Strong Copper Prices Show Up in Miners' Quarterly Results Alongside New Capacity Plans
NEW YORK, Nov. 10, 2026 /CNW/ -- 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).
Several of the companies below pointed to copper prices in explaining their third-quarter results, and two of them reported quarterly earnings figures that were records or surpassed any previous quarter in their history. Producers also reported progress on growth and balance sheets, with a board-approved expansion, a ramp-up toward capacity run rates at one operation and lower net debt among the updates.
Volumes did not move the same way across the group. Extreme weather shut one operation for an extended period, lower head grades reduced output at another, and one producer said its copper sales lagged production because of the timing of shipments.
The energy-metal stocks we cover swing with drill results, financings and the metal price. Readers who want to follow both the headlines and the charts can pick up Knowledge is Power, a free 27-page, 10-chapter guide from our sister site Stock Preachers that covers reading the news and reading the chart in plain English, along with The Roadmap every Monday, Wednesday and Friday, at energymetalnews.com/sp.
Freeport-McMoRan Inc. (NYSE: FCX)
Freeport announced on Nov. 4 that its Board of Directors approved a $4.5 billion expansion and modernization program for its wholly owned Bagdad copper and molybdenum operation in northwest Arizona. The brownfield project is expected to more than double Bagdad's mining and milling rates, and the company said the investment would increase annual long-term copper production to over 400 million pounds per annum (incremental production of approximately 225 million pounds per annum). The company said the expansion would position Bagdad as the second-largest copper mine in the U.S., behind its Morenci operation.
The announcement followed third-quarter results on Oct. 27, in which Freeport reported consolidated production of 832 million pounds of copper, an average realized copper price of $6.54 per pound and net income attributable to common stock of $1.2 billion, or $0.81 per share.
Kathleen Quirk, President and Chief Executive Officer, said: "We are pleased to proceed with the Bagdad expansion, an important step in advancing Freeport's U.S. copper growth strategy."
Teck Resources Limited (NYSE: TECK)
Teck reported third-quarter results on Oct. 28, with adjusted EBITDA of $2.3 billion, in Canadian dollars, up 97% from the same period last year, driven primarily by significantly higher copper and zinc prices, higher by-product revenues and lower smelter processing charges. Copper production of 115,700 tonnes was 11% higher than a year earlier, and copper net cash unit costs were reduced to US$1.77 per pound from US$2.09 per pound a year earlier.
Teck said its copper segment's gross profit before depreciation and amortization was $1.6 billion, compared with $740 million a year earlier, primarily driven by record copper prices, which averaged US$6.40 per pound in the quarter. Production rose at all of its copper operations except Carmen de Andacollo, where extreme weather conditions caused an extended shutdown, and the company said it is advancing toward completion of its planned merger with Anglo American.
"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," said Jonathan Price, President and CEO.
Ero Copper reported record third-quarter results on Nov. 2. Consolidated copper production totaled 18,345 tonnes in concentrate, up 6% sequentially, at C1 cash costs of $2.51 per pound produced, and adjusted EBITDA was $200.6 million, up 39% quarter-on-quarter. Net income attributable to the owners of the company was $116.2 million, or $1.10 per diluted share.
The company reduced net debt by approximately $100 million during the quarter, to $353.5 million, and kept its consolidated copper production guidance unchanged at 67,500 to 77,500 tonnes, with the fourth quarter expected to be the strongest production quarter of the year at both copper operations.
Makko DeFilippo, President & Chief Executive Officer, said: "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."
Trekor Metals Limited (NYSE American: TGB)
Trekor Metals, formerly Taseko Mines Limited, reported on Nov. 4 third-quarter adjusted EBITDA of $164 million, in Canadian dollars, with consolidated sales of 37.4 million pounds of copper and 358 thousand pounds of molybdenum. Its Gibraltar mine produced 34 million pounds of copper, a 12% increase over the prior quarter, while copper sales from Gibraltar of 30.5 million pounds lagged production due to timing of shipments, and Gibraltar's guidance for the year has been increased to 115 to 120 million pounds (from 110 to 115 million pounds).
Florence Copper produced seven million pounds of copper in the quarter, a 35% increase over the previous period. Trekor expects 2026 production at Florence of 25 to 28 million pounds and said increasing flow rates and consistent pregnant leach solution grades are expected to drive production up to capacity run rates in early 2027.
Stuart McDonald, President & CEO of Trekor, commented: "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."
Nexa Resources S.A. (NYSE: NEXA)
Nexa Resources reported third-quarter results on Oct. 29. Net revenues totaled US$937 million, up 23% year over year and 3% quarter over quarter, and the company said the year-over-year increase was mainly driven by higher zinc prices and an approximately US$65 million higher by-products contribution, supported by higher silver and copper prices. Adjusted EBITDA reached US$301 million, up 62% year over year, and the company reported a net loss of US$47 million that included a US$124 million non-cash impairment charge related to its Brazilian smelting assets.
Mining zinc production rose 7% quarter over quarter to 85kt, while copper production of 6.0kt declined 30% year over year, mainly reflecting lower head grades at Cerro Lindo and Aripuanã. The company raised its 2026 capital expenditure guidance by 10% to US$420 million, in part to bring forward investments in its Cerro Pasco Integration Project.
Ignacio Rosado, CEO, wrote in the company's CEO message: "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."
Five producers have now reported third-quarter results, several citing metal prices, alongside updates on their growth plans. To learn the chart basics behind moves in energy-metal stocks, get the free Knowledge is Power guide from Stock Preachers at energymetalnews.com/sp.
Contact Information:
Media Contact: [email protected]
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is not a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.
This article is independent news commentary. Energy Metal News is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. LME and COMEX monthly average settlement copper prices for the third quarter of 2026 are as reported in Freeport-McMoRan Inc.'s Oct. 27, 2026 results, and the US$6.40 per pound average copper price cited for Teck is as reported in Teck Resources Limited's Oct. 28, 2026 results; Teck and Trekor figures are in Canadian dollars unless otherwise stated, and this article uses no live market quotes. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.
SOURCE Energy Metal News
Share this article