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United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark one)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from   to
Commission file number: 001-11307-01
fcx_logoa01a01a03a46.jpg
Freeport-McMoRan Inc.
(Exact name of registrant as specified in its charter)
Delaware74-2480931
(State or other jurisdiction of(I.R.S. Employer Identification No.)
incorporation or organization) 
333 North Central Avenue
PhoenixAZ85004-2189
(Address of principal executive offices)(Zip Code)
(602) 366-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.10 per shareFCXThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes  ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes  ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer  
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes  ☑ No 
On July 31, 2024, there were issued and outstanding 1,436,856,316 shares of the registrant’s common stock, par value $0.10 per share.


Freeport-McMoRan Inc.

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Part I.FINANCIAL INFORMATION

Item 1.Financial Statements.

Freeport-McMoRan Inc.
CONSOLIDATED BALANCE SHEETS (Unaudited)
June 30,
2024		December 31,
2023
 (In Millions)
ASSETS  
Current assets:  
Cash and cash equivalents$5,273 $4,758 
Restricted cash and cash equivalents1,030 1,208 
Trade accounts receivable1,128 1,209 
Income and other tax receivables428 455 
Inventories: 
Product2,755 2,472 
Materials and supplies, net2,283 2,169 
Mill and leach stockpiles1,436 1,419 
Other current assets389 375 
Total current assets14,722 14,065 
Property, plant, equipment and mine development costs, net36,784 35,295 
Long-term mill and leach stockpiles1,286 1,336 
Other assets1,843 1,810 
Total assets$54,635 $52,506 
LIABILITIES AND EQUITY  
Current liabilities:  
Accounts payable and accrued liabilities$3,910 $3,729 
Accrued income taxes898 786 
Current portion of debt768 766 
Current portion of environmental and asset retirement obligations342 316 
Dividends payable218 218 
Total current liabilities6,136 5,815 
Long-term debt, less current portion8,658 8,656 
Environmental and asset retirement obligations, less current portion5,083 4,624 
Deferred income taxes4,491 4,453 
Other liabilities1,581 1,648 
Total liabilities25,949 25,196 
Equity:  
Stockholders’ equity:  
Common stock162 162 
Capital in excess of par value24,321 24,637 
Accumulated deficit(970)(2,059)
Accumulated other comprehensive loss(274)(274)
Common stock held in treasury(5,835)(5,773)
Total stockholders’ equity17,404 16,693 
Noncontrolling interests11,282 10,617 
Total equity28,686 27,310 
Total liabilities and equity$54,635 $52,506 

The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
(In Millions, Except Per Share Amounts)
Revenues$6,624 $5,737 $12,945 $11,126 
Cost of sales:  
Production and delivery3,875 3,549 7,719 6,714 
Depreciation, depletion and amortization 509 547 1,104 946 
Total cost of sales4,384 4,096 8,823 7,660 
Selling, general and administrative expenses123 115 267 241 
Exploration and research expenses40 42 77 73 
Environmental obligations and shutdown costs
28 74 95 141 
Total costs and expenses4,575 4,327 9,262 8,115 
Operating income2,049 1,410 3,683 3,011 
Interest expense, net(88)(171)(177)(322)
Net gain on early extinguishment of debt— 5 — 5 
Other income, net69 24 198 112 
Income before income taxes and equity in affiliated companies’ net earnings 2,030 1,268 3,704 2,806 
Provision for income taxes(754)(539)(1,266)(1,038)
Equity in affiliated companies’ net earnings 4 2 4 12 
Net income 1,280 731 2,442 1,780 
Net income attributable to noncontrolling interests(664)(388)(1,353)(774)
Net income attributable to common stockholders$616 $343 $1,089 $1,006 
Net income per share attributable to common stockholders:
Basic
$0.42 $0.24 $0.75 $0.70 
Diluted
$0.42 $0.23 $0.75 $0.69 
Weighted-average shares of common stock outstanding:
Basic
1,438 1,434 1,437 1,434 
Diluted
1,445 1,442 1,445 1,443 
Dividends declared per share of common stock$0.15 $0.15 $0.30 $0.30 
 
The accompanying notes are an integral part of these consolidated financial statements.

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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(In Millions)
Net income $1,280 $731 $2,442 $1,780 
Other comprehensive income, net of taxes:
Defined benefit plans:
Amortization of unrecognized amounts included in net periodic benefit costs— 1 1 2 
Foreign exchange (losses) gains— — (1)1 
Other comprehensive income — 1 — 3 
Total comprehensive income 1,280 732 2,442 1,783 
Total comprehensive income attributable to noncontrolling interests(664)(388)(1,353)(775)
Total comprehensive income attributable to common stockholders$616 $344 $1,089 $1,008 

The accompanying notes are an integral part of these consolidated financial statements.



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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
June 30,
 20242023
 (In Millions)
Cash flow from operating activities:  
Net income$2,442 $1,780 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation, depletion and amortization1,104 946 
Stock-based compensation77 72 
Net charges for environmental and asset retirement obligations, including accretion300 237 
Payments for environmental and asset retirement obligations(97)(114)
Net charges for defined pension and postretirement plans16 31 
Pension plan contributions(38)(6)
Net gain on early extinguishment of debt— (5)
Deferred income taxes37 74 
Change in deferred profit on PT Freeport Indonesia’s sales to PT Smelting— (112)
Charges for social investment programs at PT Freeport Indonesia51 36 
Payments for social investment programs at PT Freeport Indonesia(37)(28)
Other, net21 14 
Changes in working capital and other:
 
Accounts receivable92 756 
Inventories(341)(530)
Other current assets21 (17)
Accounts payable and accrued liabilities103 (203)
Accrued income taxes and timing of other tax payments101 (208)
Net cash provided by operating activities3,852 2,723 
Cash flow from investing activities: 
Capital expenditures: 
North America copper mines(480)(378)
South America operations(172)(183)
Indonesia mining(750)(790)
Indonesia downstream processing facilities(740)(823)
Molybdenum mines(63)(22)
Other(165)(88)
Loans to PT Smelting for expansion(28)(61)
Proceeds from sales of assets and other, net13 (20)
Net cash used in investing activities(2,385)(2,365)
Cash flow from financing activities:  
Proceeds from debt1,281 681 
Repayments of debt(1,281)(1,806)
Cash dividends and distributions paid:
Common stock(433)(432)
Noncontrolling interests(685)(291)
Contributions from noncontrolling interests— 50 
Proceeds from exercised stock options26 34 
Payments for withholding of employee taxes related to stock-based awards(35)(47)
Other, net(1)(1)
Net cash used in financing activities(1,128)(1,812)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents339 (1,454)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year6,063 8,390 
Cash and cash equivalents and restricted cash and cash equivalents at end of period$6,402 $6,936 
The accompanying notes are an integral part of these consolidated financial statements.
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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited)
THREE MONTHS ENDED JUNE 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In Millions)
Balance at March 31, 20241,622 $162 $24,488 $(1,586)$(274)186 $(5,817)$16,973 $11,132 $28,105 
Exercised and issued stock-based awards2 — 31 — — — — 31 — 31 
Stock-based compensation, including the tender of shares— — 18 — — — (18)— (2)(2)
Dividends— — (216)— — — — (216)(512)(728)
Net income attributable to common stockholders— — — 616 — — — 616 — 616 
Net income attributable to noncontrolling interests
— — — — — — — — 664 664 
Balance at June 30, 20241,624 $162 $24,321 $(970)$(274)186 $(5,835)$17,404 $11,282 $28,686 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In Millions)
Balance at March 31, 20231,618 $162 $25,227 $(3,244)$(319)184 $(5,769)$16,057 $9,591 $25,648 
Exercised and issued stock-based awards— — 3 — — — — 3 — 3 
Stock-based compensation, including the tender of shares— — 14 — — — — 14 — 14 
Dividends— — (216)— — — — (216)(154)(370)
Net income attributable to common stockholders— — — 343 — — — 343 — 343 
Net income attributable to noncontrolling interests— — — — — — — — 388 388 
Other comprehensive income— — — — 1 — — 1 — 1 
Balance at June 30, 20231,618 $162 $25,028 $(2,901)$(318)184 $(5,769)$16,202 $9,825 $26,027 






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Freeport-McMoRan Inc.
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) (continued)
SIX MONTHS ENDED JUNE 30
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In Millions)
Balance at December 31, 20231,619 $162 $24,637 $(2,059)$(274)184 $(5,773)$16,693 $10,617 $27,310 
Exercised and issued stock-based awards5 — 53 — — 1 — 53 — 53 
Stock-based compensation, including the tender of shares— — 64 — — 1 (62)2 (3)(1)
Dividends— — (433)— — — — (433)(685)(1,118)
Net income attributable to common stockholders— — — 1,089 — — — 1,089 — 1,089 
Net income attributable to noncontrolling interests
— — — — — — — — 1,353 1,353 
Balance at June 30, 20241,624 $162 $24,321 $(970)$(274)186 $(5,835)$17,404 $11,282 $28,686 
 Stockholders’ Equity  
Common StockAccum-ulated DeficitAccumu-
lated
Other Compre-
hensive
Loss		Common Stock
Held in Treasury		Total
Stock-holders’ Equity
Number
of
Shares		At Par
Value		Capital in
Excess of
Par Value		Number
of
Shares		At
Cost		Non-
controlling
Interests		Total
Equity
 (In Millions)
Balance at December 31, 20221,613 $161 $25,322 $(3,907)$(320)183 $(5,701)$15,555 $9,316 $24,871 
Exercised and issued stock-based awards5 1 55 — — — — 56 — 56 
Stock-based compensation, including the tender of shares— — 60 — — 1 (68)(8)(1)(9)
Dividends— — (433)— — — — (433)(291)(724)
Contributions from noncontrolling interests— — 24 — — — — 24 26 50 
Net income attributable to common stockholders— — — 1,006 — — — 1,006 — 1,006 
Net income attributable to noncontrolling interests
— — — — — — — — 774 774 
Other comprehensive income — — — — 2 — — 2 1 3 
Balance at June 30, 20231,618 $162 $25,028 $(2,901)$(318)184 $(5,769)$16,202 $9,825 $26,027 

The accompanying notes are an integral part of these consolidated financial statements.

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Freeport-McMoRan Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

NOTE 1. GENERAL INFORMATION

The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States (U.S.). Therefore, this information should be read in conjunction with Freeport-McMoRan Inc.’s (FCX) consolidated financial statements and notes contained in its annual report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K). The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. Operating results for the six-month period ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Dollar amounts in tables are stated in millions, except per share amounts.

PT Smelting. In December 2023, PT Smelting completed an expansion of its facilities. The project was funded by PT Freeport Indonesia (PT-FI) with borrowings totaling $254 million that converted to equity effective June 30, 2024, increasing PT-FI’s ownership in PT Smelting to 66% from 39.5%.

As discussed in Note 3 of FCX’s 2023 Form 10-K, FCX has determined that PT Smelting, which is owned by PT-FI and Mitsubishi Materials Corporation, is a variable interest entity. Since mutual consent of both PT Smelting shareholders is required to make the decisions that most significantly impact the economic performance of PT Smelting, PT-FI is not the primary beneficiary. Accordingly, PT-FI will continue to account for its investment in PT Smelting under the equity method.

Attribution of PT Freeport Indonesia’s Net Income or Loss. As discussed in Note 3 of FCX’s 2023 Form 10-K, beginning January 1, 2023, the attribution of PT-FI’s net income or loss is based on equity ownership percentages (48.76% for FCX, 26.24% for PT Mineral Industri Indonesia (MIND ID) and 25.00% for PT Indonesia Papua Metal Dan Mineral) with certain exceptions, as contemplated by the economics replacement agreement in the PT-FI shareholders agreement.

As further discussed in Note 3, in first-quarter 2024, PT-FI recorded net credits of $215 million associated with the closure of its 2021 corporate income tax audit and resolution of the framework for disputed tax matters. PT-FI’s net income and cash dividends associated with the settlement of this historical tax matter that originated before December 31, 2022, were attributed approximately 81% to FCX.

As discussed in Note 3 of FCX’s 2023 Form 10-K, because PT-FI did not achieve the Gold Target during the Initial Period (as defined in the PT-FI shareholders agreement), PT-FI’s net income and cash dividends associated with the sale of approximately 190,000 ounces of gold during 2023 were attributed approximately 81% to FCX.

Subsequent Events. FCX evaluated events after June 30, 2024, and through the date the consolidated financial statements were issued and determined any events and transactions occurring during this period that would require recognition or disclosure are appropriately addressed in these consolidated financial statements.

NOTE 2. EARNINGS PER SHARE

FCX calculates its basic net income per share of common stock under the two-class method and calculates its diluted net income per share of common stock using the more dilutive of the two-class method or the treasury-stock method. Basic net income per share of common stock was computed by dividing net income attributable to common stockholders (after deducting accumulated dividends and undistributed earnings to participating securities) by the weighted-average shares of common stock outstanding during the period. Diluted net income per share of common stock was calculated by including the basic weighted-average shares of common stock outstanding adjusted for the effects of all potential dilutive shares of common stock, unless their effect would be antidilutive.


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Reconciliations of net income and weighted-average shares of common stock outstanding for purposes of calculating basic and diluted net income per share follow:
Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Net income$1,280 $731 $2,442 $1,780 
Net income attributable to noncontrolling interests(664)(388)(1,353)(774)
Undistributed dividends and earnings allocated to participating securities(6)(5)(6)(5)
Net income attributable to common stockholders$610 $338 $1,083 $1,001 
Basic weighted-average shares of common stock outstanding
1,438 1,434 1,437 1,434 
Add shares issuable upon exercise or vesting of dilutive stock options and restricted stock units7 8 8 9 
Diluted weighted-average shares of common stock outstanding
1,445 1,442 1,445 1,443 
Net income per share attributable to common stockholders:
Basic$0.42 $0.24 $0.75 $0.70 
Diluted$0.42 $0.23 $0.75 $0.69 

Shares associated with outstanding stock options with exercise prices greater than the average market price of FCX’s common stock during the period are excluded from the computation of diluted net income per share of common stock. There were no shares of common stock associated with outstanding stock options excluded in any of the periods shown above.

NOTE 3. INCOME TAXES

Geographic sources of FCX’s (provision) benefit for income taxes follow:
Six Months Ended
June 30,
 20242023
U.S.$(4)

$3 
International(1,262)(1,041)
Total$(1,266)$(1,038)


FCX’s consolidated effective income tax rate is a function of the various rates in the jurisdictions where it operates and was 34% for the first six months of 2024, including a net benefit of $182 million related to closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for Indonesia disputed tax matters (see below for further discussion), and was 37% for the first six months of 2023. The 2023 effective income tax rate reflects the impact of pre-tax, nondeductible charges totaling $142 million for the first six months of 2023 associated with contested tax rulings issued by the Peruvian Supreme Court. At current copper prices, FCX expects its U.S. jurisdiction to generate net losses for the year 2024 that will not result in a realized tax benefit; accordingly, applicable accounting rules require FCX to adjust its estimated annual effective tax rate to exclude the impact of U.S. net losses.

PT-FI Historical Tax Matters. During the first six months of 2024, in conjunction with closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters, PT-FI recorded net credits of $215 million, including $199 million to provision for income taxes, $8 million to production and delivery and $8 million to interest expense, net. In addition, FCX recognized a charge of $17 million to provision for income taxes related to withholding taxes and a credit of $26 million in other income, net associated with the reduction in the related accrual to indemnify MIND ID from potential losses arising from historical tax disputes.

Resolution of the framework for disputed tax matters also resulted in a decrease of unrecognized tax benefits of $276 million and a decrease of $43 million in related interest and penalties, as well as a decrease in contingencies related to Indonesia tax matters of $179 million, including a $35 million decrease associated with penalties and interest. Refer to Notes 11 and 12 of FCX’s 2023 Form 10-K for further discussion.


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Uncertain Tax Positions. As further discussed in Note 7, in May 2024, an arbitration tribunal rejected FCX and Cerro Verde’s claims relating to the assessment of mining royalties on ore processed by the Cerro Verde concentrator for the period from December 2006 to December 2013. Cerro Verde had previously paid the full amount of these disputed tax assessments, including the related interest and penalties, and a full reserve had been applied against these amounts; as such, the decision by the arbitration tribunal had no impact on FCX’s consolidated financial statements. FCX has reduced its unrecognized tax benefits by $269 million and related interest and penalties by $319 million (refer to Note 11 of FCX’s 2023 Form 10-K for a summary of unrecognized tax benefits and related interest and penalties).

U.S. Inflation Reduction Act of 2022. The provisions of the U.S. Inflation Reduction Act of 2022 (the Act) became applicable to FCX on January 1, 2023. The Act includes, among other provisions, a new Corporate Alternative Minimum Tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. FCX has made interpretations of certain provisions of the Act, and based on these interpretations, determined that the provisions of the Act did not impact FCX’s financial results for the first six months of 2024 or for the year 2023.

Although the Internal Revenue Service (IRS) and U.S. Department of the Treasury (Treasury) published guidance in 2023 that provided some additional clarity on these rules, regulations are yet to be published and uncertainty remains regarding the application of the CAMT to FCX. Future regulations and guidance released by the IRS and Treasury may differ from FCX’s interpretations of the Act, which could be material and may further limit FCX’s ability to realize future benefits from its U.S. net operating losses.

Pillar Two of the Global Anti-Base Erosion Rules. In December 2021, the Organisation for Economic Co-operation and Development (OECD) published a framework for Pillar Two of the Global Anti-Base Erosion Rules, which was designed to coordinate participating jurisdictions in updating the international tax system to ensure that large multinational companies pay a minimum level of income tax. Recommendations from the OECD regarding a global minimum income tax and other changes are being considered and/or implemented in jurisdictions where FCX operates. At current metals market prices, FCX believes enactment of the recommended framework in jurisdictions where it operates will result in minimal impacts to its financial results in the near term.

NOTE 4. DEBT AND EQUITY

The components of debt follow:
 June 30,
2024		December 31, 2023
Senior notes and debentures:
Issued by FCX$6,008 $6,005 
Issued by PT-FI2,981 2,980 
Issued by Freeport Minerals Corporation353 354 
Other 84 83 
Total debt9,426 9,422 
Less current portion of debt(768)(766)
Long-term debt$8,658 $8,656 
Revolving Credit Facilities. FCX and PT-FI have a $3.0 billion, unsecured revolving credit facility that matures in October 2027. Under the terms of the revolving credit facility, FCX may obtain loans and issue letters of credit in an aggregate amount of up to $3.0 billion, with letters of credit issuance limited to $1.5 billion and PT-FI’s capacity limited to $500 million. At June 30, 2024, FCX had $7 million in letters of credit issued under its revolving credit facility.

PT-FI has a $1.75 billion, unsecured revolving credit facility that matures in November 2028 and Cerro Verde has a $350 million, unsecured revolving credit facility that matures in May 2027.
At June 30, 2024, FCX, PT-FI and Cerro Verde had no borrowings outstanding under their respective revolving credit facilities and were in compliance with their respective covenants.

On July 31, 2024, PT-FI borrowed $250 million under its revolving credit facility to fund capital expenditures for PT-FI’s new smelter and precious metals refinery (PMR) (collectively, the new downstream processing facilities).
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Interest Expense, Net. Consolidated interest costs (before capitalization) totaled $181 million in second-quarter 2024, $234 million in second-quarter 2023, $356 million for the first six months of 2024 and $441 million for the first six months of 2023. Consolidated interest costs (before capitalization) in the 2023 periods includes $50 million in second-quarter 2023 and $74 million for the first six months of 2023 associated with Cerro Verde’s contested tax rulings issued by the Peru Supreme Court.

Capitalized interest added to property, plant, equipment and mine development costs, net, totaled $93 million in second-quarter 2024, $62 million in second-quarter 2023, $179 million for the first six months of 2024 and $119 million for the first six months of 2023. The increase in capitalized interest costs in the 2024 periods compared to the 2023 periods, primarily resulted from increased construction and development costs for projects in process, primarily at PT-FI’s new downstream processing facilities.

Share Repurchase Program and Dividends. In July 2024, FCX acquired 1.2 million shares of its common stock for a total cost of $59 million ($50.48 average cost per share) bringing total purchases under its $5.0 billion share repurchase program to 49.0 million shares of common stock for a cost of $1.9 billion ($38.64 average cost per share). The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at FCX’s Board of Directors’ (Board) discretion.

On June 26, 2024, FCX’s Board declared cash dividends totaling $0.15 per share on its common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on August 1, 2024, to common stockholders of record as of July 15, 2024. The declaration and payment of dividends (base or variable) are at the discretion of FCX’s Board, and will depend on FCX’s financial results, cash requirements, global economic conditions and other factors deemed relevant by FCX’s Board.

NOTE 5. FINANCIAL INSTRUMENTS

FCX does not purchase, hold or sell derivative financial instruments unless there is an existing asset or obligation, or it anticipates a future activity that is likely to occur and will result in exposure to market risks, which FCX intends to offset or mitigate. FCX does not enter into any derivative financial instruments for speculative purposes but has entered into derivative financial instruments in limited instances to achieve specific objectives. These objectives principally relate to managing risks associated with commodity price changes, foreign currency exchange rates and interest rates.

Commodity Contracts.  From time to time, FCX has entered into derivative contracts to hedge the market risk associated with fluctuations in the prices of commodities it purchases and sells. Derivative financial instruments used by FCX to manage its risks do not contain credit risk-related contingent provisions.

A discussion of FCX’s derivative contracts and programs follows.

Derivatives Designated as Hedging Instruments - Fair Value Hedges.
Copper Futures and Swap Contracts. Some of FCX’s U.S. copper rod and cathode customers request a fixed market price instead of the Commodity Exchange Inc. (COMEX) average copper price in the month of shipment. FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested. FCX accomplishes this by entering into copper futures or swap contracts. Hedging gains or losses from these copper futures and swap contracts are recorded in revenues. FCX did not have any significant gains or losses resulting from hedge ineffectiveness during the six-month periods ended June 30, 2024 and 2023. At June 30, 2024, FCX held copper futures and swap contracts that qualified for hedge accounting for 95 million pounds at an average contract price of $4.26 per pound, with maturities through March 2026.


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Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in revenues for derivative financial instruments related to commodity contracts that are designated and qualify as fair value hedge transactions, including on the related hedged item follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Copper futures and swap contracts:  
Unrealized gains (losses):  
Derivative financial instruments$1 $(25)$10 $(11)
Hedged item – firm sales commitments(1)25 (10)11 
Realized gains (losses):  
Matured derivative financial instruments28 (5)29 3 

Derivatives Not Designated as Hedging Instruments.
Embedded Derivatives. Certain FCX sales contracts provide for provisional pricing primarily based on the London Metal Exchange (LME) copper price or the COMEX copper price and the London Bullion Market Association (London) gold price at the time of shipment as specified in the contract. FCX receives market prices based on prices in the specified future month, which results in price fluctuations recorded in revenues until the date of settlement.

FCX records revenues and invoices customers at the time of shipment based on then-current LME or COMEX copper prices and the London gold price as specified in the contracts, which results in an embedded derivative (i.e., a pricing mechanism that is finalized after the time of delivery) that is required to be bifurcated from the host contract. The host contract is the sale of the metals contained in the concentrate, cathode or anode slimes at the then-current LME copper, COMEX copper or London gold prices. FCX applies the normal purchases and normal sales scope exception in accordance with derivatives and hedge accounting guidance to the host contract in its concentrate, cathode and anode slime sales agreements since these contracts do not allow for net settlement and always result in physical delivery. The embedded derivative does not qualify for hedge accounting and is adjusted to fair value through earnings each period, using the period-end LME or COMEX copper forward prices and the adjusted London gold price, until the date of final pricing. Similarly, FCX purchases copper under contracts that provide for provisional pricing. Mark-to-market price fluctuations from these embedded derivatives are recorded through the settlement date and are reflected in revenues for sales contracts and in inventory for purchase contracts.

