The mining giant said operations at the massive copper and gold site remain suspended after a deadly mud rush incident that killed two workers, with search efforts still underway for five missing employees. Freeport noted that the suspension will trim its third-quarter consolidated sales by about 4% for copper and 6% for gold compared with July estimates.
The impact will deepen in the fourth quarter, with copper and gold sales from PT Freeport Indonesia expected to be negligible against earlier projections of 445 million pounds of copper and 345,000 ounces of gold. Looking ahead, Freeport estimates 2026 output could fall nearly 35% short of prior forecasts, and full operating rates may not be restored until 2027 under its phased restart plan.
The disruption at Grasberg, one of the world’s largest copper mines, sent copper prices higher.
Shares of Hindustan Copper are up 17.01% in five consecutive sessions. Over the past three months, the stock has gained 26.12% and 43% in six months, though it remains down 3.97% over the past year.
Hindustan Copper is a Central public sector undertaking under the administrative control of Ministry of Mines, Government of India. The principal activities of the company are exploration, exploitation, mining of copper and copper ore including beneficiation of minerals, smelting and refining. As on June 2025, the Government of India held 66.14% in the company.
On a consolidated basis, Hindustan Copper's net profit rose 18.39% to Rs 134.25 crore while net sales rose 4.61% to Rs 516.37 crore in Q1 June 2025 over Q1 June 2024.