Stock Track | Freeport-McMoRan Plummets 5.97% in Pre-Market After Clarifying Grasberg Mine Restart Timeline

Stock Track05-15 21:51

Freeport-McMoRan's stock plummeted 5.97% in pre-market trading on Friday, extending recent losses.

The decline came after the company clarified that recent media reports suggesting the Grasberg copper mine full restart had been postponed to 2028 were "misleading," reaffirming that the mine's restart timeline remains on track for before the end of 2027. The stock had previously rallied for three consecutive sessions on expectations that a delayed restart would tighten global copper supply, but following the clarification, the supply-constraint thesis was invalidated, prompting sustained selling pressure.

The broader copper sector weakened in tandem, reflecting clear sector-wide linkage effects as investors adjusted their positions based on the updated timeline information.

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