A summary of FCX’s embedded derivatives at June 30, 2024, follows:
Open PositionsAverage Price
Per Unit		Maturities Through
 ContractMarket
Embedded derivatives in provisional sales contracts:    
Copper (millions of pounds)371 $4.26 $4.33 November 2024
Gold (thousands of ounces)93 2,333 2,344 September 2024
Embedded derivatives in provisional purchase contracts:  
Copper (millions of pounds)115 4.39 4.33 September 2024

Copper Forward Contracts. Atlantic Copper, FCX’s wholly owned smelting and refining unit in Spain, enters into copper forward contracts designed to hedge its copper price risk whenever its physical purchases and sales pricing periods do not match. These economic hedge transactions are intended to hedge against changes in copper prices, with the mark-to-market hedging gains or losses recorded in production and delivery costs. At June 30, 2024, Atlantic Copper held net copper forward sales contracts for 44 million pounds at an average contract price of $4.38 per pound, with maturities through August 2024.


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Summary of Gains (Losses). A summary of realized and unrealized gains (losses) recognized in operating income for commodity contracts that do not qualify as hedge transactions, including embedded derivatives, follows:
 Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Embedded derivatives in provisional sales contracts:a
Copper$181 $(169)$247 $61 
Gold and other metals45 (21)89 22 
Copper forward contractsb
(17)1 (26)(1)
a.Amounts recorded in revenues. 
b.Amounts recorded in cost of sales as production and delivery costs.

Unsettled Derivative Financial Instruments.
A summary of the fair values of unsettled commodity derivative financial instruments follows:
June 30,
2024		December 31, 2023
Commodity Derivative Assets:  
Derivatives designated as hedging instruments:
  
Copper futures and swap contracts$18 $4 
Derivatives not designated as hedging instruments:
  
Embedded derivatives in provisional sales/purchase contracts77 76 
Copper forward contracts5 — 
Total derivative assets$100 $80 
Commodity Derivative Liabilities:
Derivatives designated as hedging instruments:
Copper futures and swap contracts$4 $— 
Derivatives not designated as hedging instruments:
Embedded derivatives in provisional sales/purchase contracts43 23 
Copper forward contracts— 1 
Total derivative liabilities$47 $24 
FCX’s commodity contracts have netting arrangements with counterparties with which the right of offset exists, and it is FCX’s policy to generally offset balances by contract on its balance sheet. FCX’s embedded derivatives on provisional sales/purchase contracts are netted with the corresponding outstanding receivable/payable balances.


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A summary of these net unsettled commodity contracts in the balance sheet follows:
AssetsLiabilities
June 30,
2024		December 31, 2023June 30,
2024		December 31, 2023
Gross amounts recognized:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts$77 $76 $43 $23 
Copper derivatives23 4 4 1 
100 80 47 24 
Less gross amounts of offset:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts7 — 7 — 
7 — 7 — 
Net amounts presented in balance sheet:
Commodity contracts:
Embedded derivatives in provisional
sales/purchase contracts70 76 36 23 
Copper derivatives23 4 4 1 
$93 $80 $40 $24 
Balance sheet classification:
Trade accounts receivable$53 $76 $21 $2 
Other current assets22 4 — — 
Accounts payable and accrued liabilities18 — 17 22 
Other liabilities— — 2 — 
$93 $80 $40 $24 

Credit Risk. FCX is exposed to credit loss when financial institutions with which it has entered into derivative transactions (commodity, foreign exchange and interest rate swaps) are unable to pay. To minimize the risk of such losses, FCX uses counterparties that meet certain credit requirements and periodically reviews the creditworthiness of these counterparties. As of June 30, 2024, the maximum amount of credit exposure associated with derivative transactions was $100 million.

Other Financial Instruments. Other financial instruments include cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, investment securities, legally restricted trust assets, accounts payable and accrued liabilities, accrued income taxes, dividends payable and debt. The carrying value for these financial instruments classified as current assets or liabilities approximates fair value because of their short-term nature and generally negligible credit losses (refer to Note 6 for the fair values of investment securities, legally restricted funds and debt). In addition, as of June 30, 2024, FCX had contingent consideration assets related to the sales of certain oil and gas properties (refer to Note 6 for the related fair values).

Cash and Cash Equivalents and Restricted Cash and Cash Equivalents. The following table provides a reconciliation of total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows:
June 30,
2024		December 31, 2023
Balance sheet components:
Cash and cash equivalentsa
$5,273 $4,758 
Restricted cash and cash equivalents, currentb
1,030 1,208 
Restricted cash and cash equivalents, long-term - included in other assets99 97 
Total cash and cash equivalents and restricted cash and cash equivalents presented in the consolidated statements of cash flows$6,402 $6,063 
a.Includes (i) time deposits of $0.1 billion at June 30, 2024, and $0.3 billion at December 31, 2023, and (ii) cash designated for PT-FI’s new downstream processing facilities totaling $0.2 billion at December 31, 2023.
b.Includes (i) $0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023, associated with 30% of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the
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Indonesia government and (ii) $0.1 billion at each of June 30, 2024, and December 31, 2023, in assurance bonds to support PT-FI’s commitment for its new downstream processing facilities.

NOTE 6. FAIR VALUE MEASUREMENT

Fair value accounting guidance includes a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). FCX did not have any significant transfers in or out of Level 3 during second-quarter 2024.

FCX’s financial instruments are recorded on the consolidated balance sheets at fair value except for contingent consideration associated with the sale of the Deepwater Gulf of Mexico (GOM) oil and gas properties (which was recorded under the loss recovery approach) and debt. A summary of the carrying amount and fair value of FCX’s financial instruments (including those measured at net asset value (NAV) as a practical expedient), other than cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, accrued income taxes and dividends payable (refer to Note 5), follows:

At June 30, 2024
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities7 7 — 7 — — 
Total34 34 27 7 — — 
Legally restricted funds:a
    
U.S. core fixed income fund65 65 65 — — — 
Government mortgage-backed securities49 49 — — 49 — 
Corporate bonds35 35 — — 35 — 
Government bonds and notes31 31 — — 31 — 
Money market funds19 19 — 19 — — 
Asset-backed securities13 13 — — 13 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total213 213 65 19 129 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position77 77 — — 77 — 
Copper futures and swap contracts18 18 — 11 7 — 
Copper forward contracts5 5 — 2 3 — 
       Total100 100 — 13 87 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
47 39 — — — 39 
Liabilities    
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross liability position43 43 — — 43 — 
Copper futures and swap contracts4 4 — 2 2 — 
Total47 47 — 2 45 — 
Long-term debt, including current portiond
9,426 9,221 — — 9,221 — 

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At December 31, 2023
 CarryingFair Value
 AmountTotalNAVLevel 1Level 2Level 3
Assets    
Investment securities:a,b
U.S. core fixed income fund$27 $27 $27 $— $— $— 
Equity securities6 6 — 6 — — 
Total33 33 27 6 — — 
Legally restricted funds:a
    
U.S. core fixed income fund 65 65 65 — — — 
Government mortgage-backed securities51 51 — — 51 — 
Government bonds and notes37 37 — — 37 — 
Corporate bonds29 29 — — 29 — 
Money market funds17 17 — 17 — — 
Asset-backed securities12 12 — — 12 — 
Collateralized mortgage-backed securities1 1 — — 1 — 
Total212 212 65 17 130 — 
Derivatives:c
    
Embedded derivatives in provisional sales/purchase contracts in a gross asset position76 76 — — 76 — 
Copper futures and swap contracts4 4 — 3 1 — 
Total80 80 — 3 77 — 
Contingent consideration for the sale of the Deepwater GOM oil and gas propertiesa
50 42 — — — 42 
Liabilities    
Derivatives:c
Embedded derivatives in provisional sales/purchase contracts in a gross liability position23 23 — — 23 — 
Copper forward contracts1 1 — 1 — — 
Total24 24 — 1 23 — 
Long-term debt, including current portiond
9,422 9,364 — — 9,364 — 
a.Current portion included in other current assets and long-term portion included in other assets.
b.Excludes amounts included in restricted cash and cash equivalents and other assets (which approximated fair value), primarily amounts associated with (i) PT-FI’s export proceeds ($0.9 billion at June 30, 2024, and $1.1 billion at December 31, 2023), (ii) assurance bonds to support PT-FI’s commitment for new downstream processing facilities ($0.1 billion at each of June 30, 2024, and December 31, 2023) and (iii) PT-FI’s mine closure and reclamation guarantees ($0.1 billion at each of June 30, 2024, and December 31, 2023).
c.Refer to Note 5 for further discussion and balance sheet classifications.
d.Recorded at cost except for debt assumed in acquisitions, which are recorded at fair value at the respective acquisition dates.

Valuation Techniques. The U.S. core fixed income fund is valued at NAV. The fund strategy seeks total return consisting of income and capital appreciation primarily by investing in a broad range of investment-grade debt securities, including U.S. government obligations, corporate bonds, mortgage-backed securities, asset-backed securities and money market instruments. There are no restrictions on redemptions (which are usually within one business day of notice).

Equity securities are valued at the closing price reported on the active market on which the individual securities are traded and, as such, are classified within Level 1 of the fair value hierarchy.

Fixed income securities (government securities, corporate bonds, asset-backed securities and collateralized mortgage-backed securities) are valued using a bid-evaluation price or a mid-evaluation price. These evaluations are based on quoted prices, if available, or models that use observable inputs and, as such, are classified within Level 2 of the fair value hierarchy.
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Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.

FCX’s embedded derivatives on provisional copper concentrate, copper cathode and gold purchases and sales are valued using quoted monthly LME or COMEX copper forward prices and the adjusted London gold price at each reporting date based on the month of maturity (refer to Note 5 for further discussion); however, FCX’s contracts themselves are not traded on an exchange. As a result, these derivatives are classified within Level 2 of the fair value hierarchy.

FCX’s derivative financial instruments for copper futures and swap contracts and copper forward contracts that are traded on the respective exchanges are classified within Level 1 of the fair value hierarchy because they are valued using quoted monthly COMEX or LME prices at each reporting date based on the month of maturity (refer to Note 5 for further discussion). Certain of these contracts are traded on the over-the-counter market and are classified within Level 2 of the fair value hierarchy based on COMEX and LME forward prices.

In December 2016, FCX’s sale of its Deepwater GOM oil and gas properties included up to $150 million in contingent consideration (to be received over time) that was recorded at the total amount under the loss recovery approach. The fair value of this contingent consideration was calculated based on a discounted cash flow model using inputs that include third-party estimates for reserves, production rates and production timing, and discount rates. Because significant inputs are not observable in the market, the contingent consideration is classified within Level 3 of the fair value hierarchy.

Long-term debt, including current portion, is primarily valued using available market quotes and, as such, is classified within Level 2 of the fair value hierarchy.

The techniques described above may produce a fair value that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while FCX believes its valuation techniques are appropriate and consistent with other market participants, the use of different techniques or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date. There have been no changes in the techniques used at June 30, 2024, as compared with those techniques used at December 31, 2023.

NOTE 7. CONTINGENCIES AND COMMITMENTS

Environmental
Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion of FCX’s environmental obligations.

FCX recorded net charges for adjustments to environmental obligations totaling $79 million for the first six months of 2024, primarily associated with changes in cost estimates for former processing facilities and historical smelter sites.

Asset Retirement Obligations
Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion of FCX’s asset retirement obligations (AROs).

Mining Operations. FCX recorded net ARO additions at mining operations totaling $261 million for the first six months of 2024, primarily associated with revised closure plans and cost estimates to reflect FCX’s commitment to the Global Industry Standard on Tailings Management (Tailings Standard). FCX may record additional ARO adjustments as it continues to update estimates to conform with the Tailings Standard.

Oil and Gas Properties. Freeport-McMoRan Oil & Gas (FM O&G) recorded net ARO additions totaling $105 million for the first six months of 2024 primarily for assumed oil and gas abandonment obligations resulting from bankruptcies of other companies, including $98 million that was charged to production and delivery costs. FM O&G, as a predecessor-in-interest in oil and natural gas leases, is in the chain of title with unrelated third parties either directly or by virtue of divestiture of certain oil and natural gas assets previously owned and assigned by its subsidiaries. Certain counterparties in these divestiture transactions or third parties in existing leases have filed for bankruptcy protection or undergone associated reorganizations and have not performed the required abandonment obligations. Accordingly, regulations or federal laws require that other working interest owners, including FM O&G, assume such obligations.
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Litigation
There were no significant updates to previously reported legal proceedings included in Note 12 of FCX’s 2023 Form 10-K, other than the matter discussed below.

Louisiana Parishes Coastal Erosion Cases. Certain FCX affiliates were named as defendants, along with numerous co-defendants, in 13 cases out of a total of 42 cases filed in Louisiana state courts by 6 south Louisiana parishes (Cameron, Jefferson, Plaquemines, St. Bernard, St. John the Baptist and Vermilion), alleging that certain oil and gas exploration and production operations and sulfur mining and production operations in coastal Louisiana contaminated and damaged coastal wetlands and caused significant land loss along the Louisiana coast. The settlement agreement to resolve these cases was fully executed in fourth-quarter 2022 but there was a delay in finalizing it as a result of a lawsuit challenging the settlement brought in first-quarter 2023 by a non-plaintiff coastal parish included in the settlement (Terrebonne Parish) titled Terrebonne Parish Consolidated Government v. Louisiana Department of Natural Resources et al., Docket No. 185576, 32nd Judicial District Court, Terrebonne Parish, State of Louisiana. During first-quarter 2024, Terrebonne Parish agreed to dismiss its lawsuit and FCX made the $15 million settlement payment in trust (which was accrued for in 2019) in accordance with the terms of the settlement agreement.

Indonesia Regulatory Matters
Refer to Notes 12, 13 and 14 of FCX’s 2023 Form 10-K for further discussion of Indonesia regulatory matters.

Export Licenses. On May 31, 2024, export licenses expired for several exporters, including PT-FI. In second-quarter 2024, the Indonesia government issued various regulations to allow, under certain conditions, continued exports of copper concentrates and anode slimes through December 2024.

On July 2, 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which are valid through December 2024 when the full ramp-up of PT-FI’s new smelter is expected. PT-FI will continue to pay export duties on copper concentrates during the smelter ramp-up period pursuant to the Indonesia regulations. The applicable rate prescribed by regulations is 7.5% of the export value.

Special Mining License (IUPK). As further discussed in FCX’s 2023 Form 10-K, PT-FI’s IUPK enables it to conduct operations in the Grasberg minerals district through 2041. On May 30, 2024, the Indonesia government issued a regulation applicable to the country’s mineral and coal industries which outlines requirements for the granting of IUPK extensions. The regulation provides that IUPK holders may be granted a life-of-mine extension provided certain conditions are met, including ownership of integrated downstream processing facilities that have entered the operational stage; domestic ownership of at least 51% and agreement with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Minerals. Application for extension may be submitted at any time up to one year prior to the current IUPK expiration. PT-FI expects to apply for an extension under this new regulation during 2024.

Tax Matters
Cerro Verde Royalty Dispute. As disclosed in Note 12 of FCX’s 2023 Form 10-K, in 2020, FCX filed on its own behalf and on behalf of Cerro Verde, international arbitration proceedings against the Peruvian government under the United States-Peru Trade Promotion Agreement relating to the assessment of mining royalties on ore processed by the Cerro Verde concentrator for the period from December 2006 to December 2013. In May 2024, the arbitration tribunal rejected FCX and Cerro Verde's claims on the merits. The decision by the arbitration tribunal had no impact on FCX’s consolidated financial statements. Refer to Note 3 for discussion of the reduction in unrecognized tax benefits related to Cerro Verde tax matters.


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NOTE 8. BUSINESS SEGMENTS

FCX has organized its mining operations into four primary divisions – North America copper mines, South America operations, Indonesia operations and Molybdenum mines, and operating segments that meet certain thresholds are reportable segments. Separately disclosed in the following tables are FCX’s reportable segments, which include the Morenci and Cerro Verde copper mines, the Indonesia operations (including the Grasberg minerals district and PT-FI’s new downstream processing facilities), the Rod & Refining operations and Atlantic Copper Smelting & Refining.

For comparative purposes, the 2023 tables have been adjusted to conform with the current year presentation, primarily for the combination of the Grasberg minerals district and PT-FI’s new downstream processing facilities. PT-FI substantially completed construction of the new smelter in June 2024 and has commenced commissioning operations. PT-FI’s new downstream processing facilities will exclusively receive concentrate from the Grasberg minerals district, which reflects PT-FI’s integrated and dependent operations within Indonesia (i.e., Indonesia operations). The PMR will receive anode slimes from the smelter and from PT Smelting. FCX's Chief Executive Officer, identified as its chief operating decision maker under business segment accounting guidance, makes executive management decisions, including resource allocation and mine planning, for the Indonesia operations as a single business segment.

Intersegment sales between FCX’s business segments are based on terms similar to arms-length transactions with third parties at the time of the sale. Intersegment sales may not be reflective of the actual prices ultimately realized because of a variety of factors, including additional processing, the timing of sales to unaffiliated customers and transportation premiums.

FCX defers recognizing profits on intercompany sales to Atlantic Copper until final sales to third parties occur. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices result in variability in FCX’s net deferred profits and quarterly earnings.

FCX allocates certain operating costs, expenses and capital expenditures to its operating divisions and individual segments. However, not all costs and expenses applicable to an operation are allocated. U.S. federal and state income taxes are recorded and managed at the corporate level (included in Corporate, Other & Eliminations), whereas foreign income taxes are recorded and managed at the applicable country level. In addition, some selling, general and administrative costs are not allocated to the operating divisions or individual segments. Accordingly, the following segment information reflects management determinations that may not be indicative of what the actual financial performance of each operating division or segment would be if it was an independent entity.


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Product Revenues. FCX’s revenues attributable to the products it sold for the second quarter and first six months of 2024 and 2023 follow:

Three Months EndedSix Months Ended
June 30,June 30,
 2024202320242023
Copper:
Cathode$2,237 $1,670 $4,178 $3,181 
Concentrate1,595 1,873 3,413 3,276 
Rod and other refined copper products974 884 1,927 1,805 
Purchased coppera
300 72 466 276 
Gold935 999 2,103 1,530 
Molybdenum476 491 897 1,083 
Silver and other139 171 288 303 
Adjustments to revenues:
Royalty expenseb
(93)(94)(213)(154)
Treatment charges(90)(142)(219)(243)
PT-FI export dutiesc
(75)3 
d
(231)(14)
d
Revenues from contracts with customers6,398 5,927 12,609 11,043 
Embedded derivativese
226 (190)336 83 
Total consolidated revenues$6,624 $5,737 $12,945 $11,126 
a.FCX purchases copper cathode primarily for processing by its Rod & Refining operations.
b.Reflects royalties on sales from PT-FI and Cerro Verde that will vary with the volume of metal sold and prices.
c.Export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50% and reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI will continue to pay export duties of 7.5% on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations.
d.Includes credits associated with adjustments to prior-period export duties.
e.Refer to Note 5 for discussion of embedded derivatives related to FCX’s provisionally priced copper concentrate and cathode sales contracts.
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Financial Information by Business Segment
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Three Months Ended June 30, 2024           
Revenues:            
Unaffiliated customers$13 $10 $23 $1,075 $254 $1,329 $2,185 $— $1,693 $898 $496 
a
$6,624 
Intersegment587 926 1,513 182 — 182 83 138 11 2 (1,929)— 
Production and delivery438 713 1,151 679 
b
181 860 672 

134 1,692 859 (1,493)3,875 
DD&A45 61 106 97 17 114 248 16 1 7 17 509 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 6 84 123 
Exploration and research expenses5 9 14 3 2 5 4 — — — 17 40 
Environmental obligations and shutdown costs
— — — — — — — — — — 28 28 
Operating income (loss)111 153 264 476 54 530 1,314 (12)11 28 (86)2,049 
Interest expense, net— 1 1 5 — 5 6 — — 8 68 88 
Other income, net— 1 1 5 — 5 30 — — 2 31 69 
Provision for income taxes— — — 191 23 214 490 — — 1 49 754 
Equity in affiliated companies’ net earnings — — — — — — 3 — — — 1 4 
Net income attributable to noncontrolling interests— — — 142 22 164 463 
c
— — — 37 664 
Total assets at June 30, 20243,182 6,508 9,690 8,368 1,988 10,356 26,501 1,915 273 1,410 4,490 54,635 
Capital expenditures47 196 243 67 23 90 648 36 11 37 51 1,116 
Three Months Ended June 30, 2023            
Revenues:            
Unaffiliated customers$26 $14 $40 $783 $190 $973 $2,039 

$— $1,463 $744 $478 
a
$5,737 
Intersegment570 980 1,550 

175 — 175 198 150 10 4 (2,087)— 
Production and delivery423 744 1,167 609 174 783 861 
d
105 1,465 725 

(1,557)3,549 
DD&A42 57 99 117 15 132 275 14 1 7 19 547 
Selling, general and administrative expenses
1 — 1 2 — 2 30 — — 7 75 115 
Exploration and research expenses3 15 18 3 1 4 — — — — 20 42 
Environmental obligations and shutdown costs
— 1 1 — — — — — — — 73 74 
Operating income (loss)127 177 304 227 — 227 1,071 31 7 9 (239)1,410 
Interest expense, net— — — 55 
e
— 55 12 — — 8 96 171 
Net gain on early extinguishment of debt— — — — — — — — — — 5 5 
Other (expense) income, net(1)(2)(3)(45)4 (41)28 (1)— — 41 24 
Provision for income taxes— — — 113 — 113 410 — — — 16 539 
Equity in affiliated companies’ net earnings — — — — — — — — — — 2 2 
Net income attributable to noncontrolling interests— — — 18 2 20 368 
c
— — — — 388 
Total assets at June 30, 20233,167 5,754 8,921 8,444 1,890 10,334 23,446 1,717 280 1,127 5,082 50,907 
Capital expenditures67 115 182 57 26 83 841 13 2 11 31 1,163 



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Financial Information by Business Segment (continued)
(In Millions)     
AtlanticCorporate,
North America Copper MinesSouth America OperationsCopperOther
CerroIndonesiaMolybdenumRod &Smelting& Elimi-FCX
MorenciOtherTotalVerdeOtherTotalOperationsMinesRefining& RefiningnationsTotal
Six Months Ended June 30, 2024           
Revenues:            
Unaffiliated customers$50 $50 $100 $1,901 $462 $2,363 $4,833 $— $3,182 $1,571 $896 
a
$12,945 
Intersegment1,127 1,811 2,938 284 — 284 260 283 21 2 (3,788)— 
Production and delivery897 1,478 2,375 1,282 
b
351 1,633 1,533 253 3,179 1,509 (2,763)7,719 
DD&A93 125 218 189 33 222 583 32 2 14 33 1,104 
Selling, general and administrative expenses1 1 2 4 — 4 61 — — 15 185 267 
Exploration and research expenses9 17 26 6 3 9 6 — — — 36 77 
Environmental obligations and shutdown costs— — — — — — — — — — 95 95 
Operating income (loss)177 240 417 704 75 779 2,910 (2)22 35 (478)3,683 
Interest expense, net— 1 1 10 — 10 7 — — 18 141 177 
Other (expense) income, net— (1)(1)16 13 29 68 — — 8 94 198 
Provision for (benefit from) income taxes— — — 282 35 317 899 
f
— — (12)62 1,266 
Equity in affiliated companies’ net earnings — — — — — — 1 — — — 3 4 
Net income attributable to noncontrolling interests— — — 218 36 254 1,063 
c
— — — 36 1,353 
Capital expenditures91 389 480 127 45 172 1,490 63 16 60 89 2,370 
Six Months Ended June 30, 2023           
Revenues:            
Unaffiliated customers$58 $111 $169 $1,741 $424 $2,165 $3,238 $— $2,986 $1,493 $1,075 
a
$11,126 
Intersegment1,163 1,928 3,091 

419 — 419 367 373 16 11 (4,277)— 
Production and delivery804 1,525 2,329 1,229 361 1,590 1,199 
d
201 2,992 1,459 (3,056)6,714 
DD&A85 117 202 208 31 239 423 34 2 14 32 946 
Selling, general and administrative expenses1 1 2 4 — 4 58 — — 15 162 241 
Exploration and research expenses6 31 37 4 2 6 — — — — 30 73 
Environmental obligations and shutdown costs— 22 22 — — — — — — — 119 141 
Operating income (loss)325 343 668 715 30 745 1,925 138 8 16 (489)3,011 
Interest expense, net— — — 84 
e
— 84 19 — — 14 205 322 
Net gain on early extinguishment of debt— — — — — — — — — — 5 5 
Other (expense) income, net(2)1 (1)(27)(2)(29)60 (1)(1)(5)89 112 
Provision for (benefit from) income taxes— — — 300 7 307 740 — — — (9)1,038 
Equity in affiliated companies’ net earnings — — — — — — 11 — — — 1 12 
Net income (loss) attributable to noncontrolling interests— — — 158 20 178 639 
c
— — — (43)774 
Capital expenditures123 255 378 118 65 183 1,613 22 7 23 58 2,284 

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Financial Information by Business Segment (continued)
a.Includes revenues from FCX's molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America copper mines and South America operations.
b.Includes non-recurring costs totaling $65 million associated with labor-related charges at Cerro Verde.
c.Refer to Note 1 for further discussion of the attribution of PT-FI’s net income or loss.
d.Includes a $55 million charge for a potential administrative fine. Refer to Note 12 of FCX’s 2023 Form 10-K for further discussion.
e.Includes interest expense associated with contested tax rulings issued by the Peruvian Supreme Court totaling $50 million in the second quarter and $74 million for the first six months of 2023.
f.Includes a net benefit to income taxes totaling $182 million associated with the closure of PT-FI’s 2021 corporate income tax audit and resolution of the framework for disputed tax matters.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of
Freeport-McMoRan Inc.

