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Critical Materials & Supply Chain
Freeport-McMoran Copper & Gold IncFCX
▲ PositiveCapitalrelevance
Analysts raised Freeport-McMoRan's modeled fair value to US$72.59 and set price targets of US$70-$82, citing copper leverage and Grasberg execution.
Theme Impact 1
Off-coverage companies 1
Bernstein (Societe Generale / AllianceBernstein JV)Private± Mixed
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Canada▲2
Eldorado Gold's Skouries Mine Permanently Connected to Greek Power Grid
Eldorado Gold has secured permanent connection of its Skouries mine in northern Greece to the national power grid after final approval from the Greek transmission authority. The grid link provides long-term electricity supply for Skouries and supports ongoing processing and mining work as the operation moves toward planned commercial production in the fourth quarter of 2026. The company's shares last closed at CA$54.78, down 8.0% over the past month after a 90-day gain of about 30.2%, with a one-year total shareholder return of roughly 35.7%. Commissioning of the Skouries copper-gold project is slated for the first quarter of 2026 and remains on schedule, with the most followed analyst narrative pegging fair value at about CA$71.91, implying the stock is 24% undervalued.
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Critical Materials & Supply Chain › Copper Mining & Concentrate ▲Supply
Critical Materials & Supply Chain › Gold ▲Supply
Critical Materials & Supply Chain › Precious Metals ▲Supply
Critical Materials & Supply Chain › Copper ▲Supply
EGO · Supply · Positive Skouries mine secured permanent grid connection, ensuring long-term electricity supply for mining and processing toward commercial production.
United States
IndonesiaFreeport-McMoRan Defers 60,000 Ounces of Gold Sales Into Fourth Quarter
Freeport-McMoRan reported third-quarter production in line with expectations in early October 2026, confirmed copper sales guidance around 750 million pounds, and flagged lower gold sales near 100,000 ounces due to deferrals from its Indonesian operations. The company deferred roughly 60,000 ounces of refined gold sales into the fourth quarter, a timing shift that can materially move reported quarterly performance without changing underlying production. The update keeps near-term focus on execution at Grasberg and the Indonesian smelters as the key catalyst and most immediate risk. Freeport also affirmed its dividend at US$0.15 per share, split between a base and variable component, as it funds large brownfield projects including Bagdad and the Indonesian smelter build out. The company's narrative projects $39.0 billion in revenue and $5.2 billion in earnings by 2029, while the most pessimistic analysts modeled only about US$35.2 billion of revenue and US$3.5 billion of earnings by that year.
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Critical Materials & Supply Chain › Copper Mining & Concentrate Supply
Critical Materials & Supply Chain › Copper Supply
Critical Materials & Supply Chain › Precious Metals Supply
FCX · Supply · Negative Freeport deferred ~60,000 ounces of refined gold sales from its Indonesian operations into Q4, lowering reported Q3 gold sales to ~100,000 ounces.
FCX · Capital · Neutral Freeport affirmed its US$0.15 per-share dividend while funding large brownfield projects like Bagdad and the Indonesian smelter build out.
MongoliaEntrée Resources Says Mongolia Has Not Confirmed License Transfer Tax Valuation
Entrée Resources Ltd. said it is responding to questions raised by a Mongolian Member of Parliament in a plenary session held on October 2, 2026, following the company's update on efforts to transfer the Shivee Tolgoi and Javkhlant mining licenses to its joint venture partner Oyu Tolgoi LLC. The company said Entrée LLC, with support from Oyu Tolgoi LLC and their respective legal and tax advisors, has calculated the values of the licenses, remitted the applicable transfer tax to the Mongolian tax authority, and submitted a request for the authority to review and confirm those valuation calculations, along with supporting documentation and receipts evidencing the remittance. To date, the Mongolian tax authority has not confirmed Entrée LLC's valuation calculations, and has advised the company that it considers the submitted documents and materials incomplete, making it impossible for the authority to issue tax payment certificates. Entrée said it continues to advance the transfer process under applicable laws of Mongolia while discussions continue with the Government Working Group and Oyu Tolgoi project stakeholders regarding State participation in the area of the licenses. The company noted the licenses must be transferred to Oyu Tolgoi LLC for Lift 1 underground development and extraction activities on the Shivee Tolgoi mining license to proceed.
