Freeport's gold business shines despite bullion's worst quarterly decline since 2013

Freeport-McMoRan’s quarterly update shows that elevated gold and copper prices are still supporting miner earnings even though bullion posted its worst quarterly decline since 2013. The company realized $4,520/oz for gold, up 37% from Q2 2025, while copper realized $6.17/lb, up 36%. Adjusted Q2 earnings came in at $1.1 billion, or $0.74/share, versus $790 million, or $0.54/share a year earlier, though this slightly missed consensus of $0.78/share. Gold output was constrained by the ongoing Grasberg recovery in Indonesia, but management said the ramp-up remains on schedule. Freeport expects gold sales of about 650,000 ounces this year and full-year operating cash flow of roughly $8.3 billion, signaling continued strength for major gold and copper producers despite the recent gold price pullback.