Results of Review of Interim Financial Statements
We have reviewed the accompanying consolidated balance sheet of Freeport-McMoRan Inc. (the Company) as of June 30, 2024, the related consolidated statements of income, comprehensive income, and equity for the three- and six-month periods ended June 30, 2024 and 2023, the related consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2023, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2023, the related consolidated statements of income, comprehensive income, equity and cash flows for the year then ended, and the related notes (not presented herein); and in our report dated February 15, 2024, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2023, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results
These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ Ernst & Young LLP

Phoenix, Arizona
August 7, 2024
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Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), “we,” “us” and “our” refer to Freeport-McMoRan Inc. (FCX) and its consolidated subsidiaries. You should read this discussion in conjunction with our consolidated financial statements, the related MD&A and the discussion of our Business and Properties in our annual report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K), filed with the United States (U.S.) Securities and Exchange Commission (SEC). The results of operations reported and summarized below include forward-looking statements that are not guarantees of future performance and are not necessarily indicative of future operating results (refer to “Cautionary Statement” for further discussion). References to “Notes” are Notes included in our Notes to Consolidated Financial Statements (Unaudited). Throughout MD&A, all references to income or losses per share are on a diluted basis. Any references to our website is for information only and the contents of our website or information connected thereto are not incorporated in, or otherwise to be regarded as part of, this Form 10-Q.

OVERVIEW

We are a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, we operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. We are one of the world’s largest publicly traded copper producers. Our portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

We remain focused on execution of our operating plans, enhancing productivity, controlling costs and initiatives to build and advance optionality in our organic growth portfolio. We continue to make progress on our leach innovation initiatives, with incremental copper production from these initiatives totaling 106 million pounds for the first six months of 2024, more than double amounts for the first six months of 2023. We have a favorable long-term outlook for copper, supported by copper’s increasingly important role in the global economy and limited available supplies to meet growing demand.

During second-quarter 2024, PT Freeport Indonesia (PT-FI) began commissioning of its new copper smelter and is working to execute a safe and efficient ramp-up to full capacity by year-end 2024. Additionally, construction continues on the adjoining precious metals refinery (PMR) with full production expected by year-end 2024. Upon completion and full ramp-up of the new smelter and PMR (collectively, the new downstream processing facilities), PT-FI will be a fully integrated producer of refined copper and gold.

Our results for the second quarter and first six months of 2024 were impacted by previously announced shipping delays in Indonesia during June 2024 associated with the timing of renewing PT-FI’s copper concentrate and anode slimes export licenses, which expired on May 31, 2024. On July 2, 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which are valid through December 2024 when the full ramp-up of PT-FI’s new smelter is expected.

Net income attributable to common stockholders totaled $616 million in second-quarter 2024 and $1.1 billion for the first six months of 2024, compared with $343 million in second-quarter 2023 and $1.0 billion for the first six months of 2023. The increase in the 2024 periods, compared to the 2023 periods, primarily reflects higher average realized prices on copper and gold sales, and lower interest expense as a result of interest charges in 2023 recognized for Cerro Verde’s contested tax rulings issued by the Peruvian Supreme Court (refer to Note 4), partly offset by increased operating costs, and higher income tax expense and income attributable to noncontrolling interests at our South America and Indonesia operations. Refer to “Consolidated Results” for further discussion.

At June 30, 2024, we had consolidated debt of $9.4 billion and consolidated cash and cash equivalents of $5.3 billion, $6.2 billion including $0.9 billion of current restricted cash associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks. Net debt totaled $0.3 billion, excluding $3.0 billion of debt for PT-FI’s new downstream processing facilities. Refer to “Net Debt” for reconciliations of consolidated debt, consolidated cash and cash equivalents and current restricted cash associated with PT-FI's export proceeds to net debt.

At June 30, 2024, we had $3.0 billion of availability under our revolving credit facility, and PT-FI and Cerro Verde had $1.75 billion and $350 million, respectively, of availability under their revolving credit facilities.
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Refer to Note 4 and “Capital Resources and Liquidity” for further discussion of our debt balances and transactions.
OUTLOOK
 
As further discussed in “Risk Factors” in Part I, Item 1A. of our 2023 Form 10-K, our financial results vary as a result of fluctuations in market prices primarily for copper, gold and, to a lesser extent, molybdenum, as well as other factors. World market prices for these commodities have fluctuated historically and are affected by numerous factors beyond our control. Refer to “Markets” below for further discussion. Because we cannot control the prices of our products, the key measures that management focuses on in operating our business are sales volumes, unit net cash costs, operating cash flows and capital expenditures.

Consolidated Sales Volumes
Following are our projected consolidated sales volumes for the year 2024:
Copper (billions of recoverable pounds):
 
North America copper mines1.25 
South America operations1.17 
Indonesia operations1.67 

Total4.09 

Gold (millions of recoverable ounces)
1.8 

Molybdenum (millions of recoverable pounds)
82 
a
a.Includes 50 million pounds produced by our North America copper mines and South America operations and 32 million pounds produced by our Molybdenum mines.

Consolidated sales volumes in third-quarter 2024 are expected to approximate 1.0 billion pounds of copper, 475 thousand ounces of gold and 20 million pounds of molybdenum. Consolidated copper and gold production volumes for the year 2024 are expected to exceed 2024 sales volumes, reflecting the deferral of approximately 100 million pounds of copper and 120 thousand ounces of gold that will be processed by PT-FI’s new downstream processing facilities and sold as refined metal in 2025.

Projected sales volumes are dependent on operational performance; the timing of the ramp-up of PT-FI’s new smelter in Indonesia; weather-related conditions; timing of shipments and other factors detailed in the “Cautionary Statement” below. For other important factors that could cause results to differ materially from projections, refer to “Risk Factors” contained in Part I, Item 1A. of our 2023 Form 10-K.

Consolidated Unit Net Cash Costs
Consolidated unit net cash costs (net of by-product credits) for our copper mines are expected to average $1.63 per pound of copper for the year 2024 (including $1.71 per pound of copper in third-quarter 2024), based on achievement of current sales volume and cost estimates, and assuming average prices of $2,300 per ounce of gold and $20.00 per pound of molybdenum for the second half of 2024. Quarterly unit net cash costs vary with fluctuations in sales volumes and realized prices, primarily for gold and molybdenum. The impact of price changes on consolidated unit net cash costs for the year 2024 would approximate $0.02 per pound of copper for each $100 per ounce change in the average price of gold and $0.01 per pound of copper for each $2 per pound change in the average price of molybdenum for the second half of 2024.

Consolidated Operating Cash Flows
Our consolidated operating cash flows vary with sales volumes; prices realized from copper, gold and molybdenum sales; production costs; income taxes; other working capital changes; and other factors. Our consolidated operating cash flows are estimated to approximate $7.2 billion for the year 2024, based on current sales volume and cost estimates, and assuming average prices of $4.25 per pound of copper, $2,300 per ounce of gold and $20.00 per pound of molybdenum for the second half of 2024. Estimated consolidated operating cash flows for the year 2024 also reflect an estimated income tax provision of $2.7 billion (refer to “Consolidated Results – Income Taxes” for further discussion of our projected income tax rate for the year 2024). The impact of price changes for the second half of 2024 on consolidated operating cash flows would approximate $200 million for each $0.10 per pound change in the average price of copper, $80 million for each $100 per ounce change in the average price of gold and $50 million for each $2 per pound change in the average price of molybdenum.
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Consolidated Capital Expenditures
Following is a summary of expected capital expenditures for the year 2024 (in billions):
Major mining projects$2.3 
a
PT-FI’s new downstream processing facilities1.0 
b
Other1.4 
Total$4.7 
a.Primarily includes underground mine development, supporting mill and power capital costs in the Grasberg minerals district and expansion projects in North America.
b.Excludes capitalized interest and $0.3 billion of estimated commissioning and owner’s costs. Capital expenditures for PT-FI’s new downstream processing facilities are expected to be funded with PT-FI’s cash flows from operations and availability under PT-FI’s revolving credit facility.

We closely monitor market conditions and will adjust our operating plans, including capital expenditures, to protect our liquidity and preserve our asset values, as necessary.

MARKETS

Prices for copper, gold and molybdenum are affected by numerous factors beyond our control and can fluctuate significantly (for further discussion refer to “Risk Factors” contained in Part I, Item 1A. of our 2023 Form 10-K). The following graphs present the London Metal Exchange (LME) copper settlement price, the London Bullion Market Association (London) PM gold price, and the Platts Metals Daily Molybdenum Dealer Oxide weekly average price since January 2014.Copper update.jpgThis graph presents LME copper settlement prices and the combined reported stocks of copper at the LME, Commodity Exchange Inc., and the Shanghai Futures Exchange from January 2014 through June 2024. During second-quarter 2024, LME copper settlement prices ranged from a low of $4.05 per pound to a record high of $4.92 per pound, averaged $4.42 per pound and settled at $4.30 per pound on June 28, 2024. The decline in copper prices from the highs in May 2024, reflect market uncertainties in China. The LME copper settlement price was $4.09 per pound on July 31, 2024.

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We believe fundamentals for copper are favorable with limited available supplies and growing demand supported by copper’s critical role in the global transition to renewable power, electric vehicles and other carbon-reduction initiatives, continued urbanization in developing countries and growing connectivity globally.
Gold 2Q24 update.jpg
This graph presents London PM gold prices from January 2014 through June 2024. During second-quarter 2024, London PM gold prices ranged from a low of $2,265 per ounce to a record high of $2,427 per ounce, averaged $2,338 per ounce and closed at $2,331 per ounce on June 28, 2024. Record high gold prices in second-quarter 2024 were propelled by U.S. interest rate cut expectations and strong safe-haven demand. The London PM gold price was $2,426 per ounce on July 31, 2024.
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Moly 2Q24.jpg
This graph presents the Platts Metals Daily Molybdenum Dealer Oxide weekly average price from January 2014 through June 2024. During second-quarter 2024, the weekly average price of molybdenum ranged from a low of $19.57 per pound to a high of $23.52 per pound, averaged $21.78 per pound and was $22.74 per pound on June 28, 2024. Overall global demand for molybdenum is driven by energy, power generation, aerospace, defense and construction sectors. We believe fundamentals for molybdenum are positive with favorable demand drivers and limited supply. The Platts Metals Daily Molybdenum Dealer Oxide weekly average price was $22.25 per pound on July 26, 2024.

CONSOLIDATED RESULTS
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
SUMMARY FINANCIAL DATA
(in millions, except per share amounts)
Revenuesa,b
$6,624 $5,737 $12,945 $11,126 
Operating incomea,c
$2,049 $1,410 

$3,683 $3,011 
Net income attributable to common stockb,c
$616 
d
$343 
e
$1,089 
d
$1,006 
e
Diluted net income per share of common stock$0.42 $0.23 $0.75 $0.69 
Diluted weighted-average shares of common stock outstanding1,445 1,442 1,445 1,443 
Operating cash flowsf
$1,956 $1,673 $3,852 $2,723 
Capital expenditures
$1,116 $1,163 $2,370 $2,284 
At June 30:
Cash and cash equivalents
$5,273 $6,683 $5,273 $6,683 
Restricted cash and cash equivalents, current$1,030 
g
$119 $1,030 
g
$119 
Total debt, including current portion
$9,426 $9,495 $9,426 $9,495 
a.Refer to Note 8 for a summary of revenues and operating income by operating division.
b.Includes favorable (unfavorable) adjustments to prior period provisionally priced concentrate and cathode copper sales totaling $166 million ($56 million to net income attributable to common stock) in second-quarter 2024, $(118) million ($(45) million to net income attributable to common stock) in second-quarter 2023, $28 million ($9 million to net income attributable
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to common stock) for the first six months of 2024 and $182 million ($61 million to net income attributable to common stock) for the first six months of 2023. Refer to Note 5 for further discussion.
c.We defer recognizing profits on intercompany sales until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions (reductions) to operating income totaling $137 million ($41 million to net income attributable to common stock) in second-quarter 2024, $(39) million ($(21) million to net income attributable to common stock) in second-quarter 2023, $120 million ($36 million to net income attributable to common stock) for the first six months of 2024 and $72 million ($27 million to net income attributable to common stock) for the first six months of 2023. Refer to “Operations – Smelting and Refining.”
d.Includes net charges totaling $51 million in second-quarter 2024 and $52 million for the first six months of 2024, primarily associated with revisions to environmental obligation estimates and related litigation reserves, and nonrecurring labor-contract charges at Cerro Verde. The first six months of 2024 also include charges associated with assumed oil and gas abandonment obligations resulting from bankruptcies of other companies, offset by international tax credits.
e.Includes net charges totaling $157 million in second-quarter 2023 and $251 million for the first six months of 2023, primarily associated with charges for contested tax rulings issued by the Peruvian Supreme Court, environmental obligations, an accrual for a potential administrative fine in Indonesia, and impairments and contract-cancellation costs.
f.Working capital and other sources (uses) totaled $73 million in second-quarter 2024, $250 million in second-quarter 2023, $(24) million for the first six months of 2024 and $(202) million for the first six months of 2023.
g.Includes $0.9 billion at June 30, 2024, associated with a portion of PT-FI’s export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government.

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
SUMMARY OPERATING DATA
Copper (millions of recoverable pounds)
  
Production1,037 1,067 2,122 2,032 
Sales, excluding purchases931 1,029 2,039 1,861 
Average realized price per pound$4.48 $3.84 

$4.25 $3.91 
Site production and delivery costs per pounda
$2.56 $2.39 $2.43 $2.47 
Unit net cash costs per pounda
$1.73 $1.47 $1.61 $1.60 
Gold (thousands of recoverable ounces)
  
Production 443 483 992 888 
Sales, excluding purchases
361 495 929 765 
Average realized price per ounce$2,299 $1,942 $2,236 $1,946 
Molybdenum (millions of recoverable pounds)
  
Production 20 21 38 42 
Sales, excluding purchases
21 20 41 39 
Average realized price per pound$21.72 $24.27 $21.06 $27.24 
a.Reflects per pound weighted-average production and delivery costs and unit net cash costs (net of by-product credits) for all copper mines, before net noncash and other costs. For reconciliations of per pound unit net cash costs (credits) by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements, refer to “Product Revenues and Production Costs.”

Revenues
Consolidated revenues totaled $6.6 billion in second-quarter 2024, $5.7 billion in second-quarter 2023, $12.9 billion for the first six months of 2024 and $11.1 billion for the first six months of 2023. Revenues from our mining operations and processing facilities primarily include the sale of copper cathode, copper in concentrate, copper rod, gold in concentrate and anode slimes, and molybdenum. Refer to Note 8 for a summary of product revenues.


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Following is a summary of changes in our consolidated revenues between periods (in millions):
Three Months Ended June 30Six Months Ended June 30
Consolidated revenues - 2023 period$5,737 $11,126 
(Lower) higher sales volumes:
Copper(378)695 
Gold(262)319 
Molybdenum20 50 
Higher (lower) average realized prices:
Copper596 693 
Gold129 270 
Molybdenum(53)(255)
Adjustments for prior period provisionally priced copper sales284 (154)
Higher Atlantic Copper revenues152 69 
Higher revenues from purchased copper228 190 
Lower treatment charges52 24 
Higher royalties and export duties(77)(276)
Other, including intercompany eliminations196 194 
Consolidated revenues - 2024 period$6,624 $12,945 

Sales Volumes. Consolidated sales volumes for the second quarter and first six months of 2024 were impacted by previously announced shipping delays in Indonesia associated with the timing of renewing PT-FI’s copper concentrate and anode slimes export licenses, which expired on May 31, 2024. On July 2, 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which are valid through December 2024 when the full ramp-up of PT-FI’s new smelter is expected. The increase in consolidated copper and gold sales volumes for the first six months of 2024, compared to the first six months of 2023, primarily reflects higher mining and milling rates and ore grades at PT-FI.

Realized Prices. Our consolidated revenues can vary significantly as a result of fluctuations in the market prices of copper, gold and molybdenum. Average realized prices in second-quarter 2024, compared with second-quarter 2023, were 17% higher for copper, 18% higher for gold and 11% lower for molybdenum. Average realized prices for the first six months of 2024, compared with the first six months of 2023, were 9% higher for copper, 15% higher for gold and 23% lower for molybdenum.
Average realized copper prices include net favorable (unfavorable) adjustments to current period provisionally priced copper sales totaling $15 million in second-quarter 2024, $(52) million in second-quarter 2023, $219 million for the first six months of 2024 and $(121) million for the first six months of 2023. As discussed in Note 5, substantially all of our copper concentrate and some cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date). We record revenues and invoice customers at the time of shipment based on then-current LME prices, which results in an embedded derivative on provisionally priced concentrate and cathode sales that is adjusted to fair value through earnings each period, using the period-end forward prices, until final pricing on the date of settlement. To the extent final prices are higher or lower than what was recorded on a provisional basis, an increase or decrease to revenues is recorded each reporting period until the date of final pricing. Accordingly, in times of rising copper prices, our revenues benefit from adjustments to the final pricing of provisionally priced sales pursuant to contracts entered into in prior periods; in times of falling copper prices, the opposite occurs.

Prior Period Provisionally Priced Copper Sales. Net favorable (unfavorable) adjustments to prior periods’ provisionally priced copper sales (i.e., provisionally priced sales at March 31, 2024 and 2023, and December 31, 2023 and 2022) recorded in consolidated revenues totaled $166 million in second-quarter 2024, $(118) million in second-quarter 2023, $28 million for the first six months of 2024 and $182 million for the first six months of 2023. Refer to Notes 5 and 8 for a summary of total adjustments to prior period and current period provisionally priced sales.

At June 30, 2024, we had provisionally priced copper sales totaling 188 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average of $4.33 per pound, subject to final pricing over the next several months. We estimate that each $0.05 change in the price realized from the June 30, 2024, recorded
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provisional price would have an approximate $18 million effect on 2024 revenues ($6 million to 2024 net income attributable to common stock). The LME copper price settled at $4.09 per pound on July 31, 2024.

Atlantic Copper Revenues. Atlantic Copper revenues totaled $900 million in second-quarter 2024 and $1.6 billion for the first six months of 2024, compared with $748 million in second-quarter 2023 and $1.5 billion for the first six months of 2023. Higher revenues in the 2024 periods, compared with the 2023 periods, primarily reflect higher copper prices and sales volumes.

Purchased Copper. We purchase copper cathode primarily for processing by our Rod & Refining operations. Higher revenues associated with purchased copper in second-quarter 2024, compared to second-quarter 2023, primarily reflects higher volumes. The volumes of copper purchases vary depending on cathode production from our operations and totaled 64 million pounds in second-quarter 2024, 19 million pounds in second-quarter 2023, 106 million for the first six months of 2024 and 67 million for the first six months of 2023.

Treatment Charges. Revenues from our copper concentrate sales are recorded net of treatment charges (i.e., fees paid to smelters that are generally negotiated annually), which will vary with the sales volumes and the price of copper. The decrease in treatment charges in the 2024 periods, compared to the 2023 periods, primarily reflects lower copper concentrate sales volumes because of previously announced shipping delays in Indonesia associated with the timing of renewing PT-FI’s copper concentrate export license.

Royalties and Export Duties. Royalties and export duties are primarily associated with PT-FI sales. Royalties will vary with the volume of metal sold and the prices of copper and gold. Indonesia export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50%, and were reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed in Note 7, PT-FI will continue to pay export duties of 7.5% on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations. PT-FI incurred export duties totaling $75 million in second-quarter 2024, $231 million for the first six months of 2024 and $18 million for the first six months of 2023.

Production and Delivery Costs
Consolidated production and delivery costs totaled $3.9 billion in second-quarter 2024, $3.5 billion in second-quarter 2023, $7.7 billion for the first six months of 2024 and $6.7 billion for the first six months of 2023. Higher costs in the 2024 periods, compared to the 2023 periods, primarily reflect higher costs of copper purchases at our downstream operations. Additionally, the first six months of 2024 included higher operating rates at PT-FI and charges totaling $98 million associated with assumed oil and gas abandonment obligations resulting from bankruptcies of other companies (refer to Note 7 for further discussion).

Site Production and Delivery Costs Per Pound. Site production and delivery costs for our copper mining operations primarily include labor, energy and other commodity-based inputs, such as sulfuric acid, explosives, steel, reagents, liners and tires. Consolidated site production and delivery costs (before net noncash and other costs) for our copper mines averaged $2.56 per pound of copper in second-quarter 2024, $2.39 per pound of copper in second-quarter 2023, $2.43 per pound of copper for the first six months of 2024 and $2.47 per pound of copper for the first six months of 2023. Refer to “Operations – Unit Net Cash Costs” and “Operations – Unit Net Cash (Credits) Costs” for further discussion of unit net cash costs (credits) associated with our operating divisions and to “Product Revenues and Production Costs” for reconciliations of per pound costs by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements.

