Freeport’s “Kucing Liar” Mine Gold Reserves Increase to 8 Million Ounces
Sat 24 Jan 2026, 09:17 AM
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Freeport-McMoRan Inc. (FCX) reported that based on PT Freeport Indonesia’s (PTFI) latest exploration results, extractable copper reserves through 2041 are projected to increase to 8 billion pounds and gold to 8 million ounces.
These figures are higher than previous reserve estimates, which were 7 billion pounds of copper and 6 million ounces of gold.
In FCX’s performance report, it is explained that average production from Kucing Liar at full capacity will reach 750 million pounds of copper and 735,000 ounces of gold, or 35% higher than earlier projections.
“During 2025, PTFI completed a study to evaluate the potential expansion of the mine area that was previously designed to operate at a long-term rate of 90,000 tons of ore per day,” FCX management wrote in its official document, quoted Saturday (January 24, 2026).
“The study identified low-cost expansion opportunities to increase Kucing Liar’s design capacity to 130,000 tons of ore per day and to boost Kucing Liar’s reserves by around 20%,” FCX management said.
FCX reported that, based on the economic study conducted, there will be an increase in capital of USD 0.5 billion, or about 10%, an impact on operating rates at the Grasberg Block Cave (GBC) underground mine, and a delay in capital spending related to processing higher-pyrite ore.
FCX also reported that as of December 31, 2025, Freeport Indonesia had spent approximately USD 1.1 billion on Kucing Liar. Meanwhile, required capital investment is estimated to rise by an additional USD 4 billion through 2033.
FCX is targeting initial production from the Kucing Liar mine to commence and ramp up gradually starting in 2030.
“Initial production is expected to commence and be ramped up gradually around 2030,” FCX management representatives wrote.
To date, Freeport Indonesia relies on three mines it owns, namely: Grasberg Block Cave, which produces around 140,000 tons of ore per day; DMLZ, around 70,000 tons of ore per day; and Big Gossan, 7,000 tons of ore per day with higher copper grades.
Meanwhile, Freeport Indonesia’s copper production volume in 2025 reached 1.01 billion pounds. This figure is 44% lower than Freeport’s 2024 copper production of 1.8 billion pounds.
Copper sales in 2025 were recorded at 1.2 billion pounds, down 26.2% compared with Freeport’s 2024 copper sales of 1.63 billion pounds.
On the other hand, Freeport Indonesia’s gold production in 2025 was recorded at 937,000 ounces. This achievement is 49.7% lower than Freeport’s 2024 gold production of 1.86 million ounces.
Meanwhile, gold sales in 2025 were reported at 1.05 million ounces. Last year’s gold sales were 42.2% lower compared with 2024 gold sales of 1.81 million ounces.
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