Freeport-McMoRan’s 2.56% Rally and $960M Trading Volume Rank 111th as Grasberg Restart Plan Restores Supply Confidence

Market Snapshot

On November 18, 2025, Freeport-McMoRan (FCX) experienced a 2.56% increase in its stock price, reflecting a positive market reaction to its operational updates. The company’s trading volume surged by 39.43% compared to the previous day, reaching $0.96 billion, and ranked 111th in daily trading activity. This performance aligns with broader investor optimism following the announcement of a phased restart plan for its Grasberg mine in Indonesia, a critical asset for copper and gold production.

Key Drivers Behind the Price Movement

The recent 2.56% rally in Freeport-McMoRan’s stock price is primarily attributable to the company’s detailed restart plan for the Grasberg mine, the world’s second-largest copper mine and largest gold mine. The mine was suspended in September 2025 after a catastrophic mudslide killed seven workers, halting operations at the Grasberg Block Cave. Freeport’s announcement of a phased restart by July 2026, with production expected to return to 2025 levels by 2026, has alleviated concerns about prolonged supply disruptions. The company emphasized that the incident was unprecedented and not linked to human error, underscoring its commitment to safety and operational improvements.

The phased restart plan includes resuming production at unaffected sections of the mine, such as the Big Gossan and Deep Mill Level Zone, which resumed operations in late October 2025. Freeport projects combined copper and gold output in 2026 to approximate 1 billion pounds of copper and 900,000 ounces of gold, matching 2025 levels. This forecast addresses market fears of a significant supply gap, particularly as global demand for copper intensifies due to the expansion of electric grids, renewable energy, and electric vehicles. The company’s ability to maintain production stability despite the accident has bolstered investor confidence in its operational resilience.

Freeport’s CEO, Kathleen Quirk, highlighted the company’s proactive approach to addressing the incident’s root causes, including enhanced risk management and safety protocols. These measures, coupled with the phased restart timeline, signal a strategic focus on long-term operational sustainability. The company also noted that its 2026-2029 production guidance—averaging 1.6 billion pounds of copper and 1.3 million ounces of gold annually—positions Freeport to capitalize on favorable market conditions. This forward-looking outlook has reinforced perceptions of the company as a reliable supplier in a tightening metals market.

The market’s positive reaction also reflects broader economic tailwinds. Copper prices have rebounded since the September accident, with benchmark Comex prices rising to $4.96 per pound from $4.60 at the time of the incident. Freeport’s production restart aligns with global efforts to secure critical minerals for decarbonization initiatives, further strengthening its strategic value. Analysts and investors appear to have priced in the Grasberg disruption’s long-term impact, with the stock’s 2.56% gain on November 18 suggesting confidence in the company’s ability to navigate regulatory and operational challenges.

While the restart plan mitigates immediate supply risks, uncertainties remain. The company faces potential regulatory scrutiny, insurance claim complexities, and reputational risks stemming from the incident. Additionally, limited smelting operations in Indonesia due to delayed concentrate deliveries could create short-term volatility between production and sales. However, Freeport’s transparent communication and phased approach have mitigated these concerns, demonstrating its commitment to balancing operational safety with shareholder value.

In summary, Freeport-McMoRan’s stock performance is driven by a combination of operational clarity, strategic production planning, and favorable market dynamics. The Grasberg mine’s phased restart not only addresses supply-side concerns but also reinforces the company’s role in meeting global demand for copper and gold. As the metals market continues to evolve, Freeport’s ability to execute its restart plan and adapt to regulatory and environmental challenges will remain critical to sustaining investor confidence.