Depreciation, Depletion and Amortization
Depreciation will vary under the unit-of-production (UOP) method as a result of changes in sales volumes and the related UOP rates at our mining operations. Consolidated depreciation, depletion and amortization (DD&A) totaled $509 million in second-quarter 2024, $547 million in second-quarter 2023, $1.1 billion for the first six months of 2024 and $0.9 billion for the first six months of 2023.

Environmental Obligations and Shutdown Costs
Environmental obligation costs reflect net revisions to our long-term environmental obligations, which vary from period to period because of changes to environmental laws and regulations, the settlement of environmental matters and/or circumstances affecting our operations that could result in significant changes in our estimates. Shutdown costs include care-and-maintenance costs and any litigation, remediation or related expenditures associated with closed facilities or operations. Net revisions to long-term historical environmental obligations totaled
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$23 million in second-quarter 2024, $60 million in second-quarter 2023, $79 million for the first six months of 2024 and $116 million for the first six months of 2023. Refer to Note 7 for further discussion.

Interest Expense, Net
Consolidated interest costs (before capitalization) totaled $181 million in second-quarter 2024 and $356 million for the first six months of 2024, compared to $234 million in second-quarter 2023 and $441 million for the first six months of 2023, which included $50 million in second-quarter 2023 and $74 million for the first six months of 2023 associated with Cerro Verde’s contested tax rulings issued by the Peru Supreme Court.

Capitalized interest varies with the level of qualifying assets associated with our development projects and average interest rates on our borrowings. Capitalized interest totaled $93 million in second-quarter 2024, $62 million in second-quarter 2023, $179 million for the first six months of 2024 and $119 million for the first six months of 2023. The increase in capitalized interest costs in the 2024 periods, compared to the 2023 periods, resulted from increased construction and development projects in process, primarily related to PT-FI’s new downstream processing facilities. Refer to “Capital Resources and Liquidity – Investing Activities” for discussion of capital expenditures associated with our major development projects.

Other Income, Net
Other income, net, totaled $69 million in second-quarter 2024, $24 million in second-quarter 2023, $198 million for the first six months of 2024 and $112 million for the first six months of 2023. The 2023 periods include a $69 million charge associated with Cerro Verde’s contested tax rulings issued by the Peruvian Supreme Court. The first six months of 2024 include a credit of $26 million associated with the reduction in the accrual to indemnify PT Mineral Industri Indonesia (MIND ID) from potential losses arising from historical tax disputes (refer to Note 3).

Income Taxes
Following is a summary of the approximate amounts used in the calculation of our consolidated income tax provision (in millions, except percentages):

Six Months Ended June 30,
20242023
Income (Loss)a
Effective
Tax Rate		Income Tax (Provision) Benefit
Income (Loss)a
Effective
Tax Rate		Income Tax (Provision) Benefit
U.S.b
$(271)—%
c
$(4)$250 —%
c
$3 
South America800 40%(317)784 39%(310)
Indonesia2,977 36%(1,081)1,986 37%(737)
Cerro Verde historical tax matters— N/A— (142)
d
N/A3 
PT-FI historical tax matters16 
e
N/A182 
e
(5)N/A(3)
Eliminations and other182 N/A(49)
f
(67)N/A21 
Rate adjustmentg
— N/A3 — N/A(15)
Consolidated FCX$3,704 34%$(1,266)$2,806 37%$(1,038)
a.Represents income (loss) before income taxes, equity in affiliated companies' net earnings, and noncontrolling interests.
b.In addition to our North America Copper Mines, which had operating income of $417 million for the first six months of 2024 and $668 million for the first six months of 2023 (refer to Note 8), the U.S. jurisdiction reflects non-operating sites and corporate-level expenses, which include interest expense associated with FCX’s senior notes and general and administrative expenses. The U.S. jurisdiction also includes net charges associated with oil and gas abandonment obligations and revisions to environmental obligation estimates.
c.Includes a valuation allowance release on prior year unbenefited net operating losses.
d.Reflects net charges associated with contested tax rulings issued by the Peruvian Supreme Court.
e.Refer to Note 3 for further discussion of net credits associated with closure of PT-FI’s 2021 corporate income tax audit and resolution of a framework for disputed tax matters.
f.Includes a tax benefit of $13 million associated with a favorable Supreme Court ruling in Spain, which reversed a 2016 tax law limiting Atlantic Copper’s use of net operating losses.
g.In accordance with applicable accounting rules, we adjust our interim provision for income taxes equal to our consolidated tax rate.

Assuming achievement of current sales volume and cost estimates and average prices of $4.25 per pound of copper, $2,300 per ounce of gold and $20.00 per pound of molybdenum for the second half of 2024, we estimate our consolidated effective tax rate for the year 2024 would approximate 36% (which reflects an estimated effective
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tax rate of 38% for the second half of 2024). Changes in projected sales volumes and average prices during 2024 would incur tax impacts at estimated effective rates of 39% for Peru, 36% for Indonesia and 0% for the U.S., which excludes any impact from the U.S. Inflation Reduction Act of 2022. Our projected estimated effective tax rate of 0% for the U.S. for the year 2024 may be adjusted as regulations and additional guidance are released by the Internal Revenue Service and U.S. Department of the Treasury on key provisions of the Act (refer to Note 3).

Noncontrolling Interests
Net income attributable to noncontrolling interests, which is primarily associated with our noncontrolling shareholders at PT-FI, Cerro Verde and El Abra, totaled $0.7 billion in second-quarter 2024, $0.4 billion in second-quarter 2023, $1.4 billion for the first six months of 2024 and $0.8 billion for the first six months of 2023 (refer to Note 8 for net income attributable to noncontrolling interests for each of our business segments).

Beginning January 1, 2023, our economic and ownership interest in PT-FI is 48.76%, except for net income associated with the settlement of historical tax matters in first-quarter 2024 and approximately 190 thousand ounces of gold sales in first-quarter 2023, which were attributed based on the economics prior to January 1, 2023 (i.e., approximately 81% to FCX and 19% to MIND ID). Refer to Note 1 for further discussion.

Based on achievement of current sales volume and cost estimates, and assuming average prices of $4.25 per pound of copper, $2,300 per ounce of gold and $20.00 per pound of molybdenum for the second half of 2024, we estimate that net income attributable to noncontrolling interests will approximate $2.6 billion for the year 2024. The impact of price changes on net income attributable to noncontrolling interests for the year 2024 would approximate $0.1 billion for each $0.25 per pound change in the average price of copper for the second half of 2024. The actual amount will depend on many factors, including relative performance of each business segment, commodity prices, costs and other factors.

OPERATIONS

Responsible Production
The Copper Mark. We demonstrate our responsible production performance through the Copper Mark, a comprehensive assurance framework developed specifically for the copper industry, and recently extended to other metals including molybdenum. To achieve the Copper Mark, each site is required to complete an independent external assurance process to assess conformance with various environmental, social and governance criteria. Awarded sites must be revalidated every three years. We have achieved, and are committed to maintaining, the Copper Mark and/or Molybdenum Mark, as applicable, at all of our sites globally.

Leaching Innovation Initiatives
We are continuing to advance a series of initiatives across our North America and South America operations to incorporate new applications, technologies and data analytics to our leaching processes. In late 2023, we achieved our initial annual run rate target of approximately 200 million pounds of copper. Incremental copper production from these initiatives totaled 55 million pounds in second-quarter 2024 (compared with 29 million pounds in second-quarter 2023) and 106 million pounds for the first six months of 2024 (compared with 51 million pounds for the first six months of 2023). We are pursuing opportunities to apply recent operational enhancements on a larger scale and we are testing new innovative technology applications that we believe have the potential for significant increases in recoverable metal beyond the current run rate.

Feasibility and Optimization Studies
We are engaged in various studies associated with potential future expansion projects primarily at our mining operations. The costs for these studies are charged to production and delivery costs as incurred and totaled $38 million in second-quarter 2024, $51 million in second-quarter 2023, $72 million for the first six months of 2024 and $101 million for the first six months of 2023. We estimate the costs of these studies will approximate $200 million for the year 2024, subject to market conditions and other factors.


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North America
We manage seven copper operations in North America – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico. We also operate a copper smelter in Miami, Arizona. In addition to copper, certain of these operations produce molybdenum concentrate, gold and silver. All of the North America operations are wholly owned, except for Morenci. We record our 72% undivided joint venture interest in Morenci using the proportionate consolidation method.

The North America copper operations include open-pit mining, sulfide-ore concentrating, leaching and solution extraction/electrowinning (SX/EW) facilities. A majority of the copper produced at our North America copper operations is cast into copper rod by our Rod & Refining segment. The remainder of our North America copper production is sold as copper cathode or copper concentrate, a portion of which is shipped to Atlantic Copper (our wholly owned smelter). Molybdenum concentrate, gold and silver are also produced by certain of our North America copper operations.

Development Activities. We have substantial reserves and future opportunities in the U.S., primarily associated with existing operations.

We have a potential expansion project to more than double the concentrator capacity of the Bagdad operation in northwest Arizona. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. In late 2023, we completed technical and economic studies, which indicated the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year, which is more than double Bagdad’s current annual production rate. Estimated incremental project capital costs approximate $3.5 billion. Expanded operations would provide improved efficiency and reduce unit net cash costs through economies of scale. Project economics indicate that the expansion would require an incentive copper price in the range of $3.50 to $4.00 per pound and approximately three to four years to complete. The decision of whether to proceed and timing of the potential expansion will take into account overall copper market conditions, availability of labor and other factors, including progress on conversion of the existing haul truck fleet to autonomous and expanding housing alternatives to support long-range plans. In parallel, we are advancing activities for expanded tailings infrastructure projects required under long-range plans in order to advance the potential construction timeline.

We are completing projects at our Safford/Lone Star operation to increase volumes to achieve 300 million pounds of copper per year from oxide ores, which reflects expansion of the initial design capacity of 200 million pounds of copper per year. Additionally, positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a major expansion project. We have commenced pre-feasibility studies for a potential significant expansion and expect to complete these studies in late 2025. The decision of whether to proceed and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.


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Operating Data. Following is summary consolidated operating data for the North America copper mines:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Operating Data, Net of Joint Venture Interests  
Copper (millions of recoverable pounds)
  
Production298 354 612 686 
Sales, excluding purchases292 339 623 671 
Average realized price per pound$4.63 $3.92 $4.28 $4.03 

Molybdenum (millions of recoverable pounds)
  
Productiona
7 9 14 16 
100% Operating Data  
Leach operations  
Leach ore placed in stockpiles (metric tons per day)650,300 724,100 633,800 668,900 
Average copper ore grade (%)0.20 0.24 0.20 0.25 
Copper production (millions of recoverable pounds)209 239 420 473 
Mill operations  
Ore milled (metric tons per day)290,200 315,500 298,900 306,500 
Average ore grade (%):
Copper0.29 0.33 0.30 0.34 
Molybdenum0.02 0.02 0.02 0.02 
Copper recovery rate (%)84.1 83.8 82.4 82.2 
Copper production (millions of recoverable pounds)138 172 291 326 
a.Refer to “Consolidated Results” for our consolidated molybdenum sales, which include sales of molybdenum produced at the North America copper mines.

Our consolidated copper sales volumes from North America totaled 292 million pounds in second-quarter 2024, 339 million pounds in second-quarter 2023, 623 million pounds for the first six months of 2024 and 671 million pounds for the first six months of 2023. Lower copper sales in the 2024 periods, compared with the 2023 periods, primarily reflect lower ore grades and planned mill maintenance, partly offset by improved leach recovery performance.

We continue to advance initiatives to enhance productivity and improve equipment reliability to offset declines in ore grades. North America copper sales are estimated to approximate 1.3 billion pounds for the year 2024. Refer to “Outlook” for projected molybdenum sales volumes.

Unit Net Cash Costs. We believe unit net cash costs per pound of copper is a measure that provides investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.


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Gross Profit per Pound of Copper and Molybdenum
The following table summarizes unit net cash costs and gross profit per pound at our North America copper mines. Refer to “Product Revenues and Production Costs” for an explanation of the “by-product” and “co-product” methods and a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.
Three Months Ended June 30,
 20242023
 By- Product MethodCo-Product MethodBy- Product MethodCo-Product Method
Copper
Molyb-
denuma
Copper
Molyb-
denuma
Revenues, excluding adjustments$4.63 $4.63 $19.97 $3.92 $3.92 $23.08 
Site production and delivery, before net noncash
and other costs shown below
3.48 3.15 16.87 2.93 2.55 16.04 
By-product credits(0.43)— — (0.55)— — 
Treatment charges0.14 0.13 — 0.13 0.13 — 
Unit net cash costs3.19 3.28 16.87 2.51 2.68 16.04 
DD&A0.36 0.33 1.21 0.29 0.26 1.15 
Noncash and other costs, net0.13 
b
0.12 0.33 0.15 
b
0.13 0.60 
Total unit costs3.68 3.73 18.41 2.95 3.07 17.79 
Revenue adjustments, primarily for pricing
on prior period open sales
0.01 0.01 — (0.03)(0.03)— 
Gross profit per pound$0.96 $0.91 $1.56 $0.94 $0.82 $5.29 
Copper sales (millions of recoverable pounds)293 293 341 341  
Molybdenum sales (millions of recoverable pounds)a
7   9 
Six Months Ended June 30,
 20242023
 By- Product MethodCo-Product MethodBy- Product MethodCo-Product Method
Copper
Molyb-
denuma
Copper
Molyb-
denuma
Revenues, excluding adjustments$4.28 $4.28 $19.18 $4.03 $4.03 $25.52 
Site production and delivery, before net noncash
and other costs shown below
3.35 3.03 16.35 2.92 2.55 17.81 
By-product credits(0.40)— — (0.57)— — 
Treatment charges0.13 0.13 — 0.13 0.12 — 
Unit net cash costs3.08 3.16 16.35 2.48 2.67 17.81 
DD&A0.35 0.32 1.22 0.30 0.26 1.24 
Noncash and other costs, net0.13 
b
0.12 0.39 0.19 
b
0.16 1.06 
Total unit costs3.56 3.60 17.96 2.97 3.09 20.11 
Revenue adjustments, primarily for pricing
on prior period open sales
— — — 0.02 0.02 — 
Gross profit per pound$0.72 $0.68 $1.22 $1.08 $0.96 $5.41 
Copper sales (millions of recoverable pounds)626 626 676 676  
Molybdenum sales (millions of recoverable pounds)a
14   16 
a.Reflects sales of molybdenum produced by certain of the North America copper mines to our molybdenum sales company at market-based pricing.
b.Includes charges totaling $0.05 per pound of copper in second-quarter 2024 and for the first six months of 2024, and $0.08 per pound of copper in second-quarter 2023 and for the first six months of 2023 for feasibility and optimization studies.

Our North America copper mines have varying cost structures because of differences in ore grades and characteristics, processing costs, by-product credits and other factors. Average unit net cash costs (net of by-product credits) for the North America copper mines of $3.19 per pound of copper in second-quarter 2024 and $3.08 per pound for the first six months of 2024 were higher than second-quarter 2023 unit net cash costs of $2.51 per pound and $2.48 per pound for the first six months of 2023, primarily reflecting the impact of lower copper production volumes, higher mining costs and lower molybdenum by-product credits.

Because certain assets are depreciated on a straight-line basis, North America’s average unit depreciation rate may vary with asset additions and the level of copper production and sales.
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Revenue adjustments primarily result from changes in prices on provisionally priced copper sales recognized in prior periods. Refer to “Consolidated Results – Revenues” for further discussion of adjustments to prior period provisionally priced copper sales.

Average unit net cash costs (net of by-product credits) for our North America copper mines are expected to approximate $3.10 per pound of copper for the year 2024, based on achievement of current sales volume and cost estimates, and assuming an average price of $20.00 per pound of molybdenum for the second half of 2024. North America’s average unit net cash costs for the year 2024 would change by approximately $0.02 per pound for each $2 per pound change in the average price of molybdenum for the second half of 2024.

South America
We manage two copper operations in South America – Cerro Verde in Peru (in which we own a 53.56% interest) and El Abra in Chile (in which we own a 51% interest), which are consolidated in our financial statements.

South America operations includes open-pit mining, sulfide-ore concentrating, leaching and SX/EW facilities. Production from our South America operations is sold as copper concentrate or cathode under long-term contracts. Our South America operations also sell a portion of their copper concentrate production to Atlantic Copper. In addition to copper, the Cerro Verde mine produces molybdenum concentrate and silver.

Labor Matters. In April 2024, Cerro Verde reached a new four-year collective labor agreement (CLA) with one of its two unions and incurred nonrecurring charges of $65 million in second-quarter 2024 associated with the new CLA. Cerro Verde expects to begin negotiations with a second union group prior to the expiration of its CLA on August 31, 2024, and may incur additional charges in connection with these negotiations.

Development Activities. At the El Abra operations in Chile, we have completed substantial drilling and evaluations to model a large sulfide resource that would support a potential major mill project similar to the large-scale concentrator at Cerro Verde. We are engaged in planning for a potential submission of an environmental impact statement by year-end 2025, subject to ongoing stakeholder engagement and economic evaluations. In parallel, we are updating our technical studies and economic models to incorporate recent capital costs. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision of whether to proceed and timing of the potential project will take into account overall copper market conditions, required permitting and other factors.

Operating Data. Following is summary consolidated operating data for South America operations:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Copper (millions of recoverable pounds)
  
Production298 307 578 611 
Sales302 304 586 606 
Average realized price per pound$4.39 $3.78 $4.27 $3.85 
Molybdenum (millions of recoverable pounds)
  
Productiona
6 5 9 11 
Leach operations  
Leach ore placed in stockpiles (metric tons per day)176,100 203,600 173,300 203,800 
Average copper ore grade (%)0.39 0.33 0.40 0.33 
Copper production (millions of recoverable pounds)75 74 146 160 
Mill operations 
Ore milled (metric tons per day)426,100 425,500 411,700 415,300 
Average ore grade (%):
Copper0.33 0.35 0.33 0.34 
Molybdenum0.01 0.01 0.01 0.01 
Copper recovery rate (%)83.8 82.6 83.6 83.2 
Copper production (millions of recoverable pounds)223 233 432 451 
a.Refer to “Consolidated Results” for our consolidated molybdenum sales volumes, which include sales of molybdenum produced at Cerro Verde.
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Our consolidated copper sales from South America operations totaled 302 million pounds in second-quarter 2024, 304 million pounds in second-quarter 2023, 586 million pounds for the first six months of 2024 and 606 million pounds for the first six months of 2023. The 2024 periods, compared to the 2023 periods reflect lower volumes of leach ore placed in stockpiles, partly offset by higher leach ore grades. The first six months of 2024, compared to the first six months of 2023, also reflect lower milling rates associated with mill maintenance.

Copper sales from South America operations are expected to approximate 1.2 billion pounds for the year 2024. Refer to “Outlook” for projected molybdenum sales volumes.

Unit Net Cash Costs. We believe unit net cash costs per pound of copper is a measure that provides investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.

Gross Profit per Pound of Copper
The following table summarizes unit net cash costs and gross profit per pound of copper at our South America operations. Refer to “Product Revenues and Production Costs” for an explanation of the “by-product” and “co-product” methods and a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

Three Months Ended June 30,
 20242023
By-Product
Method		Co-Product
Method		By-Product
Method		Co-Product
Method
Revenues, excluding adjustments$4.39 $4.39 $3.78 $3.78 
Site production and delivery, before net noncash and other costs shown below2.74 
a
2.49 2.43 2.22 
By-product credits(0.45)— (0.37)— 
Treatment charges0.16 0.16 0.21 0.21 
Royalty on metals0.01 0.01 0.01 0.01 
Unit net cash costs2.46 2.66 2.28 2.44 
DD&A0.38 0.34 0.44 0.39 
Noncash and other costs, net0.06 
b
0.06 0.08 
b
0.07 
Total unit costs2.90 3.06 2.80 2.90 
Revenue adjustments, primarily for pricing on prior period open sales0.29 0.29 (0.22)(0.22)
Gross profit per pound$1.78 $1.62 $0.76 $0.66 
Copper sales (millions of recoverable pounds)302 302 304 304 

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Six Months Ended June 30,
 20242023
By-Product
Method		Co-Product
Method		By-Product
Method		Co-Product
Method
Revenues, excluding adjustments$4.27 $4.27 $3.85 $3.85 
Site production and delivery, before net noncash and other costs shown below2.68 
a
2.48 2.49 2.25 
By-product credits(0.33)— (0.45)— 
Treatment charges0.17 0.17 0.19 0.19 
Royalty on metals0.01 0.01 0.01 0.01 
Unit net cash costs2.53 2.66 2.24 2.45 
DD&A0.38 0.35 0.40 0.35 
Noncash and other costs, net0.06 
b
0.06 0.08 
b
0.07 
Total unit costs2.97 3.07 2.72 2.87 
Revenue adjustments, primarily for pricing on prior period open sales0.05 0.05 0.11 0.11 
Gross profit per pound$1.35 $1.25 $1.24 $1.09 
Copper sales (millions of recoverable pounds)586 586 606 606 
a.Includes $0.22 per pound of copper in second-quarter 2024 and $0.11 per pound of copper for the first six months of 2024 associated with nonrecurring labor-related charges at Cerro Verde associated with a new CLA.
b.Includes charges totaling $0.04 per pound of copper in second-quarter 2024, second-quarter 2023, and for the first six months of 2024, and $0.03 per pound of copper for the first six months of 2023, each for feasibility and optimization studies.

Our South America operations have varying cost structures because of differences in ore grades and characteristics, processing costs, by-product credits and other factors. Average unit net cash costs (net of by-product credits) for South America operations of $2.46 per pound of copper in second-quarter 2024 and $2.53 per pound for the first six months of 2024 were higher than second-quarter 2023 unit net cash costs of $2.28 per pound and $2.24 per pound for the first six months of 2023, primarily reflecting nonrecurring labor-contract charges at Cerro Verde associated with a new CLA and higher mining costs. Second-quarter 2024 unit net cash costs benefited from the impact of higher molybdenum by-product credits, while the first six months of 2024 had lower molybdenum by-product credits and copper volumes.

Revenues from Cerro Verde’s copper concentrate sales are recorded net of treatment charges, which will vary with Cerro Verde’s sales volumes and the price of copper.

Because certain assets are depreciated on a straight-line basis, South America’s unit depreciation rate may vary with asset additions and the level of copper production and sales. Higher DD&A rates per pound of copper in the 2023 periods primarily reflect a correction in the useful lives of certain fixed assets at Cerro Verde, which resulted in additional depreciation being recognized in second-quarter 2023.

Revenue adjustments primarily result from changes in prices on provisionally priced copper sales recognized in prior periods. Refer to “Consolidated Results – Revenues” for further discussion of adjustments to prior period provisionally priced copper sales.

Average unit net cash costs (net of by-product credits) for South America operations are expected to approximate $2.47 per pound of copper for the year 2024, based on achievement of current sales volume and cost estimates, and assuming an average price of $20.00 per pound of molybdenum for the second half of 2024.

Indonesia
PT-FI operates one of the world’s largest copper and gold mines at the Grasberg minerals district in Central Papua, Indonesia. PT-FI produces copper concentrate that contains significant quantities of gold and silver. We have a 48.76% ownership interest in PT-FI and manage its operations. PT-FI's results are consolidated in our financial statements. Upon completion and full ramp-up of PT-FI’s new downstream processing facilities, PT-FI will be a fully integrated producer of refined copper and gold. Other than copper concentrate delivered to PT Smelting and PT-FI’s new smelter for further processing into refined products, most of PT-FI’s copper concentrate is sold under long-term contracts.
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Labor Matters. In April 2024, PT-FI reached a new two-year CLA with its three employee unions at its Grasberg minerals district operations. PT-FI did not recognize any significant nonrecurring costs associated with the new CLA.

