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# Freeport Trims Copper Sales Outlook, Lifts 2027 Capital Budget To $5.2 Billion
- URL: https://www.bullished.co/freeport-trims-copper-sales-outlook-lifts-2027-capital-budget-to-5-2-billion-35fe2b0d/
- Published: 2026-10-27T17:36:17.000Z
- Updated: 2026-10-27T17:36:17.000Z
- Description: CEO Kathleen Quirk says an "underinvested" industry needs "bigger and bolder" thinking, even as the miner cuts 2026 and 2027 copper sales.
- Author: Matteo Parrino
- Tags: Earnings, FCX, Industry: Materials

[Freeport-McMoRan](https://www.bullished.co/tag/fcx/), the Phoenix-based copper, gold and molybdenum miner, cut its 2026 and 2027 copper sales outlook and raised 2027 capital spending to $5.2 billion, Chief Financial Officer Maree Robertson said on the company's third-quarter earnings call Tuesday. Chief Executive Kathleen Quirk defended the larger outlay, saying the industry has been underinvested while demand surges.

## Lower sales, bigger budget

Robertson said 2026 copper sales were trimmed by about 2%, reflecting slightly lower production in the U.S. and Chile, and 2027 by approximately 2.5% to reflect mine plan updates. Sales for 2028 are consistent with prior estimates, and gold and molybdenum sales are unchanged across the three years.

The 2027 capital budget of $5.2 billion is about $400 million above the July estimate, she said, mainly for mining equipment to support U.S. productivity and for cost inflation. The 2026 estimate is about $4.4 billion, a 2% increase from the prior one.

Asked by a Scotiabank analyst whether the jump was inflation or new projects, Quirk said about half came from added mining equipment, such as ultra-class trucks that have worked well at Cerro Verde in Peru. The rest is inflation and added costs to finish the Atlantic Copper project in 2027.

## "Bigger and bolder"

Quirk said "this industry, historically in recent years, arguably has been underinvested," and that "we've got to be thinking bigger and bolder." She added: "That doesn't mean we're not going to control spend."

The company still expects growth from about 3 billion pounds of copper this year to 3.7 billion in 2027 and over 4 billion in 2028, which Quirk said requires no new capital. Robertson said fourth-quarter copper sales should rise 17% from the third quarter, with 2027 copper sales up over 20%.

## Costs and price leverage

Higher energy costs, particularly diesel, have added roughly $500 million versus 2025, Robertson said, and sulfuric acid has more than doubled this year. She said Freeport is largely insulated because it both makes and consumes acid.

Each 10-cent-per-pound move in copper changes annual EBITDA by about $390 million in 2027-2028, she said. Modeled EBITDA runs from over $12 billion a year at $5 copper to $19.5 billion at $7\. Freeport's market value was $93.6 billion in Tuesday trading.

## Baghdad decision looms

The board is expected to decide in the fourth quarter on a Baghdad expansion in Arizona, which Quirk put at about $4.5 billion, with nothing for it in 2027 capital spending. She said it would take about three and a half years from a final decision and add 200 to 250 million pounds of copper a year.

Quirk said the company holds the permits it needs, and the Baghdad vote is due before year-end.

### Sources

- [Freeport-McMoRan: Q3 Earnings Snapshot](https://finance.yahoo.com/markets/stocks/articles/freeport-mcmoran-q3-earnings-snapshot-120533828.html?ref=bullished.co) — Associated Press
- [Freeport-McMoRan Q3 earnings preview: Results expected to rise Y/Y (NYSE:FCX) | Seeking Alpha](https://seekingalpha.com/news/4657489-freeport-mcmoran-q3-earnings-preview-results-expected-to-rise-yy?ref=bullished.co) — seekingalpha.com
- [Freeport-McMoRan rises after Q3 earnings topper despite lower production, rising costs (FCX:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4658101-freeport-mcmoran-rises-after-q3-earnings-topper-despite-lower-production-rising-costs?ref=bullished.co) — seekingalpha.com
- [Freeport beats Q3 earnings expectations despite rising costs and sharp drop in gold sales | Kitco News](https://www.kitco.com/news/article/2026-10-27/freeport-beats-q3-earnings-expectations-despite-rising-costs-and-sharp-drop?ref=bullished.co) — kitco.com
- [Freeport-McMoRan 3Q Profit Gains on Higher Copper, Molybdenum Prices](https://www.marketwatch.com/story/freeport-mcmoran-3q-profit-gains-on-higher-copper-molybdenum-prices-7ed31f4a?ref=bullished.co) — MarketWatch

### More on Freeport-McMoRan

- [Freeport Keeps Its Leach Additive Out Of The Forecast: 800 Million Pounds Is 'Aspirational'](https://www.bullished.co/freeport-keeps-its-leach-additive-out-of-the-forecast-800-million-pounds-is-aspirational-408edb17/)
- [Freeport Third-Quarter Profit Climbs To $1.2 Billion As Copper Fetches $6.54 A Pound](https://www.bullished.co/freeport-third-quarter-profit-climbs-to-1-2-billion-as-copper-fetches-6-54-a-pound-9c976ecd/)
- [Freeport's Gold Sales To Fall Nearly In Half This Quarter As Indonesia Timing Shift Defers 60,000 Ounces](https://www.bullished.co/freeports-gold-sales-to-fall-nearly-in-half-this-quarter-as-indonesia-timing-shift-defers-5b7b677f/)

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