-K, accession 0000831259-26-000033 (filed July 23, 2026, Exhibit 99.1)** — furnishes unaudited consolidated financial statements (balance sheet, statement of operations, statement of cash flows) for the second quarter and six months ended June 30, 2026. - **Form 8-K, accession 0000831259-26-000021 (filed April 23, 2026, Exhibit 99.1)** — furnishes unaudited consolidated financial statements for the first quarter ended March 31, 2026. - **Form 8-K, accession 0000831259-26-000006 (filed January 22, 2026, Exhibit 99.1)** — furnishes unaudited consolidated financial statements for the fourth quarter and full year ended December 31, 2025. - **Form 8-K, accession 0000831259-25-000048 (filed October 23, 2025, Exhibit 99.1)** — furnishes unaudited consolidated financial statements for the third quarter and nine months ended September 30, 2025. ## Grasberg Block Cave mud rush incident and restart On September 8, 2025, an external mud rush at PT Freeport Indonesia's (PTFI) Grasberg Block Cave (GBC) underground mine sent roughly 800,000 metric tons of wet material into the mine, blocking access to seven contractors working on the service level. Search and rescue continued through September; two team members were found deceased on September 20, 2025 and the remaining five were found deceased on October 5, 2025 (accessions 0000831259-25-000039, 0000831259-25-000042, 0000831259-25-000046). Mining operations across the Grasberg district were suspended following the incident. PTFI restarted the unaffected Big Gossan and Deep Mill Level Zone underground mines in late October 2025 (accession 0000831259-25-000048). On November 18, 2025, FCX disclosed a new risk factor describing the incident and its anticipated effect on fourth-quarter 2025 and 2026 results, and outlined a phased GBC restart beginning in the second quarter of 2026 (accession 0000831259-25-000052). Restart progressed through 2026: initial mining in GBC Production Blocks 2/3 commenced in March 2026, with planned operating rates achieved by the second quarter of 2026 (accessions 0000831259-26-000021 and 0000831259-26-000033). Restart of Production Block 1S is targeted for mid-2027, with a potential restart of Production Block 1C by year-end 2027. PTFI recognized a $0.7 billion insurance settlement gain related to the incident in the first quarter of 2026 (accession 0000831259-26-000021). ## Indonesia mining-rights extension (MOU) On February 18, 2026, FCX and its 48.76%-owned subsidiary PTFI entered into a Memorandum of Understanding (MOU) with the Government of Indonesia for a life-of-resource extension of PTFI's operating rights in the Grasberg minerals district, to be implemented through an amendment to PTFI's special mining business license (IUPK) (accession 0000831259-26-000014). Under the MOU's terms, FCX will maintain its 48.76% ownership interest through 2041, transfer a 12% interest to the Indonesian government at no cost in 2041 (with reimbursement to FCX at book value for investments benefiting the post-2041 period), and retain roughly 37% ownership thereafter; FCX will continue to control operations, and existing governance and shareholder agreements continue for the life of the resource. The extension and other agreed terms remain subject to the Indonesian government's issuance of an amended IUPK. The full text of the MOU, signed February 18, 2026, was filed as an exhibit to a Form 8-K/A (accession 0000831259-26-000016). In June 2026, PTFI submitted a formal license application for the extension (accession 0000831259-26-000033). ## Earnings and results - **Third-quarter/nine-month 2025 results** (announced October 23, 2025; accession 0000831259-25-000048): revenues of $7.0 billion and net income attributable to common stock of $0.7 billion in the third quarter, reflecting the operational impact of the September 2025 mud rush incident on Indonesian production. - **Fourth-quarter/full-year 2025 results** (announced January 22, 2026; accession 0000831259-26-000006): full-year 2025 revenues of $25.9 billion and net income attributable to common stock of $2.2 billion (diluted EPS $1.52); full-year operating cash flow of $5.6 billion and capital expenditures of $4.5 billion. - **First-quarter 2026 results** (announced April 23, 2026; accession 0000831259-26-000021): revenues of $6.2 billion and net income attributable to common stock of $0.9 billion (diluted EPS $0.61), including the $0.7 billion PTFI insurance settlement gain; operating cash flow of $1.5 billion. - **Second-quarter/six-month 2026 results** (announced July 23, 2026; accession 0000831259-26-000033): second-quarter revenues of $7.0 billion and net income attributable to common stock of $1.0 billion (diluted EPS $0.68); operating cash flow of $2.0 billion. Management cited 1H26 U.S. copper mining operating income up roughly 2.4x versus 1H25 and confirmed the GBC ramp-up progressing on schedule. ## Capital structure and financing - **May 14, 2026** — FCX and PTFI entered into a new five-year, $3.0 billion senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A. as administrative agent, replacing FCX's prior $3.0 billion facility that had been scheduled to mature in October 2027. The new facility matures May 14, 2031 and carries the same $500 million PTFI borrowing sublimit and $1.5 billion letter-of-credit sublimit as before, plus a financial covenant capping total leverage at 3.75 to 1.00 (accession 0000831259-26-000027). - **September 1, 2026** — PTFI amended and restated its separate $1.75 billion senior unsecured revolving credit facility, extending its maturity from November 2028 to September 2031; PTFI had $250 million in borrowings outstanding under this facility as of the amendment date (accession 0000831259-26-000038). ## Capital returns FCX continued its performance-based payout framework, returning $0.6 billion to shareholders in the first half of 2026, including $0.2 billion of share repurchases (3.4 million shares at an average cost of $59.30 per share), and $6.3 billion cumulatively since mid-2021 (accession 0000831259-26-000033). The company also increased its ownership in the Cerro Verde subsidiary during the second quarter of 2026, purchasing 2 million additional shares for approximately $107 million and raising its stake to 55.66% from 55.08%. ## Governance - **March 20, 2026** — Board member Robert W. Dudley informed the company he would not stand for re-election at the 2026 annual meeting; the board subsequently reduced its size from 12 to 11 directors (accession 0000831259-26-000018). - **June 10, 2026** — At FCX's 2026 annual meeting, stockholders elected all eleven director nominees, approved executive compensation on an advisory basis, and ratified Ernst & Young LLP as independent auditor for 2026 (accession 0000831259-26-000030). ## Regulatory/safety On January 14, 2026, Freeport-McMoRan Morenci Inc. received an imminent-danger order from the U.S. Mine Safety and Health Administration at the Morenci mine in Arizona after employees were observed working on an elevated conveyor belt without fall protection. No injuries occurred, and the order was terminated the same day (accession 0000831259-26-000002).