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Here are 1-2 analogies for Freeport-McMoRan (FCX):

• The ExxonMobil of copper and gold.
• Imagine a global energy giant like Shell or BP, but for industrial metals such as copper and gold instead of oil and gas.

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• Copper: A critical metal used extensively in electrical applications, construction, and various industries due to its high conductivity.
• Gold: A precious metal primarily valued for investment, jewelry, and specific industrial applications.
• Molybdenum: A high-strength refractory metal predominantly used as an alloying agent in steel and cast iron to enhance strength, hardness, and corrosion resistance.

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Freeport-McMoRan (FCX) Major Customers

Freeport-McMoRan (FCX) primarily sells its products to other companies. As a leading international mining company producing copper, gold, and molybdenum, FCX operates within the global commodity market. Due to the diverse nature of its customer base and the structure of commodity sales, the company does not typically disclose specific major customer names that account for a significant portion of its revenue in its public filings. Instead, its customers comprise a wide range of industrial users, manufacturers, and traders worldwide.

Based on information from its public disclosures, FCX serves the following categories of customers for its major products:

• Copper: FCX sells copper concentrates to smelters and refined copper to rod mills, fabricators, and various other industrial customers globally. These customers utilize copper for applications such as electrical wiring, plumbing, construction, and electronics.
• Gold: Gold concentrates produced by FCX are sold to smelters and refiners, who then process the gold for use in jewelry, investment, and industrial applications.
• Molybdenum: Molybdenum concentrates and various molybdenum products are sold to global customers across multiple industries. These include the chemical, catalyst, and lubricant industries, as well as the steel and high-performance alloy industries where molybdenum is used to enhance strength, toughness, and corrosion resistance.

In summary, while specific company names are not disclosed, FCX's customer base consists of a broad array of industrial players and processors who rely on its raw materials for their manufacturing and production needs across various global sectors.

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Richard C. Adkerson, Chairman of the Board

Joined Freeport-McMoRan in 1989. He served as Chief Executive Officer from 2003 until June 2024 and has been Chairman of the Board since February 2021. Prior to joining Freeport-McMoRan, Mr. Adkerson was a Partner and Managing Director at Arthur Andersen & Co., where he headed the firm's Worldwide Oil and Gas Industry Practice. From 1976 to 1978, he was a Professional Accounting Fellow with the Securities and Exchange Commission (SEC). He led Freeport-McMoRan's $26 billion acquisition of Phelps Dodge Corp. in 2007.

Kathleen L. Quirk, President and Chief Executive Officer

Joined Freeport-McMoRan in 1989 and has held various leadership positions within the company. She served as Chief Financial Officer from 2003 and was appointed President in 2021. Ms. Quirk became President and Chief Executive Officer (CEO) effective June 11, 2024. Her responsibilities prior to becoming CEO included tax, investor relations, corporate development, and treasury functions. She serves on the board of Vulcan Materials Co., Atlantic Copper SA, and Kisanfu Holdings Ltd. She previously held the position of Treasurer & Senior Vice President at McMoRan Exploration Co.

Maree E. Robertson, Executive Vice President and Chief Financial Officer

Appointed Senior Vice President and Chief Financial Officer of Freeport-McMoRan effective March 1, 2022. Prior to joining Freeport-McMoRan, she served as Chief Financial Officer, Energy and Minerals of Rio Tinto Group since 2019. Before Rio Tinto, Ms. Robertson had a 17-year career at BHP Group, a multinational natural resources company, serving in various international finance functions, including Vice President, Finance, Petroleum USA. She began her career at PricewaterhouseCoopers in their natural resource audit practice.

Douglas N. Currault II, Executive Vice President and General Counsel

Responsible for leading the company's legal, compliance, and regulatory affairs globally.

Stephen T. Higgins, Executive Vice President and Chief Administrative Officer

Has responsibility for corporate safety and security, communications, sustainability, and human resources.

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The key risks to Freeport-McMoRan's business are primarily concentrated around its operational stability, the fluctuating nature of commodity markets, and the complexities of regulatory and geopolitical landscapes.

