Freeport Indonesia plans $1.5B Kucing Liar mine expansion

Freeport said the latest study points to an expansion path that could lift planned throughput to 130,000 metric tons of ore a day from 90,000 metric tons, while increasing reserves by about 20%. As of Dec. 31, 2025, estimated recoverable reserves at Kucing Liar were close to 8 billion pounds of copper and 8 million ounces of gold through 2041, up from 7 billion pounds of copper and 6 million ounces of gold previously.

The redesign also lifts the project’s expected full-rate annual output to 750 million pounds of copper and 735,000 ounces of gold, more than 35% above earlier projections, underscoring why investors follow Grasberg closely as a bellwether for long-life copper supply. Freeport said the revised plan adds about $500 million in capital, or roughly 10% more, alongside knock-on changes to the Grasberg Block Cave operation and processing facilities.

For investors, the message is that Freeport is still leaning into volume growth despite the heavy capital burden. Copper miners with long-dated projects are increasingly valued on reserve replacement, execution risk and the ability to convert huge capex programs into cash-flow growth, especially as the energy transition keeps structural demand for copper in focus.

Freeport’s US-listed shares have been volatile but remain well above key technical benchmarks, with the stock recently trading around $72.16, above its 50-day and 200-day moving averages. The broader copper miner ETF COPX has also held firm, while gold miner proxy GDX has been supported by the metal’s rally, leaving room for investors to parse how much of Freeport’s future value comes from copper versus gold exposure.

The next catalyst is execution: whether Freeport can keep development on schedule for a 2029 start while managing capital needs, mine sequencing and processing constraints in one of the world’s most complex mining systems.