What caused FCX's Q4 2024 earnings to fall short?

Freeport-McMoRan's (FCX) Q4 2024 earnings fell short due to several factors:

1. **Lower Copper Production**: FCX lowered its copper production forecast for 2025, partly due to two major mill repairs in Indonesia. This reduction in production contributed to the lower-than-expected earnings.
2. **Grasberg Mine Disruptions**: The Grasberg mine in Indonesia, which is a significant contributor to FCX's copper production, has been affected by flooding and landslides. These disruptions have temporarily suspended operations and led to a decrease in planned copper sales.
3. **Smelter Fire at Grasberg Mine**: A fire at the Grasberg mine's new smelter in Indonesia damaged its operations, which likely impacted the efficiency and output of the mining operations.

In summary, FCX's Q4 2024 earnings were lower than expected due to a combination of reduced copper production, disruptions at the Grasberg mine, and the impact of a smelter fire. These factors collectively contributed to the company's lower-than-expected earnings for the period.