Regulatory Matters and Mining Rights. On May 31, 2024, export licenses expired for several exporters, including PT-FI. In second-quarter 2024, the Indonesia government issued various regulations to allow, under certain conditions, continued exports of copper concentrates and anode slimes through December 2024.

On July 2, 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which are valid through December 2024 when the full ramp-up of PT-FI’s new smelter is expected. PT-FI will continue to pay a 7.5% export duty on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations.

As further discussed in FCX’s 2023 Form 10-K, PT-FI’s current special mining license (IUPK) enables it to conduct operations in the Grasberg minerals district through 2041. On May 30, 2024, the Indonesia government issued a regulation applicable to the country’s mineral and coal industries which outlines requirements for the granting of IUPK extensions. The regulation provides that IUPK holders may be granted a life-of-mine extension provided certain conditions are met, including ownership of integrated downstream processing facilities that have entered the operational stage; domestic ownership of at least 51% and agreement with a state-owned enterprise for an additional 10% ownership; and commitments for additional exploration and increases in refining capacity, each as approved by the Ministry of Energy and Minerals. Application for extension may be submitted at any time up to one year prior to the current IUPK expiration. PT-FI expects to apply for an extension under this new regulation during 2024. An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.

Operating and Development Activities. Over a multi-year investment period, PT-FI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, Deep Mill Level Zone and Big Gossan). Milling rates averaged 196,900 metric tons of ore per day during second-quarter 2024, which reflected reduced rates in June 2024 because of the delay in obtaining PT-FI’s export licenses, and 208,200 metric tons of ore per day for the first six months of 2024, a 12% increase from 186,100 metric tons of ore per day for the first six months of 2023. PT-FI is completing a mill recovery project with the installation of a new copper cleaner circuit, which is expected to begin commissioning in the second half of 2024.

Natural Gas Facilities. PT-FI plans to transition its existing energy source from coal to liquefied natural gas, which would meaningfully reduce PT-FI’s Scope 1 greenhouse gas emissions at the Grasberg minerals district. PT-FI’s planned investments in a new gas-fired combined cycle facility is expected to be incurred over the next four years, at a cost of approximately $1 billion, which represents an incremental cost of $0.4 billion compared to previously planned investments to refurbish the existing coal units.

Kucing Liar. Long-term mine development activities are ongoing for PT-FI’s Kucing Liar deposit in the Grasberg minerals district, which is expected to produce over 7 billion pounds of copper and 6 million ounces of gold between 2029 and the end of 2041. An extension of PT-FI’s operating rights beyond 2041 would extend the life of the project. Pre-production development activities commenced in 2022 and are expected to continue over an approximate 10-year timeframe. Capital investments are estimated to average approximately $400 million per year over this period. At full operating rates of approximately 90,000 metric tons of ore per day, annual production from Kucing Liar is expected to approximate 560 million pounds of copper and 520 thousand ounces of gold, providing PT-FI with sustained long-term, large-scale and low-cost production. Kucing Liar will benefit from substantial shared infrastructure and PT-FI’s experience and long-term success in block-cave mining.

Downstream Processing Facilities. PT-FI substantially completed construction of its new smelter in June 2024 and commenced commissioning operations. The new smelter has a capacity to process approximately 1.7 million metric tons of copper concentrate per year and is expected to begin producing copper cathodes in the coming months with ramp-up to full production targeted by year-end 2024 in line with previous expectations.

The PMR is being constructed to process gold and silver from the new smelter and PT Smelting. Construction is in progress with full production expected by year-end 2024.

During the first six months of 2024, capital expenditures for the new downstream processing facilities totaled $0.7 billion and are expected to approximate $1.0 billion for the year 2024, excluding capitalized interest and $0.3 billion
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of estimated commissioning and owner’s costs. As of June 30, 2024, $3.8 billion has been incurred to date for the projects.

In December 2023, PT Smelting completed an expansion of its capacity by 30% to 1.3 million metric tons of copper concentrate per year. The project was funded by PT-FI with borrowings totaling $254 million that converted to equity effective June 30, 2024, increasing PT-FI’s ownership in PT Smelting to 66% from 39.5%. As discussed in Note 1, PT-FI continues to account for its investment in PT Smelting under the equity method.

Operating Data. Following is summary consolidated operating data for Indonesia operations:
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Copper (millions of recoverable pounds)
  
Production441 406 932 735 
Sales337 386 830 584 
Average realized price per pound$4.44 $3.82 $4.23 $3.83 
Gold (thousands of recoverable ounces)
  
Production437 479 982 881 
Sales356 492 920 758 
Average realized price per ounce$2,299 $1,942 $2,236 $1,946 
Ore extracted and milled (metric tons per day):  
Grasberg Block Cave underground mine123,500 114,800 131,400 102,300 
Deep Mill Level Zone underground mine64,400 80,200 65,900 75,100 
Big Gossan underground mine7,500 8,200 8,300 7,600 
Other adjustments1,500 3,900 2,600 1,100 
Total196,900 207,100 

208,200 186,100 
Average ore grades:  
Copper (%)1.30 1.15 1.31 1.16 
Gold (grams per metric ton)0.99 1.05 1.06 1.06 
Recovery rates (%): 
Copper88.8 88.9 89.1 89.5 
Gold77.0 76.7 77.3 77.4 
PT-FI’s consolidated copper and gold sales volumes for the second quarter and first six months of 2024 were impacted by previously announced shipping delays in Indonesia associated with the timing of renewing PT-FI’s copper concentrate and anode slimes export licenses, which expired on May 31, 2024. On July 2, 2024, PT-FI was granted copper concentrate and anode slimes export licenses, which are valid through December 2024 when the full ramp-up of PT-FI’s new smelter is expected.

PT-FI’s consolidated copper sales volumes totaled 337 million pounds in second-quarter 2024, 386 million pounds in second-quarter 2023, 830 million pounds for the first six months of 2024 and 584 million pounds for the first six months of 2023. PT-FI’s consolidated copper sales volumes for the 2024 periods benefited from higher ore grades and higher consolidated copper sales volumes for the first six months of 2024 also reflect higher mining and milling rates.

PT-FI’s consolidated gold sales volumes totaled 356 thousand ounces in second-quarter 2024, 492 thousand ounces in second-quarter 2023, 920 thousand ounces for the first six months of 2024 and 758 thousand ounces for the first six months of 2023. PT-FI’s consolidated gold sales volumes for the first six months of 2024 benefited from higher mining and milling rates.

Consolidated sales volumes from PT-FI are expected to approximate 1.7 billion pounds of copper and 1.8 million ounces of gold for the year 2024. Consolidated copper and gold production volumes from PT-FI for the year 2024 are expected to exceed 2024 sales volumes, reflecting the deferral of approximately 100 million pounds of copper and 120 thousand ounces of gold that will be processed by the new downstream processing facilities and sold as refined metal in 2025. Projected sales volumes are dependent on operational performance; the timing of ramp-up of PT-FI’s new smelter; weather-related conditions; and other factors detailed in the “Cautionary Statement” below.

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Unit Net Cash (Credits) Costs. We believe unit net cash (credits) costs per pound of copper is a measure that provides investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.

Gross Profit per Pound of Copper and per Ounce of Gold
The following table summarizes the unit net cash (credits) costs and gross profit per pound of copper and per ounce of gold at our Indonesia mining operations. Refer to “Product Revenues and Production Costs” for an explanation of “by-product” and “co-product” methods and a reconciliation of unit net cash credits per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.
Three Months Ended June 30,
 20242023
 By-Product MethodCo-Product MethodBy-Product MethodCo-Product Method
 CopperGoldCopperGold
Revenues, excluding adjustments$4.44 $4.44 $2,299 $3.82 $3.82 $1,942 
Site production and delivery, before net noncash and other costs shown below1.59 1.01 523 1.88 1.12 569 
Gold, silver and other by-product credits(2.66)— — (2.60)— — 
Treatment charges0.36 0.23 119 0.39 0.23 118 
Export dutiesa
0.23 0.14 74 — — — 
Royalty on metals0.27 0.17 90 0.24 0.14 72 
Unit net cash (credits) costs(0.21)1.55 806 (0.09)1.49 759 
DD&A0.74 0.47 242 0.71 0.42 216 
Noncash and other costs, net0.19 
b,c
0.12 62 0.20 
c,d
0.12 60 
Total unit costs 0.72 2.14 1,110 0.82 2.03 1,035 
Revenue adjustments, primarily for pricing on prior period open sales0.28 0.28 86 (0.14)(0.14)1 
Gross profit per pound/ounce$4.00 $2.58 $1,275 $2.86 $1.65 $908 
Copper sales (millions of recoverable pounds)337 337  386 386  
Gold sales (thousands of recoverable ounces)  356   492 
Six Months Ended June 30,
 20242023
 By-Product MethodCo-Product MethodBy-Product MethodCo-Product Method
 CopperGoldCopperGold
Revenues, excluding adjustments$4.23 $4.23 $2,236 $3.83 $3.83 $1,946 
Site production and delivery, before net noncash and other costs shown below1.55 0.96 508 1.93 1.14 578 
Gold, silver and other by-product credits(2.59)— — (2.68)— — 
Treatment charges0.36 0.22 116 0.38 0.23 115 
Export dutiesa
0.28 0.17 91 0.03 0.02 9 
Royalty on metals0.25 0.16 85 0.26 0.15 73 
Unit net cash (credits) costs (0.15)1.51 800 (0.08)1.54 775 
DD&A0.70 0.43 230 0.72 0.43 217 
Noncash and other costs, net0.10 
b,c
0.07 34 0.18 
c,d
0.11 55 
Total unit costs 0.65 2.01 1,064 0.82 2.08 1,047 
Revenue adjustments, primarily for pricing on prior period open sales0.01 0.01 (7)0.19 0.19 22 
PT Smelting intercompany profit — — — 0.19 0.11 58 
Gross profit per pound/ounce$3.59 $2.23 $1,165 $3.39 $2.05 $979 
Copper sales (millions of recoverable pounds)830 830  584 584  
Gold sales (thousands of recoverable ounces)  920   758 
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a.Export duties of 2.5% were eliminated effective March 29, 2023, upon verification that construction progress of the new smelter exceeded 50%, and were reinstated at a rate of 7.5% in July 2023 under a revised regulation. As discussed above and in Note 7, PT-FI will continue to pay export duties of 7.5% on copper concentrates during the smelter ramp-up period pursuant to Indonesia regulations.
b.Includes charges totaling $0.10 per pound of copper in second-quarter 2024 and $0.04 per pound of copper for the first six months of 2024 for amounts capitalized in prior years associated with construction of the new downstream processing facilities.
c.Includes charges totaling $0.06 per pound of copper in second-quarter 2024 and $0.04 per pound of copper for the first six months of 2024 for operational readiness and startup costs associated with the new downstream processing facilities and $0.03 per pound of copper in second-quarter 2023 and $0.04 per pound of copper for the first six months of 2023 for feasibility and optimization studies.
d.Includes charges totaling $0.14 per pound of copper in second-quarter 2023 and $0.09 per pound of copper for the first six months of 2023 associated with a potential administrative fine.

PT-FI’s unit net cash credits (including gold, silver and other by-product credits) were $0.21 per pound of copper in second-quarter 2024 and $0.15 per pound of copper for the first six months of 2024, compared to $0.09 per pound of copper in second-quarter 2023 and $0.08 per pound of copper for the first six months of 2023. Favorable unit net cash credits in the 2024 periods, compared with the 2023 periods, primarily reflect lower costs associated with timing of sales related to previously announced shipping delays, partly offset by higher export duties.

Treatment charges vary with the volume of metals sold and the price of copper, and royalties vary with the volume of metals sold and the prices of copper and gold. PT-FI’s royalties totaled $90 million in second-quarter 2024, $92 million in second-quarter 2023, $209 million for the first six months of 2024 and $150 million for the first six months of 2023.

Export duties totaled $75 million in second-quarter 2024, $231 million for the first six months of 2024 and $18 million for the first six months of 2023. Refer to Note 7 for further discussion of PT-FI’s export duties.

Because certain assets are depreciated on a straight-line basis, PT-FI’s unit depreciation rate may vary with asset additions and the level of copper production and sales. The DD&A rate per pound of copper is expected to be higher in the second half of 2024, compared with the 2024 and 2023 periods, as the downstream processing facilities are placed into service.

Revenue adjustments primarily result from changes in prices on provisionally priced copper sales recognized in prior periods. Refer to “Consolidated Results – Revenues” for further discussion of adjustments to prior period provisionally priced copper sales.

PT Smelting’s intercompany profit for the first six months of 2023 represents the change in the deferral of 39.5% of PT-FI’s profit on sales to PT Smelting. Beginning in 2023, PT-FI’s commercial arrangement with PT Smelting changed to a tolling arrangement and there are no further sales from PT-FI to PT Smelting. Refer to Note 1 for further discussion of PT-FI’s equity investment in PT Smelting.

Average unit net cash credits (including gold, silver and other by-product credits) for PT-FI are expected to approximate $0.07 per pound of copper for the year 2024, based on achievement of current sales volumes and cost estimates, and assuming an average price of $2,300 per ounce of gold for the second half of 2024. PT-FI’s average unit net cash credits for the year 2024 would change by approximately $0.06 per pound of copper for each $100 per ounce change in the average price of gold for the second half of 2024.

PT-FI’s projected sales volumes and unit net cash credits for the year 2024 are dependent on operational performance; the timing of the ramp-up of PT-FI’s new smelter in Indonesia; weather-related conditions; timing of shipments; and other factors. Refer to “Cautionary Statement” below, and Item 1A. “Risk Factors” contained in Part I of our 2023 Form 10-K for further discussion of factors that could cause results to differ materially from projections.

Molybdenum
We operate two wholly owned primary molybdenum operations in Colorado – the Climax open-pit mine and the Henderson underground mine. The Climax and Henderson mines produce high-purity, chemical-grade molybdenum concentrate, which is typically further processed into value-added molybdenum chemical products. The majority of the molybdenum concentrate produced at the Climax and Henderson mines, as well as from our North America copper mines and South America operations, is processed at our conversion facilities.
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Operating and Development Activities. Production from the primary molybdenum operations totaled 7 million pounds of molybdenum in each of second-quarter 2024 and 2023 and 15 million pounds during both the first six months of 2024 and 2023. Refer to “Consolidated Results” for our consolidated molybdenum operating data, which includes sales of molybdenum produced at our primary molybdenum operations and from our North America copper mines and South America operations. Refer to “Outlook” for projected consolidated molybdenum sales volumes and to “Markets” for a discussion of molybdenum prices.

Unit Net Cash Costs Per Pound of Molybdenum. We believe unit net cash costs per pound of molybdenum is a measure that provides investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for our respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. This measure is presented by other metals mining companies, although our measure may not be comparable to similarly titled measures reported by other companies.

Average unit net cash costs for the primary molybdenum operations of $19.41 per pound of molybdenum in second-quarter 2024 and $17.50 per pound for the first six months of 2024 were higher than average unit net cash costs of $15.99 per pound in second-quarter 2023 and $13.95 per pound for the first six months of 2023, primarily reflecting higher transitional contract-labor costs and operating and maintenance supply costs. Average unit net cash costs for the primary molybdenum operations are expected to approximate $17.00 per pound of molybdenum for the year 2024, based on achievement of current sales volumes and cost estimates. Refer to “Product Revenues and Production Costs” for a reconciliation of unit net cash costs per pound to production and delivery costs applicable to sales reported in our consolidated financial statements.

Smelting and Refining
Through our downstream integration, we are able to assure placement of a significant portion of our copper concentrate production. We wholly own and operate the Miami smelter in Arizona, Atlantic Copper (a smelter and refinery in Spain), and the El Paso refinery in Texas.

In June 2024, PT-FI substantially completed construction of its new smelter in Indonesia and commenced commissioning operations. Further, PT-FI expects to complete its new PMR by year-end 2024. The new smelter will smelt and refine copper concentrate from PT-FI and the PMR will process anode slimes from the new smelter and PT Smelting. PT-FI also has a 66% (39.5% prior to June 30, 2024) ownership interest in PT Smelting, a copper smelter and refinery in Gresik, Indonesia (refer to Note 1). As a result, PT-FI’s operations will be fully integrated and treatment charges reflecting the cost of smelting and refining operations will be recorded in production and delivery costs (refer to “Indonesia Operations – Downstream Processing Facilities” above).

Atlantic Copper smelts and refines copper concentrate and markets refined copper and precious metals in slimes. During the first six months of 2024, Atlantic Copper’s copper concentrate purchases included 30% from our copper mining operations and 70% from third parties. Atlantic Copper’s treatment charges, which consist of a base rate per pound of copper and per ounce of gold, are generally fixed and represent a cost to our mining operations and income to Atlantic Copper (i.e., higher treatment charges benefit our Atlantic Copper operations). Our North America copper mines are less significantly affected by changes in treatment charges because these operations are largely integrated with our Miami smelter and El Paso refinery.

We defer recognizing profits on sales from our mining operations to Atlantic Copper until final sales to third parties occur. Changes in these deferrals attributable to variability in intercompany volumes resulted in net additions (reductions) to operating income totaling $137 million ($41 million to net income attributable to common stock) in second-quarter 2024, $(39) million ($(21) million to net income attributable to common stock) in second-quarter 2023, $120 million ($36 million to net income attributable to common stock) for the first six months of 2024 and $72 million ($27 million to net income attributable to common stock) for the first six months of 2023. Our net deferred profits on our inventories at Atlantic Copper to be recognized in future periods’ operating income totaled $97 million ($30 million to net income attributable to common stock) at June 30, 2024. Quarterly variations in ore grades, the timing of intercompany shipments and changes in product prices will result in variability in our net deferred profits and quarterly earnings. FCX currently expects the deferral of profit recognition on sales to Atlantic Copper in third-quarter 2024 to result in a reduction to operating income of approximately $50 million (approximately $15 million to
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net income attributable to common stock), which will be recognized in future periods as Atlantic Copper sells final refined products to third parties.

In May 2024, the U.S. Environmental Protection Agency (EPA) amended its rule establishing standards for hazardous air pollutant emissions from primary copper smelters. We are evaluating this final rule to determine to what extent we would need to modify our processes and equipment and the costs involved, which could be significant. We expect that this final rule will impact our Miami, Arizona smelter operations, which processes a significant portion of the copper concentrate produced by our North America copper mines. We have appealed the EPA’s final rule to the Court of Appeals for the D.C. Circuit, and we have filed a petition for reconsideration to EPA, including updated information on cost and implementation of the final rule. Refer to “Governmental Regulations – Environmental and Reclamation Matters” in Items 1 and 2. “Business and Properties” contained in Part I of our 2023 Form 10-K for additional information on new and revised environmental regulatory requirements that may result in substantial increased costs for our business.

CAPITAL RESOURCES AND LIQUIDITY

Our consolidated operating cash flows vary with sales volumes; prices realized from copper, gold and molybdenum sales; production costs; income taxes; other working capital changes; and other factors.

We remain focused on managing costs efficiently and continue to advance several important value-enhancing initiatives. We believe the actions we have taken in recent years to build a solid balance sheet, successfully expand low-cost operations and maintain flexible organic growth options while maintaining sufficient liquidity, will allow us to continue to execute our business plans in a prudent manner during periods of economic uncertainty while preserving substantial future asset values. We closely monitor market conditions and will adjust our operating plans to protect liquidity and preserve our asset values, if necessary. We expect to maintain a strong balance sheet and liquidity position as we focus on building long-term value in our business, executing our operating plans safely, responsibly and efficiently, and prudently managing costs and capital expenditures.

Based on current sales volume, cost and metal price estimates discussed in “Outlook,” our available cash and cash equivalents plus our projected consolidated operating cash flows of $7.2 billion for the year 2024 exceed our expected consolidated capital expenditures of $4.7 billion (which includes $2.3 billion for major mining projects and $1.0 billion for PT-FI’s new downstream processing facilities) for the year 2024.
We have cash on hand and the financial flexibility to fund capital expenditures and our other cash requirements for the next twelve months, including noncontrolling interest distributions, income tax payments, current common stock dividends (base and variable) and any share or debt repurchases. At June 30, 2024, we had $5.3 billion in consolidated cash and cash equivalents, and FCX, PT-FI and Cerro Verde have $3.0 billion, $1.75 billion and $350 million, respectively, of availability under their revolving credit facilities.

On July 31, 2024, PT-FI borrowed $250 million under its revolving credit facility to fund capital expenditures for PT-FI’s new downstream processing facilities.

At June 30, 2024, we had $1.0 billion in current restricted cash and cash equivalents, including $0.9 billion associated with PT-FI's export proceeds temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government.

Financial Policy. Our financial policy is aligned with our strategic objectives of maintaining a solid balance sheet, providing cash returns to shareholders and advancing opportunities for future growth. The policy includes a base dividend and a performance-based payout framework, whereby up to 50% of available cash flows generated after planned capital spending and distributions to noncontrolling interests would be allocated to shareholder returns and the balance to debt reduction and investments in value enhancing growth projects, subject to us maintaining our net debt at a level not to exceed the net debt target of $3.0 billion to $4.0 billion (excluding debt for PT-FI’s new downstream processing facilities). Our Board of Directors (Board) reviews the structure of the performance-based payout framework at least annually.

At June 30, 2024, FCX’s net debt, excluding $3.0 billion of debt for PT-FI’s new downstream processing facilities, totaled $0.3 billion (which was net of $0.9 billion of current restricted cash associated with PT-FI’s export proceeds). Refer to "Net Debt" for further discussion.

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On June 26, 2024, our Board declared cash dividends totaling $0.15 per share on our common stock (including a $0.075 per share quarterly base cash dividend and a $0.075 per share quarterly variable, performance-based cash dividend), which were paid on August 1, 2024, to common stockholders of record as of July 15, 2024. Based on current market conditions, the base and variable dividends on our common stock are anticipated to total $0.60 per share for 2024 (including the dividends paid on February 1, 2024, May 1, 2024, and August 1, 2024), comprised of a $0.30 per share base dividend and $0.30 per share variable dividend. The declaration and payment of dividends (base or variable) are at the discretion of our Board and will depend on our financial results, cash requirements, global economic conditions and other factors deemed relevant by our Board.

In July 2024, FCX acquired 1.2 million shares of its common stock for a total cost of $59 million ($50.48 average cost per share) bringing total purchases under its $5.0 billion share repurchase program to 49.0 million shares of common stock for a cost of $1.9 billion ($38.64 average cost per share). The timing and amount of share repurchases is at the discretion of management and will depend on a variety of factors. The share repurchase program may be modified, increased, suspended or terminated at any time at our Board’s discretion.

Cash
Following is a summary of the U.S. and international components of consolidated cash and cash equivalents available to the parent company, net of noncontrolling interests’ share, taxes and other costs at June 30, 2024 (in billions):
Cash at domestic companies$2.6 
Cash at international operations2.7 
a
Total consolidated cash and cash equivalents5.3 
Noncontrolling interests’ share(1.3)
Cash, net of noncontrolling interests’ share4.0 
Withholding taxes (0.1)

Net cash available$3.9 
a.Excludes $0.9 billion of current restricted cash associated with a portion of PT-FI's export proceeds required to be temporarily deposited in Indonesia banks for 90 days in accordance with a regulation issued by the Indonesia government.

