IEA: Solar PV Led 2025 Energy Demand Growth; Freeport-McMoRan Reports Q1 2026 Earnings Beat

Solar PV contributed more than 25% of the total demand growth in 2025, followed by natural gas, according to the IEA. This marked the first instance where solar PV provided a larger share of energy demand growth compared to any other energy source. Energy demand rose in 2025 due to population growth, economic expansion, and increased electrification in various sectors, with additional supplies met through renewables and fossil fuels.

Freeport-McMoRan Inc. 4665. 7 million shares.

80 per pound year-to-date as of April 23, 2026, and reached an all-time high exceeding $6 per pound in Q1 2026. Richard Adkerson, chairman of the board at Freeport-McMoRan, noted during the earnings call that the company is now in the 20th year since combining with Phelps Dodge to create the modern Freeport, forming a global leader in copper. Adkerson became CEO of Freeport-McMoRan in 2003.

He stated, 'Our strategy was set after I became CEO in 2003, just as China emerges the dominant source of copper demand. ' Freeport-McMoRan attended the Annual Global Copper Conference in Chile last week before April 23, 2026, which Adkerson first attended in 2004.

At this year's conference, Adkerson observed a strong positive consensus among attendees on copper's future, driven by growing demand for electricity.

He added, 'We are now in a new area of growth about copper, which is broad-based and driven by the growing demand for electricity. ' The company signed a memorandum of understanding with the Government of Indonesia in February 2026 to extend operating rights beyond 2041 for the life of the resource. Freeport-McMoRan has operated in Indonesia for 59 years as of April 23, 2026.

Adkerson has been engaged with the company's Indonesia operations since 1988, and he described the team there as best-in-class in large-scale block cave mining. Kathleen Quirk, president and chief executive officer at Freeport-McMoRan, detailed operations during the call. The company completed remediation at Grasberg to commence a phased ramp-up in production blocks 2 and 3 in Q1 2026.

Production in Grasberg production blocks 2 and 3 was suspended in September 2025 following an external mud rush in Grasberg production block 1C. Freeport-McMoRan commenced mining on a limited basis in Grasberg production blocks 2 and 3 in March 2026. Inspections and sampling of more than 600 draw points in those blocks were conducted after regaining access in Q1 2026.

In September 2025, 30% of the 635 active draw points in Grasberg production blocks 2 and 3 were wet, compared to 45% currently as of April 23, 2026. There are 23 panels in total in Grasberg production blocks 2 and 3, with 10 out of 23 panels currently meeting the minimum 1:1 ratio of dry to wet material as of April 23, 2026.

Quirk explained, 'The challenge we are currently addressing is downstream of the extraction level and relates to the material handling systems for loading ore onto our automated trains.

' Freeport-McMoRan reached agreement with insurance providers for a $700 million recovery in Q1 2026, the maximum policy limit, and expects to collect the proceeds in Q2 2026. The company submitted an environmental impact statement in March 2026 for a major expansion project at El Abra in Chile.

' In the broader energy context, the IEA's analysis indicates that solar PV's prominent role in 2025 reflects ongoing investments in renewable technologies and declining costs for solar installations worldwide.

Natural gas served as the next major contributor, supporting energy needs in power generation and industrial applications. The shift toward solar PV underscores the evolving composition of global energy supplies, with renewables gaining ground in meeting incremental demand.

Freeport-McMoRan's assets are long-lived with embedded major growth options, including advancements in the Americas using modern technology.

Grasberg will continue as a major long-term contributor with high grades of copper and gold. The extension of operating rights in Indonesia supports continuity of these benefits from the world-class asset. Adkerson expressed confidence in the team's ability to address current challenges at Grasberg.

Quirk highlighted priorities for 2026, including strong execution of plans, achievement of a successful ramp-up at Grasberg, crystallizing value from leach opportunities, adopting new technologies, and investing in profitable growth. S. 5 times more operating income in Q1 2026 compared with the prior year's first quarter.

Production was above the year-ago quarter but lower sequentially. At Morenci, mining rates increased 19% compared with last year's first quarter. In South America, the Cerro Verde team navigated severe flooding in the Arequipa region and mill efficiency challenges.

Stable production is expected at Cerro Verde, with some growth at El Abra in partnership with CODELCO over the next couple of years. Activity at El Abra includes a leach pad extension and plans for testing heated stockpile injections in late 2026 to enhance recoveries.

In Indonesia, one of two smelters continues to operate with available concentrate, while the new smelter remains on standby with an expected restart later in 2026.

The company is advancing derisking initiatives on surface drainage and other strategies, including new imaging technology for cave monitoring. Quirk noted that the current forecast for Grasberg reflects the best estimate to address bottlenecks, with production limited to approximately 60,000 tonnes per day from blocks 2 and 3 in the second half of 2026, increasing to 90,000 tonnes per day by mid-2027.

This is a timing issue with an engineered solution, not a change in ultimate resource recovery.

The innovative leach initiative shows promise, with deployment of an internally developed additive and pilot testing at Morenci to increase stockpile temperatures. The company has a line of sight to scaling to 300 million to 400 million pounds per annum in the 2026-2027 timeframe, unlocking a path to 800 million pounds annually. S.

Customers reporting rising demand from AI data centers and energy infrastructure, offsetting weakness in private construction and autos. Recent reports from China show a resurgence with power grid spending and draws on exchange inventories. Freeport-McMoRan is progressing initiatives to scale leach projects and is completing work for a potential greenlight of a brownfield expansion at Bagdad mine in Arizona later in 2026.

The balance sheet is solid, positioning the company to invest in growth while returning cash to shareholders.