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Critical Materials & Supply Chain › Copper Mining & Concentrate Regulation
Critical Materials & Supply Chain › Copper Regulation
Canada▲
Metalero Updates Benson Copper-Gold Option, Has Paid $40,000 of $100,000
Metalero Mining Corp. has provided an update on its option to acquire a 100% undivided interest in the 166 square kilometre Benson copper-gold property in central British Columbia. Under the letter of intent dated January 17, 2025, Metalero can exercise the option by paying the vendor $100,000 in cash and issuing 2,000,000 common shares in installments. As of the news release, the company has paid an aggregate of $40,000 and has yet to issue any consideration shares, with the remaining $60,000 due on or before January 17, 2027, and the 2,000,000 shares to be issued upon approval of the TSX Venture Exchange at a deemed price equal to the market price on the date of the release, subject to a mandatory $0.05 minimum floor price. The company and the vendor will not enter into a definitive agreement for the option grant, and the option and acquisition remain subject to TSXV approval. Metalero also said it has completed exploration work aggregating $279,698.23 on the property as of the date of the release.
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Critical Materials & Supply Chain › Copper Mining & Concentrate ▲Capital
Critical Materials & Supply Chain › Copper Capital
United States▲2
Freeport-McMoRan Eyes Another Earnings Beat With Positive ESP
Freeport-McMoRan is positioned to potentially beat earnings estimates again when it reports on October 27, 2026, according to Zacks Investment Research. The mining company has beaten estimates in each of its last two quarters, with an average surprise of 20.32%. In the last reported quarter, Freeport-McMoRan earned $0.74 per share versus the Zacks Consensus Estimate of $0.62, a surprise of 19.35%, while the prior quarter delivered earnings of $0.57 per share against an expected $0.47, a surprise of 21.28%. The stock currently carries a Zacks Earnings ESP of +6.90% and a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time.
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Critical Materials & Supply Chain › Copper Mining & Concentrate ▲Capital
Critical Materials & Supply Chain › Copper ▲Capital
FCX · Capital · Positive Zacks sees Freeport-McMoRan likely to beat earnings estimates again on Oct 27, 2026, with a +6.90% Earnings ESP after two straight beats.
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United Kingdom+1▼impact 4
Mining Stocks Lose $264 Billion in September as Fed Rate Hike Hits Gold
The world's 50 most valuable mining companies lost $264 billion in market value in September, ending the month worth $2.26 trillion, according to MINING.COM's Top 50 ranking. The decline was the second-largest monthly drop since the ranking began at the end of 2019, behind only March's $434 billion fall, and erased roughly three-quarters of August's record $357 billion gain. The selloff followed the Federal Reserve's Sept. 16 decision to raise its benchmark rate a quarter point to a range of 3.75% to 4%, its first increase since July 2023, as oil-driven inflation fears pushed bond yields to their highest since 2008. The 15 gold producers in the ranking lost a combined $79 billion, or 12.7%, with none finishing higher: Kinross Gold fell 21.3% after cutting its 2026 and 2027 production outlook, Shandong Gold dropped 27.8% for the worst performance in the ranking, and Gold Fields fell 21% as Northern Star Resources rejected its unsolicited A$38.7 billion takeover proposal. Copper producers lost $44 billion even as copper prices ended the month nearly flat, led by BHP's $26.4 billion loss after a worker was killed at Escondida on Sept. 23, while First Quantum Minerals fell 19.2% after a Panamanian commission recommended negotiating a restart of Cobre Panama. Lithium carbonate futures in Guangzhou fell 22.5% to 122,800 yuan a metric ton after SMM changed its inventory counting method, pushing Albemarle and Ganfeng Lithium out of the ranking and leaving Chile's SQM as the only lithium producer in the Top 50.
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Critical Materials & Supply Chain › Gold ▼Capital
Critical Materials & Supply Chain › Copper Mining & Concentrate ▼Capital
Critical Materials & Supply Chain › Precious Metals ▼Capital
Critical Materials & Supply Chain › Copper ▼Capital
Critical Materials & Supply Chain › Lithium Mining & Brine Extraction ▼Capital
600547.CG · Monetary · Negative Shandong Gold dropped 27.8%, the worst in the ranking, as the Fed rate hike and rising bond yields hit gold miners.
BHP.LSE · Supply · Negative BHP lost $26.4 billion after a worker was killed at Escondida on Sept. 23.
GFI · Capital · Negative Gold Fields fell 21% after Northern Star Resources rejected its unsolicited A$38.7 billion takeover proposal.
KGC · Supply · Negative Kinross fell 21.3% after cutting its 2026 and 2027 production outlook.
First Quantum Minerals Ltd. · Regulation · Negative First Quantum fell 19.2% after a Panamanian commission recommended negotiating a restart of Cobre Panama.
002460.CS · Supply · Negative Lithium carbonate futures dropped 22.5% to 122,800 yuan after SMM's inventory counting change, pushing Ganfeng Lithium out of the ranking.