Cash held at our international operations is generally used to support our foreign operations’ capital expenditures, operating expenses, debt repayments, working capital or other cash needs. Management believes that sufficient liquidity is available in the U.S. from cash balances and availability from our revolving credit facility. We have not elected to permanently reinvest earnings from our foreign subsidiaries, and we have recorded deferred tax liabilities for foreign earnings that are available to be repatriated to the U.S. From time to time, our foreign subsidiaries distribute earnings to the U.S. through dividends that are subject to applicable withholding taxes and noncontrolling interests’ share.

Debt
At June 30, 2024, consolidated debt totaled $9.4 billion, with a weighted-average interest rate of 5.2%. Substantially all of our outstanding debt is fixed rate.

We have $0.7 billion in scheduled senior note maturities in November 2024 with no further senior note maturities until 2027. Our total debt has an average remaining duration of approximately 10 years.

Refer to Note 4 for further discussion.

Operating Activities
We generated operating cash flows of $3.9 billion for the first six months of 2024 and $2.7 billion for the first six months of 2023. Higher operating cash flows for the first six months of 2024, compared with the first six months of 2023, primarily reflects higher copper and gold sales volumes and higher average realized prices.

Investing Activities
Capital Expenditures. Capital expenditures, including capitalized interest, totaled $2.4 billion for the first six months of 2024 and $2.3 billion for the first six months of 2023, including amounts for major mining projects ($0.9 billion for the first six months of 2024 and $0.8 billion for the first six months of 2023), primarily associated with underground development activities in the Grasberg minerals district and for PT-FI’s new downstream processing facilities ($0.7 billion for the first six months of 2024 and $0.8 billion for the first six months of 2023).

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Financing Activities
Debt Transactions. Net repayments of debt totaling $1.1 billion for the first six months of 2023 reflected the repayment of our 3.875% Senior Notes that matured in March 2023.

Cash Dividends on Common Stock. We paid cash dividends on our common stock totaling $0.4 billion during each of the first six months of 2024 and 2023. The declaration and payment of dividends (base or variable) is at the discretion of our Board and will depend on our financial results, cash requirements, global economic conditions and other factors deemed relevant by our Board. Refer to Note 4, Item 1A. “Risk Factors” contained in Part I of our 2023 Form 10-K, “Cautionary Statement” below and the discussion of our financial policy above.

Cash Dividends and Distributions Paid to Noncontrolling Interests. Cash dividends and distributions paid to noncontrolling interests at our international operations totaled $0.7 billion (including $0.6 billion from PT-FI) for the first six months of 2024 and $0.3 billion (including $0.2 billion from PT-FI ) for the first six months of 2023. Cash dividends and distributions to noncontrolling interests vary based on the operating results and cash requirements of our consolidated subsidiaries.

CONTRACTUAL OBLIGATIONS

There have been no material changes in our contractual obligations since December 31, 2023. Refer to Note 13 and Part II, Items 7. and 7A. in our 2023 Form 10-K for information regarding our contractual obligations.

CONTINGENCIES

Environmental Obligations and AROs
Our current and historical operating activities are subject to various environmental laws and regulations. We perform a comprehensive annual review of our environmental obligations and AROs and also review changes in facts and circumstances associated with these obligations at least quarterly.

As discussed in Note 7, we recorded net charges totaling $79 million for the first six months of 2024, primarily associated with changes in cost estimates for former processing facilities and historical smelter sites. In addition, we recorded net ARO additions totaling $0.4 billion in the first six months of 2024, including $0.3 billion at mining operations primarily associated with revised closure plans and cost estimates to reflect our commitment to the Global Industry Standard on Tailings Management and $0.1 billion at our oil and gas properties primarily associated with assumed abandonment obligations resulting from bankruptcies of other companies.

Refer to Note 12 of our 2023 Form 10-K for further information about contingencies associated with environmental matters and AROs.

Litigation and Other Contingencies
There have been no significant updates to our contingencies associated with legal proceedings, environmental and other matters since December 31, 2023, other than as disclosed in Note 7. Refer to Note 12 and “Legal Proceedings” contained in Part I, Item 3. of our 2023 Form 10-K, as updated by Note 7, for further information regarding litigation and other contingencies.

NEW ACCOUNTING STANDARDS

There were no significant updates to previously reported accounting standards included in Note 1 of our 2023 Form 10-K.

CRITICAL ACCOUNTING ESTIMATES

MD&A is based on our consolidated financial statements, which have been prepared in conformity with U.S. GAAP. The preparation of these statements requires that we make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. We base these estimates on historical experience and on assumptions that we consider reasonable under the circumstances; however, reported results could differ from those based on the current estimates under different assumptions or conditions. For a description of our critical accounting estimates that require us to make the most difficult, subjective or complex judgments, refer to our 2023 Form 10-K. We have not changed any of these policies from those previously disclosed in that report.

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NET DEBT

We believe that net debt provides investors with information related to the performance-based payout framework in our financial policy, which requires us to maintain our net debt at a level not to exceed the net debt target of $3 billion to $4 billion, excluding debt for PT-FI’s new downstream processing facilities. We define net debt as consolidated debt less (i) consolidated cash and cash equivalents and (ii) current restricted cash associated with PT-FI's export proceeds. This information differs from consolidated debt determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for consolidated debt determined in accordance with U.S. GAAP. Our net debt, which may not be comparable to similarly titled measures reported by other companies, follows (in billions):
As of June 30, 2024
Current portion of debt$0.8 
Long-term debt, less current portion8.7 
Consolidated debt9.4 
a
Less: consolidated cash and cash equivalents5.3 
Less: current restricted cash associated with PT-FI’s export proceedsb
0.9 
FCX net debt3.3 
a
Less: debt for PT-FI’s new downstream processing facilitiesc
3.0 

FCX net debt, excluding debt for PT-FI’s new downstream processing facilities$0.3 
a.Does not foot because of rounding.
b.In accordance with a regulation issued by the Indonesia government, 30% of PT-FI’s export proceeds are being temporarily deposited into Indonesia banks for a period of 90 days before withdrawal and are presented as current restricted cash and cash equivalents in our consolidated balance sheet. As the 90-day holding period is the only restriction on the cash, we have included such amount in the calculation of net debt.
c.Represents senior notes issued by PT-FI.

PRODUCT REVENUES AND PRODUCTION COSTS

We believe unit net cash costs (credits) per pound of copper and molybdenum are measures that provide investors with information about the cash-generating capacity of our mining operations expressed on a basis relating to the primary metal product for the respective operations. We use this measure for the same purpose and for monitoring operating performance by our mining operations. This information differs from measures of performance determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. These measures are presented by other metals mining companies, although our measures may not be comparable to similarly titled measures reported by other companies.

We present gross profit per pound of copper in the following tables using both a “by-product” method and a “co-product” method. We use the by-product method in our presentation of gross profit per pound of copper because (i) the majority of our revenues are copper revenues, (ii) we mine ore, which contains copper, gold, molybdenum and other metals, (iii) it is not possible to specifically assign all of our costs to revenues from the copper, gold, molybdenum and other metals we produce and (iv) it is the method used by our management and Board to monitor our mining operations and to compare mining operations in certain industry publications. In the co-product method presentations, shared costs are allocated to the different products based on their relative revenue values, which will vary to the extent our metals sales volumes and realized prices change.

We show revenue adjustments for prior period open sales as a separate line item. Because these adjustments do not result from current period sales, these amounts have been reflected separately from revenues on current period sales. Noncash and other costs, net which are removed from site production and delivery costs in the calculation of unit net cash costs, consist of items such as accretion of AROs, inventory write-offs and adjustments, stock-based compensation costs, long-lived asset impairments, idle facility costs, feasibility and optimization study costs, restructuring and/or unusual charges. As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method. The following schedules are presentations under both the by-product and co-product methods together with reconciliations to amounts reported in our consolidated financial statements.
50
Table of Contents                 
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended June 30, 2024  
(In millions)By-ProductCo-Product Method
MethodCopper
Molybdenuma
Otherb
Total
Revenues, excluding adjustments$1,357 $1,357 $130 $42 $1,529 
Site production and delivery, before net noncash
    and other costs shown below		1,022 925 110 33 1,068 
By-product credits(126)— — — — 
Treatment charges 40 38 — 2 40 
Net cash costs 936 963 110 35 1,108 
DD&A106 96 8 2 106 
Noncash and other costs, net37 
c
34 2 1 37 
Total costs 1,079 1,093 120 38 1,251 
Other revenue adjustments, primarily for pricing
    on prior period open sales		3 3 — — 3 
Gross profit$281 $267 $10 $4 $281 
Copper sales (millions of recoverable pounds)293 293 
Molybdenum sales (millions of recoverable pounds)a
7 
Gross profit per pound of copper/molybdenum:
Revenues, excluding adjustments$4.63 $4.63 $19.97 
Site production and delivery, before net noncash
    and other costs shown below		3.48 3.15 16.87 
By-product credits(0.43)— — 
Treatment charges0.14 0.13 — 
Unit net cash costs3.19 3.28 16.87 
DD&A0.36 0.33 1.21 
Noncash and other costs, net0.13 
c
0.12 0.33 
Total unit costs3.68 3.73 18.41 
Other revenue adjustments, primarily for pricing
    on prior period open sales		0.01 0.01 — 
Gross profit per pound$0.96 $0.91 $1.56 
Reconciliation to Amounts Reported    
 
RevenuesProduction and DeliveryDD&A
Totals presented above$1,529 $1,068 $106 
Treatment charges— 40 —  
Noncash and other costs, net— 37 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		3 — — 
Eliminations and other4 6 — 
North America copper mines1,536 1,151 106 
Other miningd
6,521 4,217 386 
Corporate, other & eliminations(1,433)(1,493)17 
As reported in our consolidated financial statements$6,624 $3,875 $509 
a.Reflects sales of molybdenum produced by certain of the North America copper mines to our molybdenum sales company at market-based pricing.
b.Includes gold and silver product revenues and production costs.
c.Includes charges totaling $14 million ($0.05 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for our other segments as presented in Note 8.

51
Table of Contents                 
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended June 30, 2023  
(In millions)By-ProductCo-Product Method
MethodCopper
Molybdenuma
Otherb
Total
Revenues, excluding adjustments$1,337 $1,337 $200 $51 $1,588 
Site production and delivery, before net noncash
    and other costs shown below		999 870 139 51 1,060 
By-product credits(190)— — — — 
Treatment charges 46 43 — 3 46 
Net cash costs 855 913 139 54 1,106 
DD&A99 87 10 2 99 
Noncash and other costs, net52 
c
46 5 1 52 
Total costs 1,006 1,046 154 57 1,257 
Other revenue adjustments, primarily for pricing
    on prior period open sales		(11)(11)— — (11)
Gross profit (loss)$320 $280 $46 $(6)$320 
Copper sales (millions of recoverable pounds)341 341 
Molybdenum sales (millions of recoverable pounds)a
9 
Gross profit per pound of copper/molybdenum:
Revenues, excluding adjustments$3.92 $3.92 $23.08 
Site production and delivery, before net noncash
    and other costs shown below		2.93 2.55 16.04 
By-product credits(0.55)— — 
Treatment charges0.13 0.13 — 
Unit net cash costs
2.51 2.68 16.04 
DD&A0.29 0.26 1.15 
Noncash and other costs, net0.15 
c
0.13 0.60 
Total unit costs
2.95 3.07 17.79 
Other revenue adjustments, primarily for pricing
    on prior period open sales		(0.03)(0.03)— 
Gross profit per pound$0.94 $0.82 $5.29 
Reconciliation to Amounts Reported     
RevenuesProduction and DeliveryDD&A 
Totals presented above$1,588 $1,060 $99  
Treatment charges(3)43 —  
Noncash and other costs, net— 52 —  
Other revenue adjustments, primarily for pricing
    on prior period open sales		(11)— —  
Eliminations and other16 12 —  
North America copper mines1,590 1,167 99  
Other miningd
5,756 3,939 429 
Corporate, other & eliminations(1,609)(1,557)19  
As reported in our consolidated financial statements$5,737 $3,549 $547  
a.Reflects sales of molybdenum produced by certain of the North America copper mines to our molybdenum sales company at market-based pricing.
b.Includes gold and silver product revenues and production costs.
c.Includes charges totaling $26 million ($0.08 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for our other segments as presented in Note 8.
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Table of Contents                 
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs
Six Months Ended June 30, 2024
(In millions)By-ProductCo-Product Method
MethodCopper
Molybdenuma
Otherb
Total
Revenues, excluding adjustments$2,676 $2,676 $265 $81 $3,022 
Site production and delivery, before net noncash
    and other costs shown below		2,096 1,898 226 65 2,189 
By-product credits(253)— — — — 
Treatment charges 83 80 — 3 83 
Net cash costs 1,926 1,978 226 68 2,272 
DD&A217 197 17 3 217 
Noncash and other costs, net82 
c
76 5 1 82 
Total costs 2,225 2,251 248 72 2,571 
Gross profit $451 $425 $17 $9 $451 
Copper sales (millions of recoverable pounds)626 626 
Molybdenum sales (millions of recoverable pounds)a
14 
Gross profit per pound of copper/molybdenum:
Revenues, excluding adjustments$4.28 $4.28 $19.18 
Site production and delivery, before net noncash
    and other costs shown below		3.35 3.03 16.35 
By-product credits(0.40)— — 
Treatment charges0.13 0.13 — 
Unit net cash costs3.08 3.16 16.35 
DD&A0.35 0.32 1.22 
Noncash and other costs, net0.13 
c
0.12 0.39 
Total unit costs3.56 3.60 17.96 
Gross profit per pound$0.72 $0.68 $1.22 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$3,022 $2,189 $217 
Treatment charges(2)81 — 
Noncash and other costs, net— 82 — 
Eliminations and other18 23 1 
North America copper mines3,038 2,375 218 
Other miningd
12,799 8,107 853 
Corporate, other & eliminations(2,892)(2,763)33 
As reported in our consolidated financial statements$12,945 $7,719 $1,104 
a.Reflects sales of molybdenum produced by certain of the North America copper mines to our molybdenum sales company at market-based pricing.
b.Includes gold and silver product revenues and production costs.
c.Includes charges totaling $30 million ($0.05 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for our other mining operations as presented in Note 8.









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Table of Contents                 
North America Copper Mines Product Revenues, Production Costs and Unit Net Cash Costs
Six Months Ended June 30, 2023
(In millions)By-ProductCo-Product Method
MethodCopper
Molybdenuma
Otherb
Total
Revenues, excluding adjustments$2,723 

$2,723 $412 $86 $3,221 
Site production and delivery, before net noncash
    and other costs shown below		1,975 1,720 288 78 2,086 
By-product credits(387)— — — — 
Treatment charges 88 83 — 5 88 
Net cash costs 1,676 1,803 288 83 2,174 
DD&A202 178 20 4 202 
Noncash and other costs, net127 
c
108 17 2 127 
Total costs 2,005 2,089 325 89 2,503 
Other revenue adjustments, primarily for pricing
    on prior period open sales		13 13 — — 13 
Gross profit (loss)$731 $647 $87 $(3)$731 
Copper sales (millions of recoverable pounds)676 676 
Molybdenum sales (millions of recoverable pounds)a
16 
Gross profit per pound of copper/molybdenum:
Revenues, excluding adjustments$4.03 

$4.03 $25.52 
Site production and delivery, before net noncash
    and other costs shown below		2.92 2.55 17.81 
By-product credits(0.57)— — 
Treatment charges0.13 0.12 — 
Unit net cash costs2.48 2.67 17.81 
DD&A0.30 0.26 1.24 
Noncash and other costs, net0.19 
c
0.16 1.06 
Total unit costs2.97 3.09 20.11 
Other revenue adjustments, primarily for pricing
    on prior period open sales		0.02 0.02 — 
Gross profit per pound$1.08 $0.96 $5.41 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$3,221 $2,086 $202 
Treatment charges(9)79 — 
Noncash and other costs, net— 127 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		13 — — 
Eliminations and other35 37 — 
North America copper mines3,260 2,329 202 
Other miningd
11,068 7,441 712 
Corporate, other & eliminations(3,202)(3,056)32 
As reported in our consolidated financial statements$11,126 $6,714 $946 
a.Reflects sales of molybdenum produced by certain of the North America copper mines to our molybdenum sales company at market-based pricing.
b.Includes gold and silver product revenues and production costs.
c.Includes charges totaling $53 million ($0.08 per pound of copper) for feasibility and optimization studies.
d.Represents the combined total for our other mining operations as presented in Note 8.
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Table of Contents                 
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended June 30, 2024
(In millions)By-ProductCo-Product Method
MethodCopper
Othera
Total
Revenues, excluding adjustments$1,326 $1,326 $147 $1,473 
Site production and delivery, before net noncash
    and other costs shown below		828 
b
754 88 842 
By-product credits(136)— — — 
Treatment charges48 48 — 48 
Royalty on metals3 2 1 3 
Net cash costs743 804 89 893 
DD&A114 102 12 114 
Noncash and other costs, net19 
c
19 — 19 
Total costs876 925 101 1,026 
Other revenue adjustments, primarily for pricing
    on prior period open sales		87 87 3 90 
Gross profit $537 $488 $49 $537 
Copper sales (millions of recoverable pounds)302 302 
Gross profit per pound of copper:
Revenues, excluding adjustments$4.39 $4.39 
Site production and delivery, before net noncash
    and other costs shown below		2.74 
b
2.49 
By-product credits(0.45)— 
Treatment charges0.16 0.16 
Royalty on metals0.01 0.01 
Unit net cash costs2.46 2.66 
DD&A0.38 0.34 
Noncash and other costs, net0.06 
c
0.06 
Total unit costs2.90 3.06 
Other revenue adjustments, primarily for pricing
    on prior period open sales		0.29 0.29 
Gross profit per pound$1.78 $1.62 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$1,473 $842 $114 
Treatment charges(48)— — 
Royalty on metals(3)— — 
Noncash and other costs, net— 19 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		90 — — 
Eliminations and other(1)(1)— 
South America operations1,511 860 114 
Other miningd
6,546 4,508 378 
Corporate, other & eliminations(1,433)(1,493)17 
As reported in our consolidated financial statements$6,624 $3,875 $509 
a.Includes silver sales of 0.9 million ounces ($29.63 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
b.Includes nonrecurring charges totaling $65 million ($0.22 per pound of copper) associated with labor-related charges at Cerro Verde associated with a new CLA.
c.Includes charges totaling $12 million ($0.04 per pound of copper) for feasibility studies.
d.Represents the combined total for our other segments as presented in Note 8.

55
Table of Contents                 
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended June 30, 2023
(In millions)By-ProductCo-Product Method
MethodCopper
Othera
Total
Revenues, excluding adjustments$1,153 $1,153 $128 $1,281 
Site production and delivery, before net noncash
    and other costs shown below		741 678 82 760 
By-product credits(109)— — — 
Treatment charges62 62 — 62 
Royalty on metals2 2 — 2 
Net cash costs696 742 82 824 
DD&A132 118 14 132 
Noncash and other costs, net24 
b
23 1 24 
Total costs852 883 97 980 
Other revenue adjustments, primarily for pricing
    on prior period open sales		(69)(69)— (69)
Gross profit $232 $201 $31 $232 
Copper sales (millions of recoverable pounds)304 304 
Gross profit per pound of copper:
Revenues, excluding adjustments$3.78 $3.78 
Site production and delivery, before net noncash
    and other costs shown below		2.43 2.22 
By-product credits(0.37)— 
Treatment charges0.21 0.21 
Royalty on metals0.01 0.01 
Unit net cash costs2.28 2.44 
DD&A0.44 0.39 
Noncash and other costs, net0.08 
b
0.07 
Total unit costs2.80 2.90 
Other revenue adjustments, primarily for pricing
    on prior period open sales		(0.22)(0.22)
Gross profit per pound$0.76 $0.66 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$1,281 $760 $132 
Treatment charges(62)— — 
Royalty on metals(2)— — 
Noncash and other costs, net— 24 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		(69)— — 
Eliminations and other— (1)— 
South America operations1,148 783 132 
Other miningc
6,198 4,323 396 
Corporate, other & eliminations(1,609)(1,557)19 
As reported in our consolidated financial statements$5,737 $3,549 $547 
a.Includes silver sales of 1.1 million ounces ($23.02 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
b.Includes charges totaling $11 million ($0.04 per pound of copper) for feasibility studies.
c.Represents the combined total for our other segments as presented in Note 8.






