Freeport's Grasberg Setback, IGO's Lithium Miss, and Anglo's Coal Revival

Freeport-McMoRan reported Q1 2026 earnings Thursday, beating profit estimates but shocking the market with a significant downgrade to the Grasberg mine ramp-up timeline. After last September's fatal mud-rush, the company now expects the world's second-largest copper mine to reach only 65% of capacity in the second half of 2026 — down from the 85% target outlined in January. Full recovery is pushed to mid-2027. Full-year 2026 copper guidance was cut from 3.4 billion pounds to 3.1 billion; gold guidance fell from 800,000 ounces to 650,000. Net unit costs rose to $1.95/lb. Shares fell more than 13% on Thursday. Australia's IGO posted a 45% sequential jump in Q3 revenue to A$119.7 million, but the headline was a guidance cut at Greenbushes — the world's highest-grade hard-rock lithium deposit. IGO now targets 1,375–1,425 kilotonnes of spodumene for fiscal 2026, down from 1,500–1,650 kt. Feed grade failures, processing disruptions, and rising fuel costs from the Middle East conflict are driving the shortfall. Shares are down more than 12% year-to-date. Anglo American has revived the sale of its Queensland Bowen Basin steelmaking coal assets. After the Peabody Energy deal collapsed at $3.78B following a fire at Moranbah North, at least three bidders have emerged: Stanmore Resources, Mitsubishi Corporation, and Indonesia's PT Buma Internasional. Goldman Sachs and Morgan Stanley are running the process. A deal could emerge in coming months as Anglo completes its pivot toward copper. Sources: Mining.com, Benzinga, GuruFocus | Host: Logan Ore | The Mining Insider