1. Operational Risks and Mine Incidents: A significant risk stems from operational challenges and potential incidents at its large-scale mining facilities, particularly the Grasberg minerals district in Indonesia. A major mud rush incident in September 2025 at the Grasberg Block Cave mine, which resulted in fatalities and missing workers, directly impacted short-term production forecasts and led to revised sales expectations. Such events can cause significant disruptions to production capabilities, increase operational costs, and negatively affect investor confidence. General operational hazards inherent in mining, including natural disasters, equipment failures, and geological complexities in underground operations, also pose ongoing risks to the company's business, operating results, and cash flows.
2. Commodity Price Volatility: As a leading producer of copper, gold, and molybdenum, Freeport-McMoRan's financial performance is highly sensitive to the volatile prices of these commodities. Fluctuations in global demand, particularly in major markets like China or in sectors such as construction and manufacturing, can lead to lower copper prices, directly affecting the company's revenue and profitability. Even minor price changes can have a magnified effect on the company's financial results due to its high operational leverage.
3. Regulatory and Geopolitical Risks: Freeport-McMoRan operates globally and is subject to evolving regulatory and legal challenges. This includes risks related to environmental compliance, tightening regulations, and potential shareholder litigation over environmental mismanagement. For example, stricter environmental regulations, such as the "Copper Rule" enacted by the U.S. Environmental Protection Agency, could impose significant compliance costs, although the company recently received a temporary exemption for its Arizona smelter. Additionally, geopolitical tensions, resource nationalism, and civil unrest in key operating regions, such as Indonesia and Peru, can disrupt operations, increase volatility, and affect the company's reputation and ability to secure or extend mining rights.

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The increasing global water scarcity, exacerbated by climate change, combined with heightened environmental awareness and community activism, represents a clear emerging threat to Freeport-McMoRan. This confluence of factors is intensifying challenges in securing and maintaining a social license to operate for large-scale mining projects, particularly in water-stressed regions where many of FCX's assets are located. This can lead to significant operational disruptions, project delays or abandonment, increased capital expenditures for water management solutions, and regulatory hurdles, fundamentally impacting the company's ability to extract resources and expand operations.

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Copper

Gold

Molybdenum

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Freeport-McMoRan (FCX) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Increased Copper Production Volumes: A significant driver of revenue growth for Freeport-McMoRan is the anticipated ramp-up of its large-scale, long-lived underground mines at the Grasberg complex in Indonesia, specifically the Grasberg Block Cave and Deep Mill Level Zone (DMLZ) operations. This expansion is projected to lead to substantially higher copper production.
2. Increased Gold Production Volumes: Alongside copper, the Grasberg underground complex is also expected to yield significantly higher gold production. As a valuable co-product, increased gold output will directly contribute to Freeport-McMoRan's revenue growth.
3. Favorable Copper Price Environment: The long-term outlook for copper prices remains bullish, driven by strong global demand stemming from electrification initiatives, the expansion of renewable energy infrastructure, and the growing adoption of electric vehicles. This robust demand is anticipated to support a positive copper price environment, directly enhancing the value of FCX's copper sales.
4. Higher Output from North and South American Operations: Beyond the significant contributions from Grasberg, Freeport-McMoRan also expects higher output from its established North American and South American mining operations. These consistent and potentially increasing production levels from existing sites will further bolster overall revenue.

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Share Repurchases

• In May 2022, Freeport-McMoRan initiated a share repurchase program authorizing the company to repurchase up to $3 billion of common stock.
• As of October 2022, approximately $750 million of common stock had been repurchased under this program.
• In February 2024, the Board approved a new share repurchase program of up to $1.0 billion of common stock, which replaced the prior $3.0 billion authorization.

Capital Expenditures

• Freeport-McMoRan's capital expenditures for 2023 were projected to be approximately $4.8 billion.
• These 2023 expenditures were primarily focused on major projects in Indonesia and the Americas.
• Capital expenditures are expected to be approximately $4.6 billion for 2024, focusing on continued investments in the Grasberg minerals district, expanding underground mining at Lone Star, and other North America and South America mining operations.