Copper miners report record quarterly earnings and advance growth projects as LME and COMEX prices hover near $6.40-$6.48 per pound, signaling sustained producer confidence.
The board approved a $4.5 billion Bagdad expansion that would more than double mining and milling rates and add roughly 225 million pounds of annual copper output. Q3 net income of $1.2 billion ($0.81 per share) and a $6.54 realized copper price support the growth case. The earnings date has passed, so the effect is a gradual positive reassessment rather than a single-day jump.
Record Q3 results on Nov. 2: adjusted EBITDA of $200.6 million up 39% quarter on quarter, net income of $116.2 million or $1.10 per diluted share, and net debt reduced by about $100 million to $353.5 million. Production guidance was held at 67,500 to 77,500 tonnes with Q4 expected to be the strongest quarter, supporting momentum into year end.
Q3 net income and adjusted EBITDA of $164 million CAD both surpassed any previous quarter in the company's history, Gibraltar guidance was raised to 115-120 million pounds from 110-115 million, and Florence Copper output rose 35% with a ramp toward capacity run rates in early 2027. Copper sales of 30.5 million pounds lagged production on shipment timing, which should reverse.
Q3 adjusted EBITDA of $2.3 billion in Canadian dollars was up 97% year over year on record copper prices averaging US$6.40 per pound, while production of 115,700 tonnes rose 11% and unit costs fell to US$1.77 per pound. The results were reported Oct. 28, and the ongoing merger with Anglo American adds a further company-specific driver.
Net revenues of US$937 million rose 23% year over year and adjusted EBITDA reached US$301 million, up 62%, helped by higher zinc prices and about US$65 million more from by-products. But the quarter showed a net loss of US$47 million including a US$124 million non-cash impairment, and copper production fell 30% on lower head grades, so positives and negatives largely offset.
LME monthly average settlements averaged $6.40 per pound in Q3 2026 and COMEX $6.48, with producers citing record prices and demand from expansions such as Freeport's $4.5 billion Bagdad program. The article is a recap of already-reported prices rather than new supply or demand data, so the direct near-term effect on the metal itself is limited.
Copper producers are reporting strong third-quarter financial results, bolstered by record metal prices averaging $6.40 per pound. Companies like Freeport-McMoRan and Trekor Metals are leveraging this momentum to advance major capital projects, including a $4.5 billion expansion at the Bagdad mine, while others focus on debt reduction and operational efficiency despite localized production headwinds.
It is a $4.5 billion program expected to more than double Bagdad's mining and milling rates and add about 225 million pounds of copper per year, positioning Bagdad as the second-largest copper mine in the U.S.
No, consolidated copper production guidance was kept unchanged at 67,500 to 77,500 tonnes, with the fourth quarter expected to be the strongest production quarter of the year at both copper operations.
Increasing flow rates and consistent pregnant leach solution grades are expected to drive production up to capacity run rates in early 2027, with 2026 production of 25 to 28 million pounds.
Record copper prices averaging US$6.40 per pound, 11% higher copper production, higher by-product revenues and lower smelter processing charges, which together lifted adjusted EBITDA 97% year over year.
No, despite 23% higher net revenues of US$937 million and adjusted EBITDA of US$301 million, the company reported a net loss of US$47 million, driven mainly by a US$124 million non-cash impairment charge on its Brazilian smelting assets.