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- **Tragic Incident Impact**: 7 fatalities due to mud rush at Grasberg, prompting a comprehensive safety overhaul.
- **Phased Restart Plan**: Resumption of PB2 and PB3 in Q2 2026, full production by 2028, with enhanced safety measures.
- **Financial Management**: $250M equipment replacement costs, leveraging insurance for potential recovery.
- **US Growth Initiatives**: Leach projects to boost US copper production and reduce costs, supporting long-term growth.

**【Management Opening Remarks】**
- Richard Adkerson expressed deep grief over the tragic incident at Grasberg, emphasizing a commitment to safety and learning from the event. The incident was caused by an unprecedented mud rush from the surface to underground, leading to the loss of seven workers. Management highlighted the involvement of external experts and internal teams to investigate and implement preventive measures, ensuring no recurrence.

**【CEO Summary】**
- Kathleen Quirk detailed the incident's root cause: soft rock and high rainfall creating a pathway for surface mud to infiltrate underground draw points. The investigation revealed a high-velocity zone in Production Block 1C (PB1C) that funneled mud into the mine. Restart plans include a phased approach: PB2 and PB3 in Q2 2026, PB1 South in mid-2027, and deferred PB1C restart until end-2027. Safety measures include cement plugs, improved monitoring, and innovative technologies like Muon imaging. Financial impact includes a $250M equipment replacement placeholder, with potential insurance recovery.

**【Operational Update】**
- Mark Johnson provided technical details on the incident's geology and mud flow dynamics. Mitigation strategies include surface mud removal via drilling and advanced monitoring technologies. Production outlook shows 2026 similar to 2025, with significant growth from 2027. Cost management focuses on deferred capital expenditures and efficient restart processes.

**【Q&A Highlights】**
- Analysts queried production costs, CapEx, and government approvals. Responses highlighted low-cost US operations, government collaboration on safety, and US leach initiatives boosting production. Clarifications addressed Indonesian gold tax impacts and the safety profile of the Kuchko Liar project, emphasizing no mud rush risk.

Freeport McMoRan Copper & Gold (FCX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

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Other Revenue

Cost of Revenue

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Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Total Comprehensive Income Attributable to Owners of the Company

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FCX

FCX fundamentals

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