56
Table of Contents                 
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs
Six Months Ended June 30, 2024
(In millions)By-ProductCo-Product Method
MethodCopper
Othera
Total
Revenues, excluding adjustments$2,499 $2,499 $219 $2,718 
Site production and delivery, before net noncash
    and other costs shown below		1,571 
b
1,456 142 1,598 
By-product credits(192)— — — 
Treatment charges99 99 — 99 
Royalty on metals4 4 — 4 
Net cash costs1,482 1,559 142 1,701 
DD&A222 204 18 222 
Noncash and other costs, net37 
c
36 1 37 
Total costs1,741 1,799 161 1,960 
Other revenue adjustments, primarily for pricing
    on prior period open sales		32 32 — 32 
Gross profit $790 $732 $58 $790 
Copper sales (millions of recoverable pounds)586 586 
Gross profit per pound of copper:
Revenues, excluding adjustments$4.27 $4.27 
Site production and delivery, before net noncash
    and other costs shown below		2.68 
b
2.48 
By-product credits(0.33)— 
Treatment charges0.17 0.17 
Royalty on metals0.01 0.01 
Unit net cash costs2.53 2.66 
DD&A0.38 0.35 
Noncash and other costs, net0.06 
c
0.06 
Total unit costs2.97 3.07 
Other revenue adjustments, primarily for pricing
    on prior period open sales		0.05 0.05 
Gross profit per pound$1.35 $1.25 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$2,718 $1,598 $222 
Treatment charges(99)— — 
Royalty on metals(4)— — 
Noncash and other costs, net— 37 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		32 — — 
Eliminations and other— (2)— 
South America operations2,647 1,633 222 
Other miningd
13,190 8,849 849 
Corporate, other & eliminations(2,892)(2,763)33 
As reported in our consolidated financial statements$12,945 $7,719 $1,104 
a.Includes silver sales of $1.8 million ounces ($28.49 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to FCX’s molybdenum sales company at market-based pricing.
b.Includes nonrecurring charges totaling $65 million ($0.11 per pound of copper) associated with labor-related charges at Cerro Verde associated with a new CLA.
c.Includes charges totaling $23 million ($0.04 per pound of copper) for feasibility studies.
d.Represents the combined total for our other mining operations as presented in Note 8.
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Table of Contents                 
South America Operations Product Revenues, Production Costs and Unit Net Cash Costs
Six Months Ended June 30, 2023
(In millions)By-ProductCo-Product Method
MethodCopper
Othera
Total
Revenues, excluding adjustments$2,331 $2,331 $301 $2,632 
Site production and delivery, before net noncash
    and other costs shown below		1,508 1,363 179 1,542 
By-product credits(270)— — — 
Treatment charges118 118 — 118 
Royalty on metals4 3 1 4 
Net cash costs1,360 1,484 180 1,664 
DD&A239 212 27 239 
Noncash and other costs, net50 
b
46 4 50 
Total costs1,649 1,742 211 1,953 
Other revenue adjustments, primarily for pricing
    on prior period open sales		71 71 3 74 
Gross profit$753 $660 $93 $753 
Copper sales (millions of recoverable pounds)606 606 
Gross profit per pound of copper:
Revenues, excluding adjustments$3.85 $3.85 
Site production and delivery, before net noncash
    and other costs shown below		2.49 2.25 
By-product credits(0.45)— 
Treatment charges0.19 0.19 
Royalty on metals0.01 0.01 
Unit net cash costs2.24 2.45 
DD&A0.40 0.35 
Noncash and other costs, net0.08 
b
0.07 
Total unit costs2.72 2.87 
Other revenue adjustments, primarily for pricing
    on prior period open sales		0.11 0.11 
Gross profit per pound$1.24 $1.09 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$2,632 $1,542 $239 
Treatment charges(118)— — 
Royalty on metals(4)— — 
Noncash and other costs, net— 50 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		74 — — 
Eliminations and other— (2)— 
South America operations2,584 1,590 239 
Other miningc
11,744 8,180 675 
Corporate, other & eliminations(3,202)(3,056)32 
As reported in our consolidated financial statements$11,126 $6,714 $946 
a.Includes silver sales of 2.1 million ounces ($23.20 per ounce average realized price). Also reflects sales of molybdenum produced by Cerro Verde to our molybdenum sales company at market-based pricing.
b.Includes charges totaling $19 million ($0.03 per pound of copper) for feasibility studies.
c.Represents the combined total for our other mining operations as presented in Note 8.
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Table of Contents                 
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs
Three Months Ended June 30, 2024
(In millions)Co-Product Method
By-Product MethodCopperGold
Silver & Othera
Total
Revenues, excluding adjustments$1,495 $1,495 $818 $42 $2,355 
Site production and delivery, before net noncash
    and other costs shown below		536 340 186 10 536 
Gold, silver and other by-product credits(895)— — — — 
Treatment charges123 78 43 2 123 
Export duties75 48 26 1 75 
Royalty on metals90 57 32 1 90 
Net cash (credits) costs(71)523 287 14 824 
DD&A248 158 86 4 248 
Noncash and other costs, net64 
b
40 22 2 64 
Total costs241 721 395 20 1,136 
Other revenue adjustments, primarily for pricing
    on prior period open sales		93 93 31 4 128 
Gross profit $1,347 $867 $454 $26 $1,347 
Copper sales (millions of recoverable pounds)337 337 
Gold sales (thousands of recoverable ounces)356 
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments$4.44 $4.44 $2,299 
Site production and delivery, before net noncash
    and other costs shown below		1.59 1.01 523 
Gold, silver and other by-product credits(2.66)— — 
Treatment charges0.36 0.23 119 
Export duties0.23 0.14 74 
Royalty on metals0.27 0.17 90 
Unit net cash (credits) costs(0.21)1.55 806 
DD&A0.74 0.47 242 
Noncash and other costs, net0.19 
b
0.12 62 
Total unit costs0.72 2.14 1,110 
Other revenue adjustments, primarily for pricing
    on prior period open sales		0.28 0.28 86 
Gross profit per pound/ounce$4.00 $2.58 $1,275 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$2,355 $536 $248 
Treatment charges(50)73 
c
— 
Export duties(75)— — 
Royalty on metals(90)— — 
Noncash and other costs, net— 64 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		128 — — 
Eliminations and other— (1)— 
Indonesia operations2,268 672 248 
Other miningd
5,789 4,696 244 
Corporate, other & eliminations(1,433)(1,493)17 
As reported in our consolidated financial statements$6,624 $3,875 $509 
a.Includes silver sales of 1.3 million ounces ($28.70 per ounce average realized price).
b.Includes charges totaling $34 million ($0.10 per pound of copper) related to the reversal of previously capitalized land lease depreciation, which related to prior years. Also, includes charges totaling $20 million ($0.06 per pound of copper) for PT-FI’s new downstream processing facilities’ operational readiness and startup costs.
c.Represents tolling costs paid to PT Smelting.
d.Represents the combined total for our other segments as presented in Note 8.

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Table of Contents                 
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs
Three Months Ended June 30, 2023
(In millions)Co-Product Method
By-Product MethodCopperGold
Silver & Othera
Total
Revenues, excluding adjustments$1,473 $1,473 $956 $45 $2,474 
Site production and delivery, before net noncash
    and other costs shown below		725 432 280 13 725 
Gold, silver and other by-product credits(1,002)— — — — 
Treatment charges151 90 58 3 151 
Royalty on metals92 55 36 1 92 
Net cash (credits) costs(34)577 374 17 968 
DD&A275 164 106 5 275 
Noncash and other costs, net77 
b
46 30 1 77 
Total costs318 787 510 23 1,320 
Other revenue adjustments, primarily for pricing
    on prior period open sales		(54)(54)1 — (53)
Gross profit $1,101 $632 $447 $22 $1,101 
Copper sales (millions of recoverable pounds)386 386 
Gold sales (thousands of recoverable ounces)492 
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments$3.82 $3.82 $1,942 
Site production and delivery, before net noncash
    and other costs shown below		1.88 

1.12 569 
Gold, silver and other by-product credits(2.60)— — 
Treatment charges0.39 0.23 118 
Royalty on metals0.24 0.14 72 
Unit net cash (credits) costs(0.09)1.49 759 
DD&A0.71 0.42 216 
Noncash and other costs, net0.20 
b
0.12 60 
Total unit costs0.82 2.03 1,035 
Other revenue adjustments, primarily for pricing
    on prior period open sales		(0.14)(0.14)1 
Gross profit per pound/ounce$2.86 $1.65 $908 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$2,474 $725 $275 
Treatment charges(92)59 
c
— 
Royalty on metals(92)— — 
Noncash and other costs, net— 77 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		(53)— — 
Indonesia operations2,237 861 275 
Other miningd
5,109 4,245 253 
Corporate, other & eliminations(1,609)(1,557)19 
As reported in our consolidated financial statements$5,737 $3,549 $547 
a.Includes silver sales of 1.8 million ounces ($23.07 per ounce average realized price).
b.Includes charges totaling $55 million ($0.14 per pound of copper) associated with a potential administrative fine and charges totaling $12 million ($0.03 per pound of copper) for feasibility and optimization studies.
c.Primarily represents tolling costs paid to PT Smelting.
d.Represents the combined total for our other mining operations as presented in Note 8.

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Table of Contents                 
Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs
Six Months Ended June 30, 2024
(In millions)Co-Product Method
By-Product MethodCopperGold
Silver & Othera
Total
Revenues, excluding adjustments$3,512 $3,512 $2,056 $102 $5,670 
Site production and delivery, before net noncash
    and other costs shown below		1,289 799 467 23 1,289 
Gold, silver and other by-product credits(2,152)— — — — 
Treatment charges295 183 107 5 295 
Export duties231 143 84 4 231 
Royalty on metals209 128 78 3 209 
Net cash (credits) costs(128)1,253 736 35 2,024 
DD&A583 361 212 10 583 
Noncash and other costs, net87 
b
54 31 2 87 
Total costs542 1,668 979 47 2,694 
Other revenue adjustments, primarily for pricing
    on prior period open sales		7 7 (5)(1)1 
Gross profit $2,977 $1,851 $1,072 $54 $2,977 
Copper sales (millions of recoverable pounds)830 830 
Gold sales (thousands of recoverable ounces)920 
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments$4.23 $4.23 $2,236 
Site production and delivery, before net noncash
    and other costs shown below		1.55 0.96 508 
Gold, silver and other by-product credits(2.59)— — 
Treatment charges0.36 0.22 116 
Export duties0.28 0.17 91 
Royalty on metals0.25 0.16 85 
Unit net cash (credits) costs(0.15)1.51 800 
DD&A0.70 0.43 230 
Noncash and other costs, net0.10 
b
0.07 34 
Total unit costs0.65 2.01 1,064 
Other revenue adjustments, primarily for pricing
    on prior period open sales		0.01 0.01 (7)
Gross profit per pound/ounce$3.59 $2.23 $1,165 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$5,670 $1,289 $583 
Treatment charges(138)157 
c
— 
Export duties(231)— — 
Royalty on metals(209)— — 
Noncash and other costs, net— 87 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		1 — — 
Indonesia operations5,093 1,533 583 
Other miningd
10,744 8,949 488 
Corporate, other & eliminations(2,892)(2,763)33 
As reported in our consolidated financial statements$12,945 $7,719 $1,104 
a.Includes silver sales of 3.4 million ounces ($26.76 per ounce average realized price)
b.Includes charges totaling $34 million ($0.04 per pound of copper) related to the reversal of previously capitalized land lease depreciation, which related to prior years. Also, includes charges totaling $35 million ($0.04 per pound of copper) for PT-FI’s new downstream processing facilities’ operational readiness and startup costs.
c.Represents tolling costs paid to PT Smelting.
d.Represents the combined total for our other mining operations as presented in Note 8.

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Indonesia Operations Product Revenues, Production Costs and Unit Net Cash (Credits) Costs
Six Months Ended June 30, 2023
(In millions)Co-Product Method
By-Product MethodCopperGold
Silver & Othera
Total
Revenues, excluding adjustments$2,238 $2,238 $1,474 $73 $3,785 
Site production and delivery, before net noncash
    and other costs shown below		1,124 

665 438 21 1,124 
Gold, silver and other by-product credits(1,564)— — — — 
Treatment charges224 133 87 4 224 
Export duties18 10 7 1 18 
Royalty on metals150 92 55 3 150 
Net cash (credits) costs(48)900 587 29 1,516 
DD&A423 250 165 8 423 
Noncash and other costs, net107 
b
63 42 2 107 
Total costs482 1,213 794 39 2,046 
Other revenue adjustments, primarily for pricing
    on prior period open sales		114 114 18 (1)131 
PT Smelting intercompany profit112 66 44 2 112 
Gross profit $1,982 $1,205 $742 $35 $1,982 
Copper sales (millions of recoverable pounds)584 584 
Gold sales (thousands of recoverable ounces)758 
Gross profit per pound of copper/per ounce of gold:
Revenues, excluding adjustments$3.83 $3.83 $1,946 
Site production and delivery, before net noncash
    and other costs shown below		1.93 1.14 578 
Gold, silver and other by-product credits(2.68)— — 
Treatment charges0.38 0.23 115 
Export duties0.03 0.02 9 
Royalty on metals0.26 0.15 73 
Unit net cash (credits) costs(0.08)1.54 775 
DD&A0.72 0.43 217 
Noncash and other costs, net0.18 
b
0.11 55 
Total unit costs0.82 2.08 1,047 
Other revenue adjustments, primarily for pricing
    on prior period open sales		0.19 0.19 22 
PT Smelting intercompany profit0.19 0.11 58 
Gross profit per pound/ounce$3.39 $2.05 $979 
Reconciliation to Amounts Reported
Production
Revenuesand DeliveryDD&A
Totals presented above$3,785 $1,124 $423 
Treatment charges(143)81 
c
— 
Export duties(18)— — 
Royalty on metals(150)— — 
Noncash and other costs, net— 107 — 
Other revenue adjustments, primarily for pricing
    on prior period open sales		131 — — 
PT Smelting intercompany profit— (112)— 
Eliminations and other— (1)— 
Indonesia operations3,605 1,199 423 
Other miningd
10,723 8,571 491 
Corporate, other & eliminations(3,202)(3,056)32 
As reported in our consolidated financial statements$11,126 $6,714 $946 
a.Includes silver sales of 2.7 million ounces ($23.28 per ounce average realized price).
b.Includes a charge of $55 million ($0.09 per pound of copper) associated with a potential administrative fine and charges totaling $25 million ($0.04 per pound of copper) for feasibility and optimization studies.
c.Primarily represents tolling costs paid to PT Smelting.
d.Represents the combined total for our other mining operations as presented in Note 8.
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Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs
Three Months Ended June 30,
(In millions)20242023
Revenues, excluding adjustmentsa
$144 $156 
Site production and delivery, before net noncash
    and other costs shown below		129 101 
Treatment charges and other6 6 
Net cash costs135 107 
DD&A16 14 
Noncash and other costs, net5 

4 
Total costs156 125 
Gross (loss) profit $(12)$31 
Molybdenum sales (millions of recoverable pounds)a
7 7 
Gross (loss) profit per pound of molybdenum:
Revenues, excluding adjustmentsa
$20.71 $23.28 
Site production and delivery, before net noncash
    and other costs shown below		18.53 15.13 
Treatment charges and other0.88 0.86 
Unit net cash costs19.41 15.99 
DD&A2.30 2.01 
Noncash and other costs, net0.71 

0.59 
Total unit costs22.42 18.59 
Gross (loss) profit per pound$(1.71)$4.69 
Reconciliation to Amounts Reported
Production
Three Months Ended June 30, 2024Revenuesand DeliveryDD&A
Totals presented above$144 $129 $16 
Treatment charges and other(6)— — 
Noncash and other costs, net— 5 — 
Molybdenum mines138 134 16 
Other miningb
7,919 5,234 476 
Corporate, other & eliminations(1,433)(1,493)17 
As reported in our consolidated financial statements$6,624 $3,875 $509 
Three Months Ended June 30, 2023
Totals presented above$156 $101 $14 
Treatment charges and other(6)— — 
Noncash and other costs, net— 4 — 
Molybdenum mines150 105 14 
Other miningb
7,196 5,001 514 
Corporate, other & eliminations(1,609)(1,557)19 
As reported in our consolidated financial statements$5,737 $3,549 $547 
a.Reflects sales of the Molybdenum mines’ production to our molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, our consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.
b.Represents the combined total for our other segments as presented in Note 8. Also includes amounts associated with our molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America copper mines and South America operations.






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Molybdenum Mines Product Revenues, Production Costs and Unit Net Cash Costs
Six Months Ended June 30,
(In millions)20242023
Revenues, excluding adjustmentsa
$296 $386 
Site production and delivery, before net noncash
    and other costs shown below		245 192 
Treatment charges and other13 13 
Net cash costs258 205 
DD&A32 34 
Noncash and other costs, net8 9 
Total costs298 248 
Gross (loss) profit $(2)$138 
Molybdenum sales (millions of recoverable pounds)a
15 15 
Gross (loss) profit per pound of molybdenum:
Revenues, excluding adjustmentsa
$20.05 $26.36 
Site production and delivery, before net noncash
    and other costs shown below		16.63 13.10 
Treatment charges and other0.87 0.85 
Unit net cash costs17.50 13.95 
DD&A2.19 2.32 
Noncash and other costs, net0.51 0.64 
Total unit costs20.20 16.91 
Gross (loss) profit per pound$(0.15)$9.45 
Reconciliation to Amounts Reported
Production
Six months ended June 30, 2024Revenuesand DeliveryDD&A
Totals presented above$296 $245 $32 
Treatment charges and other(13)— — 
Noncash and other costs, net— 8 — 
Molybdenum mines283 253 32 
Other miningb
15,554 10,229 1,039 
Corporate, other & eliminations(2,892)(2,763)33 
As reported in our consolidated financial statements$12,945 $7,719 $1,104 
Six months ended June 30, 2023
Totals presented above$386 $192 $34 
Treatment charges and other(13)— — 
Noncash and other costs, net— 9 — 
Molybdenum mines373 201 34 
Other miningb
13,955 9,569 880 
Corporate, other & eliminations(3,202)(3,056)32 
As reported in our consolidated financial statements$11,126 $6,714 $946 
a.Reflects sales of the Molybdenum mines’ production to our molybdenum sales company at market-based pricing. On a consolidated basis, realizations are based on the actual contract terms for sales to third parties; as a result, our consolidated average realized price per pound of molybdenum will differ from the amounts reported in this table.
b.Represents the combined total for our other segments as presented in Note 8. Also includes amounts associated with our molybdenum sales company, which includes sales of molybdenum produced by the Molybdenum mines and by certain of the North America and South America copper mines.








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CAUTIONARY STATEMENT

Our discussion and analysis contains forward-looking statements in which we discuss our potential future performance, operations and projects. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections, or expectations relating to business outlook, strategy, goals or targets; global market conditions; ore grades and milling rates; production and sales volumes; unit net cash costs (credits) and operating costs; capital expenditures; operating plans (including mine sequencing); cash flows; liquidity; PT-FI’s commissioning and ramp up of its new smelter and completion and full production at the PMR; potential extension of PT-FI’s IUPK beyond 2041; export licenses; export duties; export volumes; timing of shipments of inventoried production; our commitment to deliver responsibly produced copper and molybdenum, including plans to implement, validate and maintain validation of our operating sites under specific frameworks; execution of our energy and climate strategies and the underlying assumptions and estimated impacts on our business and stakeholders related thereto; achievement of 2030 climate targets and 2050 net zero aspiration; improvements in operating procedures and technology innovations and applications; exploration efforts and results; development and production activities, rates and costs; future organic growth opportunities; tax rates; the impact of copper, gold and molybdenum price changes; the impact of deferred intercompany profits on earnings; mineral reserve and mineral resource estimates; final resolution of settlements associated with ongoing legal and environmental proceedings; debt repurchases; and the ongoing implementation of our financial policy and future returns to shareholders, including dividend payments (base or variable) and share repurchases. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “could,” “to be,” “potential,” “assumptions,” “guidance,” “aspirations,” “future,” “commitments,” “pursues,” “initiatives,” “objectives,” “opportunities,” “strategy” and any similar expressions are intended to identify those assertions as forward-looking statements. The declaration and payment of dividends (base or variable), and timing and amount of any share repurchases are at the discretion of our Board and management, respectively, and are subject to a number of factors, including not exceeding our net debt target, capital availability, our financial results, cash requirements, global economic conditions, changes in laws, contractual restrictions and other factors deemed relevant by our Board or management, as applicable. Our share repurchase program may be modified, increased, suspended or terminated at any time at the Board’s discretion.

We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, expected, projected or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, supply of and demand for, and prices of the commodities we produce, primarily copper; PT-FI’s ability to continue to export and sell copper concentrates and anode slimes through full ramp-up of its new downstream processing facilities; changes in export duties; achieving full ramp-up of new downstream processing facilities; completion and full production at the PMR; production rates; timing of shipments; price and availability of consumables and components we purchase as well as constraints on supply and logistics, and transportation services; changes in our cash requirements, financial position, financing or investment plans; changes in general market, economic, geopolitical, regulatory or industry conditions; reductions in liquidity and access to capital; changes in tax laws and regulations; political and social risks, including the potential effects of violence in Indonesia, civil unrest in Peru, and relations with local communities and Indigenous Peoples; operational risks inherent in mining, with higher inherent risks in underground mining; mine sequencing; changes in mine plans or operational modifications, delays, deferrals or cancellations, including the ability to smelt and refine; results of technical, economic or feasibility studies; potential inventory adjustments; potential impairment of long-lived mining assets; satisfaction of requirements in accordance with PT-FI's IUPK to extend mining rights from 2031 through 2041; process relating to the extension of PT-FI’s IUPK beyond 2041; cybersecurity risks; any major public health crisis; labor relations, including labor-related work stoppages and increased costs; compliance with applicable environmental, health and safety laws and regulations; weather- and climate-related risks; environmental risks, including availability of secure water supplies; litigation results; tailings management; our ability to comply with our responsible production commitments under specific frameworks and any changes to such frameworks and other factors described in more detail under the heading “Risk Factors” contained in Part I, Item 1A. of our 2023 Form 10-K.

Investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the date the forward-looking statements are made, including for example commodity prices, which we cannot control, and production volumes and costs or technological solutions and innovations, some aspects of which we may not be able to control. Further, we may make changes to our business plans that could affect our results. We undertake no obligation to update any forward-looking statements, which speak only as of the
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date made, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes.

This report on Form 10-Q also contains measures such as net debt and unit net cash costs (credits) per pound of copper and molybdenum, which are not recognized under U.S. GAAP. Refer to “Operations – Unit Net Cash Costs” and “Operations – Unit Net Cash (Credits) Costs” for further discussion of unit net cash costs (credits) associated with our operating divisions, and to “Product Revenues and Production Costs” for reconciliations of per pound costs (credits) by operating division to production and delivery costs applicable to sales reported in our consolidated financial statements. Refer to “Net Debt” for reconciliations of consolidated debt, consolidated cash and cash equivalents, and current restricted cash associated with PT-FI’s export proceeds to net debt. For forward-looking unit net cash costs (credits) per pound of copper and molybdenum measures, we are unable to provide a reconciliation to the most comparable GAAP measure without unreasonable effort because estimating such GAAP measures and providing a meaningful reconciliation is extremely difficult and requires a level of precision that is unavailable for these future periods and the information needed to reconcile these measures is dependent upon future events, many of which are outside of our control as described above. Forward-looking non-GAAP measures are estimated consistent with the relevant definitions and assumptions.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

There have been no material changes in our market risks during the six-month period ended June 30, 2024. For additional information on market risks, refer to “Disclosures About Market Risks” included in Part II, Items 7. and 7A. of our 2023 Form 10-K. For projected sensitivities of our operating cash flow to changes in commodity prices, refer to “Outlook” in Part I, Item 2. of this quarterly report on Form 10-Q; for projected sensitivities of our provisionally priced copper sales to changes in commodity prices refer to “Consolidated Results – Revenues” in Part I, Item 2. of this quarterly report on Form 10-Q.

Item 4.Controls and Procedures.

(a)Evaluation of disclosure controls and procedures. Our chief executive officer and chief financial officer, with the participation of management, have evaluated the effectiveness of our “disclosure controls and procedures” (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this quarterly report on Form 10-Q. Based on their evaluation, they have concluded that our disclosure controls and procedures were effective as of June 30, 2024.

(b)Changes in internal control over financial reporting. There has been no change in our internal control over financial reporting that occurred during the quarter ended June 30, 2024, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Part II.OTHER INFORMATION

Item 1.Legal Proceedings.

We are involved in numerous legal proceedings that arise in the ordinary course of our business or are associated with environmental issues. We are also involved periodically in reviews, inquiries, investigations and other proceedings initiated by or involving government agencies, some of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief.

Management does not believe, based on currently available information, that the outcome of any legal proceeding reported in Part I, Item 3. “Legal Proceedings” and Note 12 of our 2023 Form 10-K, as updated by Note 7 herein, will have a material adverse effect on our financial condition; although individual or cumulative outcomes could be material to our operating results for a particular period, depending on the nature and magnitude of the outcome and the operating results for the period.

There have been no material changes to legal proceedings previously disclosed in Part I, Item 3. “Legal Proceedings” and Note 12 of our 2023 Form 10-K. Refer to Note 7 for an update on our Louisiana parishes coastal erosion cases.

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Table of Contents                 
Item 1A. Risk Factors.

There have been no material changes to our risk factors previously disclosed in Part I, Item 1A. “Risk Factors” of our 2023 Form 10-K.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

There were no unregistered sales of equity securities during the quarter ended June 30, 2024.

The following table sets forth information with respect to shares of FCX common stock purchased by us during the quarter ended June 30, 2024, and the approximate dollar value of shares that may yet be purchased pursuant to our share repurchase program:

Period(a) Total
Number of
Shares Purchased		(b) Average
Price Paid Per Share
(c) Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programsa
(d) Approximate Dollar Value of Shares That May
Yet Be Purchased Under the Plans or Programsa
April 1-30, 2024—  $— — $3,164,642,228 
May 1-31, 2024210,044 b$52.41 — $3,164,642,228 
June 1-30, 2024— $— — $3,164,642,228 
Total210,044 $— — 
a.On November 1, 2021, our Board approved a share repurchase program authorizing repurchases of up to $3.0 billion of our common stock. On July 19, 2022, our Board authorized an increase in the share repurchase program up to $5.0 billion. The share repurchase program does not obligate us to acquire any specific amount of shares and does not have an expiration date.
b.Represents shares delivered to FCX by attestation in payment of the exercise price of employee stock options.

Item 4.Mine Safety Disclosures.

