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    Freeport-McMoRan Inc (FCX)

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    FCX, or Freeport-McMoRan Inc., is a leading international mining company headquartered in Phoenix, Arizona, with significant operations in North America, South America, and Indonesia. The company is one of the world's largest publicly traded copper producers and also has substantial reserves of gold and molybdenum . FCX's portfolio includes the Grasberg minerals district in Indonesia, which is one of the world's largest copper and gold deposits, as well as the Morenci minerals district in Arizona and the Cerro Verde operation in Peru . The company's primary product lines include copper, gold, and molybdenum, with copper being the most significant contributor to FCX's revenues .

    1. Copper - Produces and sells copper cathode, copper concentrate, and copper rod, which are major components of the company's revenue stream.
      • Copper Cathode - Refined copper product used in various industrial applications.
      • Copper Concentrate - Intermediate product used in smelting and refining processes.
      • Copper Rod - Used in electrical applications and manufacturing.
    2. Gold - Extracts and sells gold in concentrate and anode slimes, contributing significantly to the company's revenue.
    3. Molybdenum - Mines and sells molybdenum, a metal used in steel alloys and other industrial applications.
    NamePositionExternal RolesShort Bio

    Kathleen L. Quirk

    ExecutiveBoard

    President and CEO

    Board Member at Vulcan Materials Company

    Over 30 years at FCX; instrumental in strategic planning, corporate finance, and operational success; recognized as Best CFO in Metals and Mining multiple times.

    View Report →

    Richard C. Adkerson

    ExecutiveBoard

    Chairman of the Board

    Member of The Business Council, Business Roundtable, and Council on Foreign Relations

    Joined FCX in 1997; former CEO; recognized leader in the mining industry; instrumental in FCX's global copper leadership and sustainability initiatives.

    Douglas N. Currault II

    Executive

    Senior Vice President and General Counsel

    None mentioned

    Joined FCX in 2000; oversees legal and corporate governance matters; played a key role in amendments to corporate governance documents.

    Maree E. Robertson

    Executive

    Executive Vice President and CFO

    None mentioned

    Joined FCX in 2022; previously CFO at Rio Tinto Group and held senior finance roles at BHP Group; oversees financial operations and compliance.

    Stephen T. Higgins

    Executive

    Executive Vice President and CAO

    None mentioned

    Over 15 years at FCX; previously VP of Sales and Marketing; oversees administrative functions and corporate operations.

    David P. Abney

    Board

    Independent Director

    Board Member at Northrop Grumman Corporation and Target Corporation

    Former Chairman and CEO of UPS; expertise in logistics, corporate governance, and sustainability; chairs FCX's Compensation Committee.

    Dustan E. McCoy

    Board

    Independent Director

    Lead Independent Director at Louisiana-Pacific Corporation; Director at YETI Holdings

    Former CEO of Brunswick Corporation; expertise in corporate governance, compliance, and human capital management.

    Frances Fragos Townsend

    Board

    Independent Director

    Director at Chubb Limited and Leonardo DRS, Inc.

    Former EVP at Activision Blizzard; expertise in risk management, security, and corporate governance; chairs FCX's Corporate Responsibility Committee.

    Hugh Grant

    Board

    Independent Director

    Director at Linde plc, Invaio Sciences, and CIBO Technologies

    Former Chairman and CEO of Monsanto; expertise in agricultural biotechnology, sustainability, and corporate governance.

    John J. Stephens

    Board

    Independent Director

    Chairperson of Solid Power, Inc.

    Former CFO of AT&T; expertise in corporate finance, technology, and regulatory compliance; chairs FCX's Audit Committee.

    Lydia H. Kennard

    Board

    Independent Director

    CEO of KDG Construction Consulting; Board Member at AECOM, Prologis, and Vulcan Materials

    Over 40 years of experience in aviation, construction, and real estate; expertise in corporate governance and environmental management.

    Marcela E. Donadio

    Board

    Independent Director

    Board Member at Marathon Oil Corporation, Norfolk Southern Corporation, and NOV Inc.

    Former audit partner with expertise in financial reporting and compliance; significant experience in the energy and natural resources sectors.

    Robert W. Dudley

    Board

    Independent Director

    Director at LyondellBasell Industries N.V.; Chairman of Axio and Prism Global Management LLC

    Former CEO of BP; expertise in energy transition, sustainability, and corporate governance; chairs the Oil and Gas Climate Change Initiative.

    Ryan M. Lance

    Board

    Independent Director

    Chairman and CEO of ConocoPhillips; Board Member at National Fish and Wildlife Foundation

    Over 37 years in the oil and gas industry; expertise in decarbonization, sustainability, and international operations.

