S&P Global Ratings revised Freeport-McMoRan Inc.’s outlook to positive while affirming its 'BBB-' ratings, citing improved visibility around ownership and control of the Grasberg mine. The agency pointed to a memorandum of understanding with the Indonesian government that would extend the special mining license through the resource life and set Freeport’s ownership at about 37% starting in 2042. S&P said near-term operational constraints at Grasberg have delayed a full ramp-up to year-end 2027, but higher commodity price assumptions—$12,500/mt for copper for the remainder of 2026 through 2028—should help offset the disruption, according to S&P Global Ratings. The report also highlighted support from strong gold pricing and Freeport’s broader asset base, particularly in the Americas.