Adjusted earnings reached 74 cents a share versus a 59-cent estimate, as a 41.5% copper-price increase offset steep production declines and $363 million of Grasberg repair costs.
Panama is studying a state-owned mining company that could partner with First Quantum Minerals and provide a legal structure for reopening Cobre Panama, a copper mine closed since 2023 after a constitutional ruling.
The Canadian miner reported adjusted earnings well above market expectations after copper prices rose sharply and production increased, reinforcing investor focus on critical minerals and the company's pending combination with Anglo American.
Oil prices surged past $90 per barrel after Yemen's Houthi rebels declared a maritime blockade on Saudi vessels, threatening Red Sea exports. Brent crude rose 1.8% to $90.85, while WTI gained 1.8% to $83.97. Saudi Arabia has increased Yanbu exports to 4 million b/d, with 2.5 million b/d at risk from Houthi action.
Adnoc has taken a $6.2 billion final investment decision to develop the Umm Shaif gas cap, unlocking over 600 million scfd of natural gas and associated liquids. The project, with partners TotalEnergies, Eni and CNPC, includes $5.1 billion in EPC contracts and a 14-well drilling programme, with production expected by 2030.