    Sara Grootwassink Lewis

    Board

    Independent Director

    Board Member at Healthpeak Properties and Weyerhaeuser Company

    Former CFO with expertise in finance, cybersecurity, and sustainability; serves on multiple governance and audit-related boards.

    1. Given the significant cost challenges and lower grades you've been experiencing in your North American operations, can you provide more specifics on your timeline and measurable targets for reducing unit costs and improving productivity?
    2. With the recent smelter fire in Indonesia and the lack of business interruption insurance, how do you plan to mitigate potential financial impacts, and what contingency plans are in place if the government does not grant the additional flexibility you are seeking for concentrate exports?
    3. The requirement to hold 30% of export proceeds in Indonesian banks for 90 days restricts a significant amount of your cash; how is this affecting your liquidity and capital allocation plans, and what steps are you taking to address this issue with the government?
    4. Regarding your capital allocation strategy, how are you prioritizing between the Bagdad expansion, El Abra, and Lone Star projects, and can you provide clarity on how you assess the returns and risks associated with each before committing significant capital?
    5. As M&A activity picks up in the mining sector, do you risk falling behind competitors by focusing primarily on organic growth, and how do you intend to adapt if valuable assets become unavailable due to industry consolidation?
    Program DetailsProgram 1
    Approval DateNovember 1, 2021
    End Date/DurationNo expiration date
    Total additional amount$5.0 billion
    Remaining authorization amount$3,105,744,136
    DetailsProvides flexibility in returning capital to shareholders. The timing and amount of repurchases depend on market conditions and cash flow. The program can be modified, increased, suspended, or terminated at any time.
    CustomerRelationshipSegmentDetails

    Mitsubishi Materials (MMC)

    Joint venture partner in PT Smelting

    All

    Generated $4.4 billion in 2024 (17% of consolidated revenues) , $2.0 billion in 2023 , and $0.6 billion in 2022.

    PT Smelting

    66%-owned copper smelter/refinery by PT-FI

    All

    Generated $3.0 billion in 2022 (13% of consolidated revenues) and $27 million in 2023. Beginning in 2023, transitioned to a tolling arrangement with PT-FI.

    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2002 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Cerro Verde

    2024

    In September 2024, Freeport-McMoRan (FCX) acquired 5.3 million shares of Cerro Verde common stock for $210 million, increasing its ownership from 53.56% to 55.08%. This acquisition strategically deepens FCX's stake in Cerro Verde, reinforcing its business fit in the mining sector while solidifying its influence over the asset.

    Recent press releases and 8-K filings for FCX.

    Freeport-McMoRan Reports Q1 2025 Earnings Results
    FCX
    Earnings
    Guidance Update
    New Projects/Investments
    Share Buyback
    • Q1 Financial Performance: Achieved $5.7 bn in revenues, $1.9 bn adjusted EBITDA, and net income of $352 million (adjusted $358 million, $0.24/share) ; Q1 production met expectations with copper sales exceeding targets .
    • Production & Operations: Delivered consolidated production of 868M lbs copper, 287k oz gold, and 23M lbs molybdenum; copper sales volumes surpassed guidance while gold shipments were impacted by timing; the new Indonesian smelter is set to start in May and ramp to full capacity over 6 months .
    • Outlook & Guidance: 2025e guidance projects 4.0 bn lbs copper and 1.6M oz gold, bolstered by a 20% increase in copper volumes and nearly 4x gold shipments anticipated in the remaining quarters .
    • Capital & Liquidity: Maintaining disciplined allocation with CAPEX guidance around $4.4 bn , robust operating cash flows of $1.1 bn against $1.2 bn in capex , a strong balance sheet with total debt of $9.4 bn and consolidated cash of $4.4 bn , and executed YTD share repurchases totaling $0.3 bn (including repurchase of 2.3M shares at $35.48 as part of a $5.0 bn program) .
    6 days ago
    Freeport McMoRan Announces Q1 2025 Operational Update
    FCX
    Guidance Update
    • Q1 2025 copper and gold production approximated expectations, though shipment timing issues in Indonesia led to deferred gold sales relative to initial guidance.
    • Consolidated copper sales remain aligned with the January 2025 guidance of 850 million pounds, while gold sales are expected to be approximately 100 thousand ounces below guidance due to shipment deferrals.
    • Unit net cash costs are estimated to be about 5% higher than guidance, driven by the timing of gold shipments and related by-product credits.
    Mar 31, 2025, 12:00 AM