Freeport-McMoRan: Grasberg recovery tracking to plan. Buy

研报英文原文证据摘录

Freeport-McMoRan: Grasberg recovery tracking to plan. Buy

Deutsche Bank

Research

Rating Company Date

Buy Freeport-McMoRan 24 July 2026

Results

North America

United States

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (USD) 65.00

FCX.N FCX US NYS FCX

Price target 70.00

Industrials

52-week range 71.72 - 35.34

Metals & Mining

Grasberg recovery tracking to plan. Buy

Valuation & Risks

Liam Fitzpatrick

Q2 review: Grasberg recovery tracking to plan Research Analyst

Q2 EBITDA of $2.9bn came in ~12% ahead of consensus ($2.6bn), driven by higher +44-20-754-13233

copper sales and lower cash costs (Fig 2). While net debt (including debt for PTFI's

Cody Hayden

downstream facilities) of $5.3bn was slightly above consensus of $5.0bn due to a Research Analyst

WC build. The company announced slight tweaks to its 2026 guidance, with cash +44-20-754-13230

costs lowered from 195c/lb to 190c/lb, as higher by-product credits more than

offset slightly higher gross costs in LatAm and the US. Copper and gold sales Key changes

guidance is unchanged, although the quarterly profile has shifted, with lower Q3 EPS (USD) 2.87 to 2.93 ↑ 2.2%

volumes offset by a more Q4-weighted profile (due to an inventory build at the

27,852.4 to

second smelter). At Grasberg, management provided encouraging commentary on Revenue (USDm) 28,379.6 ↑ 1.9%

the ramp-up, which remains on schedule and is progressing as planned. Overall, we Source: Deutsche Bank

view the update positively, and see scope for FCX to outperform this year as

confidence in the ramp-up improves, with added optionality from potential US

copper tariffs. Post results, we make small tweaks to our estimates, and our $70 TP

remains unchanged. Buy.

Within, we provide our detailed Q2 results review and a summary of latest company

guidance.