Freeport will restore large-scale production at Indonesia's Grasberg Mine in 2026
Freeport-McMoRan, a copper miner in Indonesia's Grasberg district, said Tuesday that it will resume large-scale production there from the second quarter 2026. This follows a fatal accident earlier this year which forced operations to be halted.
On September 8, around 800,000 metric tonnes of wet materials flooded the Grasberg Block Cave at the complex. Seven workers died.
The company estimates that PT Freeport Indonesia will produce roughly the same amount of copper and gold in 2026 as it did in 2025, which is about 1.0 billion ounces of copper and 0.9 millions ounces gold.
Freeport's shares rose 3.6% on the premarket.
The company expects to see production increase in 2026 and 2027. Volumes expected for 2027-2029 are around 1.6 billion pounds copper and 1.3 millions ounces gold.
Grasberg, one of the largest copper and gold reserves in the world, is a valuable asset for Freeport. The demand for copper has increased with the growth of electric grids and renewable energy sources as well as electric vehicles.
Metals markets are concerned about a shortage of supplies and have been closely watching the prolonged disruption.
Freeport has said that production at its Big Gossan and Deep Mill Level Zone mines is now back to normal after ramping up in October. Meanwhile, remediation work is continuing at the Grasberg block cave site. (Reporting by Arunima Kumar in Bengaluru; Editing by Shilpi Majumdar)
(source: Reuters)
