Freeport-McMoRan's shares fell more than 11% in heavy trading on Thursday despite beating Wall Street estimates for Q1 profits, as investors focused squarely on the company's revised timeline for restoring its Indonesian copper and gold mine to full production . The world's second-largest copper producer now expects the Grasberg complex to deliver only 0.7 billion pounds of copper and 650,000 ounces of gold in 2026, down from earlier estimates of 800,000 ounces of gold. The company confirmed the phased restart of the Grasberg Block Cave began in late March 2026, but the trajectory to full production has slowed materially, with second-half 2026 now forecast to reach only about 65% of capacity versus prior expectations .

Freeport-McMoRan: Grasberg Ramp-Up Delays Cut 2026 Outlook

The market's concern centers on infrastructure modifications required at Grasberg Block Cave that will limit production to approximately 60% of capacity through mid-2027, a significant downgrade from previous expectations of full ramp-up by the second half of 2026 . According to the company's quarterly report, the number of wet drawpoints increased significantly following an extended period of inactivity, rising from 30% of total drawpoints in September 2025 to 45% by April 2026, with this wet ore condition impacting the transfer of material to automated trains at the haulage level .

The revised guidance has translated directly into lower 2026 overall company guidance, with consolidated sales cut to approximately 3.1 billion pounds (1.4 million tonnes) from earlier estimates of 3.4 billion pounds of copper . The underground mine suffered a devastating mud-rush in September 2025 that killed seven workers and forced a complete shutdown. Adding to cost pressures, Freeport's diesel costs in March 2026 increased by over 80% compared to the January/February average, representing approximately $0.5 billion on an annualized basis .

Despite the operational setback, the company's financial performance remained strong, with revenue of $6.2 billion and adjusted EBITDA of $2.5 billion—both substantially ahead of the prior year . BMO Capital Markets noted that while the timeline change is disappointing, the production cut could be supportive of copper prices, and with more than 75% of production outside Indonesia, the company is positioned to benefit from higher prices.

BHP: Record Escondida Throughput Drives Copper Guidance Higher

BHP Group reinforced confidence in its fiscal 2026 outlook on Wednesday, with chief executive Mike Henry pointing to record material mined and concentrator throughput at Escondida in Chile, with the company now expecting full-year production to land in the upper half of its 1.9–2.0 million tonne guidance range . The Melbourne-based miner's largest copper operation achieved the milestone despite facing lower ore grades, with record throughput and improved recoveries offsetting lower grades, keeping production guidance at 1.2–1.275 million tonnes and skewed toward the upper end .

BHP's copper pipeline is making progress, with the company submitting a permit application for a new concentrator at Escondida, the world's largest copper mine, that the Melbourne-based company co-owns with Rio Tinto . According to market data, the copper miners ETF (COPX) traded down 1.1% to $83.99 on Thursday, reflecting broader sector pressure despite BHP's positive operational update.

The company is also advancing its Resolution mine project in Arizona, with partner Rio Tinto embarking on a $500 million drilling campaign to delineate the deposit. BHP is re-engaging with Africa with a focus on copper after years of absence, launching exploration workshops across southern Africa covering Zambia, South Africa, Namibia and Angola.

Ivanhoe Mines: Platreef Phase 2 Expansion On Track for Q4 2027

Ivanhoe Mines broke ground on the Phase 2 concentrator site on April 9, 2026, with the Phase 2 concentrator targeted for completion by the end of next year . The Phase 2 expansion is on track to increase production to over 450,000 ounces of platinum, palladium, rhodium and gold by end of 2027 , marking a near five-fold increase from Phase 1 levels.

The completion of Shaft #3, along with its associated underground materials-handling and crushing infrastructure, increases the total available hoisting capacity five-fold to approximately 5.0 million tonnes per annum, with construction completed on schedule in late March and undergoing final stages of commissioning . The South African PGM project began Phase 1 production in November 2025 and is positioned to become one of the world's largest and lowest-cost producers of palladium, platinum, rhodium, nickel, copper and gold.

The company's partner ITC Platinum has committed to fund its proportionate share of the Phase 2 expansion, according to the announcement. DRA Global is serving as the engineering, procurement, and construction management contractor for the 3.3-million-tonne-per-annum Phase 2 concentrator.

