Strong Copper Prices Show Up in Miners' Quarterly Results Alongside New Capacity Plans
Key Highlights
- ➤Freeport approves $4.5 billion Bagdad expansion, targeting over 400 million pounds annual copper production
- ➤Teck adjusted EBITDA C$2.3 billion, up 97% year over year, driven by higher copper and zinc prices
- ➤Ero Copper record EBITDA $200.6 million, up 39% sequentially; net debt fell approximately $100 million
- ➤Trekor raises Gibraltar copper guidance to 115-120 million pounds from 110-115 million pounds
- ➤Nexa raises 2026 capital expenditure guidance 10% to US$420 million despite US$47 million net loss
Expert Statements
Kathleen Quirk, President and Chief Executive Officer of Freeport-McMoRan
“We are pleased to proceed with the Bagdad expansion, an important step in advancing Freeport's U.S. copper growth strategy.”
Jonathan Price, President and CEO of Teck Resources
“Our third quarter results showcase the underlying strength of our business, with increased production, disciplined execution and record copper prices driving strong financial performance and cash generation,”
Makko DeFilippo, President & Chief Executive Officer of Ero Copper
“Results were supported by continued growth in copper and gold sales volumes, cost savings from our OneEro initiative, and our foreign exchange hedge strategy designed to protect cash operating margins.”
Stuart McDonald, President & CEO of Trekor Metals
“Another solid production quarter at Gibraltar, and continued strength in copper prices drove excellent financial performance in the quarter. Net income and Adjusted EBITDA for the third quarter both surpassed any previous quarter in our history.”
Ignacio Rosado, CEO of Nexa Resources
“Our integrated business model allows us to capture value across the chain: higher zinc prices supported mining results, while stronger contributions from by-products sustained our smelting margins.”
Strong Copper Prices Show Up in Miners' Quarterly Results Alongside New Capacity Plans PR Newswire
NEW YORK, Nov. 10, 2026 /PRNewswire/ -- Energy Metal News News Commentary - Quoted London Metal Exchange (LME) monthly average settlement copper prices averaged $6.40 per pound in the third quarter of 2026, with COMEX monthly average settlement copper prices at $6.48 per pound, according to Freeport-McMoRan's third-quarter results. Over the past two weeks, copper and base-metal producers have reported third-quarter results, several citing copper prices, along with the projects they are advancing. Active Companies from around the markets with current developments this week include: Freeport-McMoRan Inc. (NYSE: FCX), Teck Resources Limited (NYSE: TECK), Ero Copper Corp. (NYSE: ERO), Trekor Metals Limited (NYSE American: TGB), and Nexa Resources S.A. (NYSE: NEXA).
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