11:35 AM EDT, 09/30/2025 (MT Newswires) -- Freeport-McMoRan's ( FCX ) restart timeline for the Grasberg mine in Indonesia seems to be "reasonable," reducing downside risk to estimates, BofA Securities said in a note Tuesday.

Grasberg's restart plan includes resuming output from unaffected areas by mid-Q4, with a phased restart of the main production block in H1 2026, BofA analysts noted.

The repair costs for the Grasberg mine could exceed the initial estimate of $500 million, though this remains uncertain, BofA said.

After meeting with Chief Executive Officer Kathleen Quirk, BofA analysts said they were more confident that their valuation already reflects key risks from the Grasberg mine disruption.

The Grasberg outage worsens global copper supply issues, adding to disruptions at other major mines like El Teniente and Kamoa-Kakula, according to BofA.

Global copper supply is expected to fall into a deeper deficit, widening from 25,000 tons in 2025 to 533,000 tons in 2027, with copper prices expected to rise sharply to $6.12 per pound by 2027, a 30% increase from current spot prices, according to the note.

BofA Securities upgraded Freeport McMoRan ( FCX ) to buy from neutral and kept its $42 price target.

Shares of the company were up 2.3% in recent trading.

Price: 37.95, Change: +0.83, Percent Change: +2.24