Argentina Lithium: $100M Deal with Lanshen for Rincon West

Argentina Lithium & Energy has secured $100 million from its Chinese partner Xi'an Lanshen New Material Technology Co. to help advance the Rincon West brine project in Salta province, with a framework agreement calling for Lanshen to provide the funding across three stages of project development . The first two stages entail pilot-scale direct lithium extraction (DLE) work to support a pre-feasibility study and engineering and permitting for a definitive feasibility study, while a third stage envisions the construction and commissioning of a commercial-scale lithium processing operation .

In return, Lanshen would be granted the right to earn up to a 30% equity interest in ALESA , Argentina Lithium's local subsidiary. Rincon West is a greenfield project with a measured and indicated resource of 238,000 tonnes in lithium carbonate equivalent (LCE), contained within 0.15 cubic meters of brine with an average grade of 296 mg of lithium .

The deal builds on a December 2025 memorandum of understanding and comes as lithium markets face renewed attention. According to market data, the lithium ETF (LIT) traded down 2.5% to $82.69 on Thursday. The project benefits from a 19.9% strategic stake and long-term offtake rights held by Stellantis, positioning it within Argentina's Lithium Triangle alongside major producers.

Anglo American: Three Bidders Circle Coal Assets After Peabody Deal Collapse

Stanmore Resources, Mitsubishi Corp., and Indonesia's BUMA Internasional are among at least three bidders circling Anglo American's Queensland-based coal assets, with a deal potentially emerging in the coming months, with Goldman Sachs and Morgan Stanley running the process . Anglo American is said to have at least three potential buyers for its Australian steelmaking coal business after a $3.8 billion sale to Peabody Energy collapsed following a mine fire .

Peabody walked away from the agreement after a fire at the Moranbah North mine, which it said accounted for roughly half the deal's value, following another blaze in 2024 at the Grosvenor mine, Anglo's second-largest metallurgical coal operation, which remains offline even as Moranbah North has resumed production . The sale's collapse dealt a setback to Anglo's broader plan to divest non-core assets after BHP's failed takeover bid.

For bidders, acquiring the portfolio would either cement or elevate their standing among the world's top suppliers of steelmaking coal to Asian markets, currently dominated by the BHP Mitsubishi Alliance and Glencore . Stanmore Resources, backed by Indonesia's Widjaja family through Golden Energy and Resources, may face financing pressure as its market capitalization sits below A$2 billion, potentially less than the transaction value.

Teck Resources: Chile Cost Pressures Cloud Copper Outlook

Teck Resources flagged rising cost pressures at its Chilean operations, with diesel, freight and explosives costs clouding the company's outlook despite record copper sales and stronger profit supporting guidance. The announcement comes as energy costs surge across the mining sector, with geopolitical tensions in the Middle East driving fuel prices higher. According to market data, WTI crude traded at $71.50 per barrel on Thursday, up 0.6%, while Brent crude rose 0.5% to $75.20.

The cost inflation is hitting miners globally, with Freeport-McMoRan reporting similar pressures in its quarterly results. Chile, the world's top copper producer, does not produce enough sulfuric acid domestically and depends on imports, with 37% coming from China, adding to supply chain vulnerabilities for copper producers in the region.

What It Means

Thursday's announcements paint a picture of a copper sector navigating significant operational challenges even as prices remain elevated. Freeport's Grasberg delays remove substantial near-term supply from the market—the mine accounts for 3% of global copper output—potentially supporting prices despite the company's stock selloff. BHP's record performance at Escondida demonstrates that operational excellence can offset grade decline, at least in the near term, though the company's $5 billion investment in a new concentrator signals the long-term challenge of maintaining output.

The lithium sector continues to attract capital despite weak near-term pricing, with Argentina Lithium's $100 million deal reflecting confidence in long-term demand fundamentals. According to market data, gold traded at $4,727 per ounce on Thursday, down 0.2%, while silver gained 0.3% to $77.51, suggesting precious metals are consolidating recent gains as geopolitical risk premiums moderate.

Cost inflation is emerging as a critical theme across the sector, with diesel, explosives, and freight costs rising sharply due to Middle East tensions. Miners with low-cost operations and strong balance sheets—like BHP and Freeport outside of Indonesia—are positioned to weather the pressure, while higher-cost producers may face margin compression. The Anglo American coal sale process, meanwhile, demonstrates that quality steelmaking coal assets remain in demand despite the energy transition narrative, with multiple credible bidders emerging even after a major deal collapse.

This roundup covers press releases published on April 23, 2026. Company announcements are sourced from mining industry wire services. For corrections or updates, contact contact@stakeandpaper.com.