FREEPORT-MCMORAN INC (FCX)

Freeport-McMoRan Inc. (FCX), headquartered in Phoenix, Arizona, is a leading international metals company focused on copper production, operating large, long-lived, geographically diverse mining assets with significant proven and probable reserves of copper, gold and molybdenum. The company is one of the world's largest publicly traded copper producers, ranking third globally with approximately 5% of worldwide mined copper production, and its portfolio includes the Grasberg minerals district in Indonesia (one of the world's largest copper and gold deposits), the Morenci minerals district in Arizona, and the Cerro Verde operation in Peru. FCX operates through consolidated subsidiaries Freeport Minerals Corporation (FMC) and PT Freeport Indonesia (PTFI), managing seven copper operations and two molybdenum mines (Henderson and Climax) in the U.S., two copper operations (Cerro Verde and El Abra) in South America, and the Grasberg minerals district in Indonesia, along with a copper smelter/rod mill in Miami, Arizona, a copper refinery/rod mill in El Paso, Texas, and Atlantic Copper, its wholly owned smelting/refining unit in Spain.

For 2025, the U.S. accounted for 39% of copper production, South America 31%, and Indonesia 30%, with copper, gold and molybdenum contributing 75%, 15%, and 8% of consolidated revenues, respectively. Operations in 2025 were significantly impacted by a September 2025 mud rush incident at Grasberg, with unaffected underground mines (DMLZ and Big Gossan) restarted in late October 2025 and a phased restart of the Grasberg Block Cave mine anticipated in second-quarter 2026; PTFI also completed its downstream smelter and precious metals refinery in Gresik, Indonesia during 2025, making it a fully integrated producer of refined copper and gold. The company is pursuing organic growth initiatives, including new leaching technologies across U.S. and South America operations targeting increased copper production (achieving a 240 million pound annual run rate in late 2025, with a 300 million pound target for 2026), supported by favorable long-term copper demand fundamentals tied to electrification, urbanization, data centers/AI, defense spending, and connectivity growth.

FCX's business is subject to extensive environmental, health, safety, and mining regulations across its operating jurisdictions (U.S., Peru, Chile, and Indonesia), with $2.0 billion in recorded environmental obligations and $3.8 billion in asset retirement obligations as of December 31, 2025, and the company maintains various sustainability commitments including Copper Mark/Molybdenum Mark certifications, ICMM membership, and conformance with the Global Industry Standard on Tailings Management.