FREEPORT-McMoRan is advancing plans to restart its Indonesian copper operation following September’s deadly mudslide that closed the facility crucial to global supplies.
The company has restarted two unaffected sections since the incident and outlined a schedule for ramping up production at the Grasberg mine through 2027, Bloomberg News reported. It reiterated plans on Thursday for a phased restart of an underground section during the second quarter.
The update accompanied quarterly earnings that exceeded analyst expectations, lifting shares in New York.
Grasberg ranks as the world’s second-largest copper mine, supplying 3% of global mined copper before the September accident, which killed seven workers. The incident joined other disruptions worldwide that have tightened supply and elevated prices.
Force majeure was declared on Indonesian shipments in late September, with output expected to remain constrained into 2026. The company has since incrementally restarted portions of the extensive mining complex, targeting normal operations by end-2027.
Freeport said on Thursday it expects 85% of total Grasberg production to resume during the second half of this year.
The company produced 640 million pounds of copper in the fourth quarter of 2025, marking a substantial decline from previous years due to Grasberg’s closure. Output fell slightly below analyst forecasts.
