Highlights 

  • Freeport-McMoRan plans a phased restart of the Grasberg Block Cave mine beginning Q2 2026. 
  • Initial output is coming from the Deep Mill Level Zone and Big Gossan mines, already back online since October 2025. 
  • Copper and gold production for 2026 is expected to match 2025 levels at approximately 1.0B lbs copper and 0.9M oz gold. 
  • Production is expected to rise through 2027, reaching strong multi-year averages from 2027–2029. 
  • The company aims to stabilize long-term output across the Grasberg minerals district. 

Freeport-McMoRan Inc. (NYSE:FCX) announced plans to restore large-scale production at PT Freeport Indonesia’s Grasberg operations in Central Papua beginning in the second quarter of 2026. This move marks a major step in returning one of the world’s most important copper and gold mines to full operational capacity following disruptions earlier in the year. 

Critical groundwork is already underway, with remediation activities progressing to support a phased restart of the Grasberg Block Cave underground mine. Freeport emphasized that the plan prioritizes stability, safety, and long-term production consistency across the minerals district. 

Production Resumes at Key Underground Mines 

PTFI has already restarted production from two key assets in the Grasberg minerals district — the Deep Mill Level Zone and the Big Gossan underground mines — which resumed operations in late October 2025. These mines are currently supplying stable output as the company prepares for the broader restoration of the block cave system. 

For 2026, Freeport expects copper and gold volumes from the Grasberg district to be generally in line with 2025 estimates: approximately 1.0B lbs of copper and 0.9M oz of gold. This output reflects the partial contribution from restarted operations while the ramp-up continues throughout the year. 

Multi-Year Outlook Shows Growth Ahead 

Looking beyond 2026, Freeport projects a meaningful increase in output driven by the full restoration of the Grasberg Block Cave and continued improvements across related operations. Between 2027 and 2029, PTFI’s annual production is expected to average roughly 1.6B lbs of copper and 1.3M oz of gold. 

These volumes place the Grasberg district among the world’s most valuable mining assets, and Freeport’s phased approach is designed to ensure operational stability as production accelerates. The company highlighted that sustained output from Grasberg will support global copper supply during a period of rising demand tied to energy transition projects, grid expansion, and increased electrification. 

Conclusion 

Freeport-McMoRan’s decision to restart and progressively scale production at the Grasberg mine by Q2 2026 marks a pivotal step in restoring one of the world’s premier copper and gold operations. With two underground mines already contributing output and long-term projections showing notable growth through 2029, the company is positioning PTFI for a steady return to high-volume production. As global demand for copper continues to expand, Grasberg’s recovery strengthens Freeport’s role in meeting future supply needs. 

Freeport-McMoRans’ shares previously closed at USD 40, marking a 2.56% increase from the prior session.   

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