Freeport-McMoRan's 2.83% Rally Hits 169th in $0.55B Volume as CEO Advocates U.S. Copper Reforms

On September 3, 2025, Freeport-McMoRan (FCX) rose 2.83% with a trading volume of $0.55 billion, ranking 169th in market activity. The stock’s performance aligns with CEO Kathleen Quirk’s recent advocacy for U.S. policy reforms to bolster domestic copper production. Quirk highlighted the structural challenges faced by U.S. mining operations, where copper grades average 0.3% compared to 1% or higher in international markets, making new investments less attractive despite lower tax rates. She emphasized the need for incentives such as streamlined permitting and production tax credits to offset higher operational costs, particularly in the U.S., where unit production costs are around $3 per pound.

Freeport’s U.S. operations contribute 70% of the country’s refined copper output, averaging 1.4 billion pounds annually. The company is advancing three major expansion projects, including a $3.5 billion expansion at the Bagdad, Arizona mine, which could double capacity. Quirk noted that while favorable policies like the Section 232 tariffs have provided some relief, further upstream incentives are critical for long-term growth. Additionally, the firm is exploring technological innovations to recover copper from stockpiled waste, aiming to extract 800 million pounds annually by the end of the decade. These initiatives, combined with ongoing permitting reforms in countries like Chile, position Freeport to capitalize on global copper demand.

Analysts have highlighted Freeport’s strategic advantage in the U.S. copper sector, with BMO Capital Markets noting its potential for improved free cash flow and shareholder returns. The Trump administration’s pro-mining policies, including reduced permitting timelines, have created a more favorable operating environment. However, Quirk cautioned that large-scale projects require careful cost management and execution, with key expansions not expected to materialize until the late 2020s or 2030s. The company’s focus on low-cost leaching technologies and joint ventures, such as the El Abra mine in Chile, underscores its commitment to sustainable growth in a competitive market.