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 .
- 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.
- Gold - Extracts and sells gold in concentrate and anode slimes, contributing significantly to the company's revenue.
- Molybdenum - Mines and sells molybdenum, a metal used in steel alloys and other industrial applications.
You might also like
| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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?
Research analysts who have asked questions during FREEPORT-MCMORAN earnings calls.
Daniel Major
UBS
6 questions for FCX
Brian MacArthur
Raymond James Financial, Inc.
5 questions for FCX
Lawson Winder
Bank of America
5 questions for FCX
Christopher LaFemina
Jefferies
4 questions for FCX
Katja Jancic
BMO Capital Markets
4 questions for FCX
Liam Fitzpatrick
Deutsche Bank
4 questions for FCX
Orest Wowkodaw
Scotiabank
4 questions for FCX
Bob Brackett
Bernstein Research
3 questions for FCX
Timna Tanners
Wolfe Research
3 questions for FCX
William Peterson
JPMorgan Chase & Co.
3 questions for FCX
Alan Spence
BNP Paribas Exane
2 questions for FCX
Alexander Hacking
Citigroup
2 questions for FCX
Bill Peterson
JPMorgan Chase & Co.
2 questions for FCX
Carlos de Alba
Morgan Stanley
2 questions for FCX
Chris LaFemina
Jefferies Financial Group
2 questions for FCX
John Tumazos
John Tumazos Very Independent Research
2 questions for FCX
Michael Dudas
Vertical Research Partners
2 questions for FCX
Bennett Moore
JPMorgan Chase & Co.
1 question for FCX
| Customer | Relationship | Segment | Details |
|---|---|---|---|
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. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- PT Freeport Indonesia located the five remaining team members from the September 8 mud rush incident; all were found deceased, bringing the total fatalities to seven (two found on September 20, five found October 5).
- Mining operations in the Grasberg minerals district have been temporarily suspended since the September 8 incident to prioritize search and safety measures.
- A preliminary assessment of potential production impacts was provided on September 24 and remains unchanged; a full investigation into the root cause is expected to conclude by year-end 2025.
- Five missing team members located on October 5 and found deceased, bringing total fatalities to seven following the September 8 mud rush at the Grasberg Block Cave mine.
- The incident involved a sudden rush of approximately 800,000 metric tons of wet material entering multiple mine levels.
- Mining operations in the Grasberg minerals district have been suspended since September 8, and an investigation with external experts is underway, expected to conclude by year-end 2025.
- FCX has provided no updates to its preliminary production impact assessment issued on September 24, 2025.
- Freeport-McMoRan will transfer an additional 12% stake in PT Freeport Indonesia to the Indonesian government at no cost as part of securing an extension of its Grasberg mine operating license beyond 2041.
- This transfer increases the government’s ownership from 51% to 63%, reinforcing its majority control over the Grasberg copper mine.
- The agreement follows high-level talks in September 2025 between CEO Kathleen Quirk and Danantara head Rosan Roeslani in the United States.
- The deal comes amid operational challenges at Grasberg, including recent flooding that led to force majeure, revised production forecasts, and an 18% drop in Freeport’s share price.
- Two team members were found fatally injured and five remain missing after the September 8 mud rush at the Grasberg Block Cave mine.
- Approximately 800,000 metric tons of wet material entered the mine, leading to suspension of operations in the Grasberg minerals district since September 8.
- An external expert-led investigation into the incident has been initiated and is expected to conclude by year-end 2025; PTFI is working closely with Indonesian authorities on the review and search efforts.
- For the third quarter of 2025, consolidated sales guidance is 4% lower for copper and 6% lower for gold versus July 2025 estimates.
- Freeport-McMoRan cut its Q3 2025 copper sales forecast by 4% and gold by 6% versus July projections following a major operational disruption at its Grasberg mine.
- A September 8 mud rush at Grasberg caused two fatalities, five missing workers and triggered a force majeure, suspending mine operations.
- Grasberg output in 2026 could be 35% below pre-incident estimates; unaffected pits are set to restart by late 2025, with phased Grasberg ramp-up in H1 2026.
- The company’s insurance covers up to $1 billion (with a $0.7 billion limit for underground incidents) and the board declared cash dividends payable November 3, 2025.
- Expert teams are working around the clock to locate seven PT Freeport Indonesia team members missing after a September 8 mud flow in the Grasberg Block Cave underground mine.
- Access routes to the service level remain blocked, and crews have drilled into multiple locations, including near a refuge chamber, but have not yet found the workers.
- Mining operations in the Grasberg minerals district are temporarily suspended to prioritize safe evacuation and recovery efforts.
- Indonesian government authorities are on site and collaborating with PTFI to review the incident; a full investigation will assess impacts on near-term production forecasts.
- Seven contractor workers remain missing after a mud flow in the Grasberg Block Cave on September 8; expert teams have cleared access routes and drilled into refuge areas but have not located the individuals to date.
- Grasberg District mining operations are suspended to prioritize safe evacuation and clearance of service‐level blockages following the incident.
- PTFI will complete a thorough investigation and assess impacts on near-term production forecasts, with Indonesian authorities on site supporting rescue and incident review efforts.
- President Trump announced a 50% Section 232 tariff on copper imports, though markets are pricing in a rate below 50% based on the LME–COMEX spread.
- The U.S. consumes ~2 million tons and produces ~1 million tons of copper annually, relying heavily on imports and overseas refining capacity.
- Policy reforms—such as updating the 1872 Mining Act and expediting permitting—are viewed as more effective at boosting domestic production than tariffs.
- Freeport-McMoRan supplies about one-third of U.S. copper and owns domestic smelting/refining facilities, enabling it to capture any tariff premium.
- Many Canadian producers ship concentrate to China for refining, mitigating the impact of U.S. tariffs on those companies.
- Freeport-McMoRan (FCX) has been trading in a base formation since 2021, encountering resistance in the $43–45 range.
- The stock is now breaking above that long-term resistance, indicating a potential bullish continuation.
- 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) .