Our highest priority is the health, safety and well-being of our workforce. We believe health and safety considerations are integral to, and fundamental for, all other functions in our organization, and we understand that the health and safety of our workforce is critical to our operational efficiency and long-term success. Our global health and safety strategy, “Safe Production Matters,” is focused on fatality prevention, eliminating systemic root causes of incidents and continuous improvement through robust management systems, which are supported by leaders empowering our teams to work safely. Foundational to our Safe Production Matters strategy is our Fatal Risk Management (FRM) program. The goal of our FRM program is to achieve zero workplace fatalities by raising awareness to fatal risks and the measures necessary to mitigate them. The information concerning mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95.1 to this quarterly report on Form 10-Q.

Item 5. Other Information.

During the quarter ended June 30, 2024, no director or officer of FCX adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as such terms are defined in Item 408(a) of Regulation S-K.

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Item 6.Exhibits.
  Filed 
Exhibit with thisIncorporated by Reference
NumberExhibit TitleForm 10-QFormFile No.Date Filed
PT-FI Divestment Agreement dated as of September 27, 2018 among FCX, International Support LLC, PT Freeport Indonesia, PT Indocopper Investama and PT Indonesia Asahan Aluminium (Persero).10-Q001-11307-0111/9/2018
Supplemental and Amendment Agreement to the PT-FI Divestment Agreement, dated December 21, 2018, among FCX, PT Freeport Indonesia, PT Indonesia Papua Metal Dan Mineral (f/k/a PT Indocopper Investama), PT Indonesia Asahan Aluminium (Persero) and International Support LLC.10-K001-11307-012/15/2019
Composite Certificate of Incorporation of FCX.X
Amended and Restated By-Laws of FCX, effective as of June 11, 2024.8-K001-11307-016/12/2024
Description of Common Stock of FCX.X
Letter from Ernst & Young LLP regarding unaudited interim financial statements.X
List of Subsidiary Guarantors and Subsidiary Issuers of Guaranteed Securities.
10-K001-11307-012/16/2024
Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a).X
Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a).X
Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350.X
Certification of Principal Financial Officer pursuant to 18 U.S.C Section 1350.X
Mine Safety and Health Administration Safety Data.X
101.INSXBRL Instance Document - the XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.X
101.SCHInline XBRL Taxonomy Extension Schema.X
101.CALInline XBRL Taxonomy Extension Calculation Linkbase.X
101.DEFInline XBRL Taxonomy Extension Definition Linkbase.X
101.LABInline XBRL Taxonomy Extension Label Linkbase.X
101.PREInline XBRL Taxonomy Extension Presentation Linkbase.X
104The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL and contained in Exhibit 101.X

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Freeport-McMoRan Inc.
By:/s/ Ellie L. Mikes
Ellie L. Mikes
Vice President and Chief Accounting Officer
(authorized signatory
and Principal Accounting Officer)



Date:  August 7, 2024
S-1
Document
Exhibit 3.1

Composite Certificate of Incorporation of
Freeport-McMoRan Inc.


FIRST: The name of the corporation is Freeport-McMoRan Inc.

    SECOND: The address of the registered office of the corporation in the State of Delaware is 2711 Centerville Road, Suite 400, in the City of Wilmington, 19808, County of New Castle, and the name of its registered agent at such address is Corporation Service Company.

    THIRD: The nature of the business or purposes to be conducted or promoted are:

    (a)    To enter into, maintain, operate and carry on the business of mining in all its branches in the United States of America and in any other part of the world, and to quarry, mine, pump, extract, remove and otherwise produce, and to grind, treat, concentrate, smelt, refine, dress and otherwise prepare, produce, buy, sell and in every way deal in and with minerals, ores, concentrates and other mineral and chemical substances of all kinds, metallic and nonmetallic, including, but without in any way limiting the generality of the foregoing, antimony, barite, chromium, coal, cobalt, copper, gas, gold, iron, lead, molybdenum, nickel, oil, potash, salt, silica, sand, silver, sulphur, tantalum, tin, titanium, tungsten, uranium, zinc, and ores and concentrates thereof.

    (b)    To purchase, locate, denounce or otherwise acquire, take, hold and own, and to assign, transfer, lease, exchange, mortgage, pledge, sell or otherwise dispose of and in any manner deal with and contract with reference to, mines, wells, mining claims, mining rights, mineral lands, mineral leases, mineral rights, royalty rights, water rights, timber lands, timber and timber rights, and real and personal property of every kind, and any interest therein, in the United States of America or in any other country, to prospect, explore, work, exercise, develop, manage, operate and turn the same to account, and to engage in mining, geological, economic, feasibility, development, and other studies in the United States of America or in any other country.

    (c)    To make, manufacture, treat, process, produce, buy, sell and in every way deal in and with minerals, ores, concentrates and chemicals of every description, organic or inorganic, natural or synthetic, in the form of raw materials, intermediate or finished products and any other related products and substances whatsoever related thereto or of a like or similar nature or which may enter into the manufacture of any of the foregoing or be used in connection therewith, and derivatives and by-products derived from the manufacture thereof and products to be made therefrom and generally without limitation by reference of the foregoing, all other products and substances of every kind, character and description.

    (d)    To engage in any lawful act or activity, whether or not related to the foregoing, for which corporations may be organized under the General Corporation Law of Delaware.
    FOURTH:    (a) Authorized Stock. The total number of shares of capital stock that the corporation shall have authority to issue is 3,050,000,000 shares, consisting of


50,000,000 shares of Preferred Stock, par value $0.10 per share, and 3,000,000,000 shares of Common Stock, par value $0.10 per share.

    (b)    Common Stock. The powers, preferences, rights, qualifications, limitations and restrictions of the shares of Common Stock shall be as follows:

    (1)    Cash or Property Dividends. Subject to the rights and preferences of the Preferred Stock as set forth in any resolution or resolutions of the Board of Directors providing for the issuance of such stock pursuant to Section (c) of this Article FOURTH, and except as otherwise provided for herein, the holders of Common Stock are entitled to receive dividends out of assets legally available therefor at such times and in such per share amounts as the Board of Directors may from time to time determine.

    (2)    Voting. (A) With respect to the election of directors, holders of Common Stock and holders of Voting Preferred Stock (as defined below), shall vote together for the election of members of the Board of Directors. Each share of Common Stock and each share of Voting Preferred Stock shall have one vote in the election of directors. The “Voting Preferred Stock” means any series of Preferred Stock upon which the right to vote for directors pursuant to this Section (b)(2) has been conferred in accordance with Section (c)(6) of this Article FOURTH.

        (B)    Any director may be removed, with or without cause, by a vote of the holders of Common Stock and the holders of Voting Preferred Stock, voting together.

    (3)    Vacancies; Increases or Decreases in Size of the Board of Directors. Any vacancy in the office of a director created by the death, resignation or removal of a director may be filled by a vote of holders of Common Stock and holders of Voting Preferred Stock, voting together. Notwithstanding anything in this Section (b)(3) to the contrary, any vacancy in the office of a director may also be filled by the vote of the majority of the remaining directors, regardless of any quorum requirements set out in the by-laws. Any director elected to fill a vacancy shall hold office for the remainder of the full term of the director whose vacancy is being filled and until such director’s successor shall have been elected and qualified unless removed and replaced pursuant to Section (b)(2)(B) of this Article FOURTH and this Section (b)(3). The Board of Directors may increase the number of directors and any newly-created directorship so created may be filled by the Board of Directors. Any director elected (or appointed) in accordance with the preceding sentence shall hold office for the remainder of the full term of the class of directors in which the new directorship was created and until such director’s successor shall have been elected and qualified unless removed and replaced pursuant to Section (b)(2)(B) of this Article FOURTH and this Section (b)(3). No decrease in the number of directors constituting the Board of Directors shall shorten the term of any incumbent director. If the number of directors is changed, any increase or decrease shall be apportioned among the classes of directors established pursuant to Article FIFTH so as to maintain the number of directors in each class as nearly equal as possible.
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(c)    Preferred Stock. The Preferred Stock may be divided into and issued in series. The Board of Directors is hereby expressly authorized, at any time or from time to time, to divide any or all of the shares of the Preferred Stock into series, and in the resolution or resolutions establishing a particular series, before issuance of any of the shares thereof, to fix and determine the powers, designations, preferences and relative, participating, optional or other rights, and any qualifications, limitations or restrictions, of the series so established, to the fullest extent now or hereafter permitted by the laws of the State of Delaware, including, but not limited to, the variations between the different series in the following respects:

        (1)    The distinctive serial designation of such series;

        (2)    The annual dividend rate for such series, and the date or dates from which dividends shall commence to accrue;

        (3)    The redemption price or prices, if any, for shares of such series and the terms and conditions on which such shares may be redeemed;

        (4)    The sinking fund provisions, if any, for the redemption or purchase of shares of such series;

        (5)    The preferential amount or amounts payable upon shares of such series in the event of the voluntary or involuntary liquidation of the corporation;

        (6)    The voting rights of shares of such series;

        (7)    The terms and conditions, if any, upon which shares of such series may be converted and the class or classes or series of shares of the corporation into which such shares may be converted; and

        (8)    Such other terms, limitations and relative rights and preferences, if any, of shares of such series as the Board of Directors may, at the time of such resolutions, lawfully fix and determine under the laws of the State of Delaware.

All shares of the Preferred Stock shall be of equal rank with each other, regardless of series.

(d)General.

(1)    Except as otherwise required by law and except as may be stated in the resolution or resolutions of the Board of Directors providing for the issue of any series of Preferred Stock, the holders of any such series of Preferred Stock shall have no voting power whatsoever. Subject to such restrictions as may be stated in the resolution or resolutions of the Board of Directors providing for the issue of any series of Preferred Stock, any amendment to this Amended and Restated Certificate of Incorporation which shall increase or decrease the authorized stock of any class or classes may be adopted by the affirmative vote of the holders of a majority of the outstanding shares of Common Stock of the corporation irrespective of the provisions of Section 242(b)(2) of Delaware General Corporation Law.
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(2)    No holder of stock of any series or class of stock of the corporation shall as such holder have under this Amended and Restated Certificate of Incorporation any preemptive or preferential right of subscription to any stock of any series or class of stock of the corporation or to any obligations convertible into stock of the corporation, issued or sold, or to any right of subscription to, or to any warrant or option for the purchase of any thereof.

(3)    Except as otherwise stated in this Amended and Restated Certificate of Incorporation, the corporation may from time to time issue and dispose of any of the authorized and unissued shares of Common Stock or Preferred Stock for such consideration, not less than its par value, as may be fixed from time to time by the Board of Directors, without action by the stockholders. The Board of Directors may provide for payment therefor to be received by the corporation in cash, property or services rendered. Any and all such shares of Common Stock or Preferred Stock the issuance of which has been so authorized, and for which consideration so fixed by the Board of Directors has been paid or delivered, shall be deemed fully paid stock and shall not be liable to any further call or assessment thereon.

FIFTH:    (a) Subject to such rights to elect additional directors under specified circumstances as may be granted to holders of any shares of the Preferred Stock pursuant to the provisions of Article FOURTH, the number of directors of the corporation shall be fixed from time to time by the Board of Directors but shall not be less than five.

(b) Subject to such rights to elect directors under specified circumstances as may be granted to holders of any shares of the Preferred Stock pursuant to the provisions of Article FOURTH, any director elected by the stockholders or elected by the Board of Directors to fill a vacancy shall hold office until the next annual meeting of stockholders and until his or her successor is elected and qualified.

SIXTH: In furtherance and not in limitation of the powers conferred by law, (a) the Board of Directors is expressly authorized to adopt, amend or repeal the by-laws of the corporation in any manner not inconsistent with the laws of the State of Delaware or the Amended and Restated Certificate of Incorporation of the corporation, subject to the power of the stockholders to adopt, amend or repeal the by-laws or to limit or restrict the power of the Board of Directors to adopt, amend or repeal the by-laws, and (b) the corporation may in its by-laws confer powers and authorities upon its Board of Directors in addition to those conferred upon it by statute.

SEVENTH: The affirmative vote of the holders of not less than 66 2/3% of the outstanding shares of Common Stock shall be required for the approval or authorization of any Business Combination; provided, however, that the 66 2/3% voting requirement shall not be applicable if

(a)    the Board of Directors of the corporation by affirmative vote which shall include not less than a majority of the entire number of Continuing Directors (1) has approved in advance the acquisition of those outstanding shares of Common Stock which caused the Interested Party to become an Interested Party or (2) has approved the Business Combination;
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(b)    the Business Combination is solely between the corporation and one or more other corporations all of the common stock of each of which other corporations is owned directly or indirectly by the corporation or between two or more of such other corporations; or

(c)    the Business Combination is a merger or consolidation and the cash and/or fair market value of the property, securities or other consideration to be received per share by holders of Common Stock in the Business Combination is at least equal to the highest price per share (after giving effect to appropriate adjustments for any recapitalizations and for any stock splits, stock dividends and like distributions) paid by the Interested Party in acquiring any shares of Common Stock on the date when last acquired or during a period of two years prior thereto.

(d)    For purposes of this Article SEVENTH:

(1)    The terms “affiliate” and “associate” shall have the respective meanings assigned to those terms in Rule 12b-2 under the Securities Exchange Act of 1934, as such Rule was in effect on the initial filing date.

(2)    A person shall be deemed to be a “beneficial owner” of any Common Stock

(A)    which such person or any of its affiliates or associates beneficially owns, directly or indirectly; or

(B)    which such person or any of its affiliates or associates has the right to acquire (whether such right is exercisable immediately or only after the passage of time), pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise, or has the right to vote pursuant to any agreement, arrangement or understanding; or

(C)    which are beneficially owned, directly or indirectly, by any other person with which such person or any of its affiliates or associates has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of any shares of Common Stock.

(3)    The term “Business Combination” shall mean (A) any merger or consolidation of the corporation or a subsidiary of the corporation with or into an Interested Party, (B) any merger or consolidation of an Interested Party with or into the corporation or a subsidiary, (C) any sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions) of all or any Substantial Part of the assets either of the corporation (including without limitation any voting securities of a subsidiary) or of a subsidiary, in which an Interested Party is involved, (D) the adoption of any plan or proposal for the liquidation or dissolution of the corporation proposed by or on behalf of any Interested Party, (E) the issuance or transfer (in one transaction or a series of transactions) by the corporation or a subsidiary of the corporation to an Interested Party of any securities of the corporation or such subsidiary, which securities have a fair market value of $10,000,000 or more, or (F) any recapitalization, reclassification, merger or consolidation involving the corporation
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or a subsidiary of the corporation that would have the effect of increasing, directly or indirectly, the Interested Party’s voting power in the corporation or such subsidiary.

(4)    The term “Interested Party” shall mean and include (A) any individual, corporation, partnership, trust or other person or entity which, together with its affiliates and associates, is (or with respect to a Business Combination was within two years prior thereto) a beneficial owner of shares aggregating 20% or more of the outstanding Common Stock or any class thereof, and (B) any affiliate or associate of any such individual, corporation, partnership, trust or other person or entity. For the purposes of determining whether a person is an Interested Party the number of shares deemed to be outstanding shall include shares deemed beneficially owned through application of subclause (B) of the foregoing clause (2) but shall not include any other shares of Common Stock which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.

(5)    The term “Substantial Part” shall mean more than 10% of the fair market value of the total assets of the particular corporation.

(6)    The term “Continuing Director” shall mean a director who is not an affiliate of an Interested Party and who was a member of the Board of Directors of the corporation immediately prior to the time that the Interested Party involved in a Business Combination became an Interested Party, and any successor to a Continuing Director who is not such an affiliate and who is nominated to succeed a Continuing Director by a majority of the Continuing Directors in office at the time of such nomination.

(7)    For the purposes of Section (c) of this Article SEVENTH, the term “other consideration to be received” shall include without limitation Common Stock retained by its existing public stockholders in the event of a Business Combination in which the corporation is the surviving corporation.

(e)    The provisions of this Article SEVENTH shall be construed liberally to the end that the consideration paid to holders whose Common Stock is acquired by an Interested Party in connection with a Business Combination to which Section (c) of this Article SEVENTH is applicable shall be not less favorable than that paid to holders of such Common Stock prior to such Business Combination. Nothing contained in this Article SEVENTH shall be construed to relieve any Interested Party from any fiduciary duties or obligations imposed by law, nor shall anything herein be deemed to supersede any vote of holders of any series or class of stock other than Common Stock that shall be required by law, by or pursuant to this Amended and Restated Certificate of Incorporation or by the by-laws of the corporation.

(f)    Notwithstanding any other provisions of this Amended and Restated Certificate of Incorporation or the by-laws of the corporation and notwithstanding the fact that a lesser percentage may be specified by law, this Amended and Restated Certificate of Incorporation or the by-laws of the corporation, the affirmative vote of the holders of
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66 2/3% or more of the shares of the outstanding Common Stock shall be required to amend or repeal, or adopt any provisions inconsistent with, this Article SEVENTH.

EIGHTH:    (a) A director or officer of this corporation shall not be liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, respectively, except for liability (1) for any breach of the director’s or officer’s duty of loyalty to the corporation or its stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law, (3) of a director under Section 174 of the Delaware General Corporation Law, (4) for any transaction from which the director or officer derived an improper personal benefit, or (5) of an officer in any action by or in the right of the corporation.

(b)    The corporation shall indemnify any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, to the fullest extent permitted by applicable law. The determination as to whether such person has met the standard required for indemnification shall be made in accordance with applicable law.

Expenses incurred by such a director, officer, employee or agent in defending a civil or criminal action, suit or proceeding shall be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such person to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the corporation as authorized in this Article EIGHTH.

(c)    The provisions of this Article EIGHTH shall be deemed to be a contract between the corporation and each person who serves as such director, officer, employee or agent of the corporation in any such capacity at any time while this Article EIGHTH is in effect. No repeal or modification of the foregoing provisions of this Article EIGHTH nor, to the fullest extent permitted by law, any modification of law shall adversely affect any right or protection of a director, officer, employee or agent of the corporation existing at the time of such repeal or modification.

The foregoing indemnification shall not be deemed exclusive of any other rights to which those seeking indemnification may be entitled under any applicable law, by-law, agreement, vote of stockholders or disinterested directors or otherwise.

NINTH: The corporation reserves the right to amend, alter, change or repeal any provision contained in this Amended and Restated Certificate of Incorporation, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation.
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Document
Exhibit 4.1
DESCRIPTION OF SECURITIES REGISTERED
UNDER SECTION 12 OF THE EXCHANGE ACT OF 1934

Freeport-McMoRan Inc. (“FCX”) has one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended: our common stock.

The following summary of the terms of the capital stock of FCX is not meant to be complete and is qualified by reference to the relevant provisions of the General Corporation Law of the State of Delaware (the “Delaware General Corporation Law”) and the complete text of FCX’s Amended and Restated Certificate of Incorporation (the “certificate of incorporation”) and Amended and Restated By-Laws (the “by-laws”). Both our certificate of incorporation and by-laws are exhibits to our Quarterly Report on Form 10-Q, of which this Exhibit 4.1 is a part.

Authorized Capital Stock

Under our certificate of incorporation, our authorized capital stock consists of 3,000,000,000 shares of common stock, $0.10 par value per share, and 50,000,000 shares of preferred stock, $0.10 par value per share.

Description of Common Stock

Common stock outstanding. The issued and outstanding shares of common stock are, and the shares of common stock that we may issue in the future will be, validly issued, fully paid and nonassessable.

Voting rights. Each share of common stock has one vote. Except as otherwise expressly required by statute, by our certificate of incorporation or our by-laws, each matter coming before any meeting of the stockholders, other than the election of directors, shall be decided by the affirmative vote of a majority of the voting power of the stock present in person (including by means of remote communication) or represented by proxy at such meeting and entitled to vote thereon, a quorum (as specified in our by-laws) being present. Subject to the rights of holders of any shares of preferred stock, holders of common stock are entitled to elect all of the authorized number of members of our board of directors. Our by-laws provide that directors are elected by a majority of the votes cast; provided that if the number of nominees exceeds the number of directors to be elected, the directors shall be elected by plurality vote. In an uncontested election, any nominee who has a majority of votes cast against his or her election must promptly tender his or her resignation to our board of directors, which shall be addressed by our board of directors as set forth in our by-laws.

Dividend rights; rights upon liquidation. Holders of the common stock will share ratably in any cash dividend that may from time to time be declared with respect to the common stock by our board of directors. In the event of a voluntary or involuntary liquidation, dissolution or winding up of the company, subject to the rights, if any, of the holders of any outstanding series of preferred stock, the holders of the common stock will share ratably, according to the number of shares held by them, in our remaining assets, if any.
Other rights. Shares of common stock are not redeemable and have no subscription, conversion or preemptive rights.

Transfer agent. The transfer agent and registrar for the common stock is Computershare Shareowner Services LLC.

NYSE. Our common stock is listed on the New York Stock Exchange under the symbol “FCX.”
Certain Provisions of our Certificate of Incorporation and By-Laws
Supermajority voting/fair price requirements. Our certificate of incorporation provides that the approval of the holders of not less than 66 2/3% of our outstanding common stock is required for:  
 ● any merger or consolidation of our company or any of our subsidiaries with or into any person or entity, or any affiliate of that person or entity, who was within the two years prior to the transaction a beneficial owner of 20% or more of our outstanding common stock, which we refer to as an interested party;
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 ● any merger or consolidation of an interested party with or into our company or any of our subsidiaries;
 ● any sale, lease, exchange, mortgage, pledge, transfer or other disposition of more than 10% of the fair market value of the total assets of our company or any of our subsidiaries in one or more transactions involving an interested party;
 ● the adoption of any plan or proposal for liquidation or dissolution of our company proposed by or on behalf of any interested party;
 
 ● the issuance or transfer (in one or more transactions) by us or any of our subsidiaries of securities having a fair market value of $10 million or more to any interested party; or
 ● any recapitalization, reclassification, merger or consolidation of our company or any of our subsidiaries that would increase, directly or indirectly, an interested party’s voting power in our company or any of our subsidiaries.

However, the 66 2/3% voting requirement is not applicable if:
 
 ● our board of directors approves the transaction, or approves the acquisition of the common stock that caused the interested party to become an interested party, and the vote includes the affirmative vote of a majority of our directors who are not affiliates of the interested party and who were members of our board of directors prior to the time the interested party became the interested party;
 ● the transaction is solely between us and any of our wholly owned subsidiaries or between any of our wholly owned subsidiaries; or
● the transaction is a merger or consolidation and the consideration to be received by our common stockholders is at least as high as the highest price per share paid by the interested party for our common stock on the date the common stock was last acquired by the interested party or during a period of two years prior.
Amendments to supermajority voting requirement. The affirmative vote of holders of at least 66 2/3% of our company’s outstanding common stock is required to amend, alter, change or repeal the provisions in our certificate of incorporation providing for the supermajority voting/fair price requirements described above, or to adopt any provisions inconsistent therewith.

Effects of authorized but unissued common stock and blank check preferred stock. One of the effects of the existence of authorized but unissued common stock and undesignated preferred stock may be to enable our board of directors to make more difficult or to discourage an attempt to obtain control of our company by means of a merger, tender offer, proxy contest or otherwise, and thereby to protect the continuity of management. If, in the due exercise of its fiduciary obligations, our board of directors were to determine that a takeover proposal was not in our best interest, such shares could be issued by our board of directors without stockholder approval in one or more transactions that might prevent or render more difficult or costly the completion of the takeover transaction by diluting the voting or other rights of the proposed acquirer or insurgent stockholder group, by putting a substantial voting block in institutional or other hands that might undertake to support the position of the incumbent board of directors, by effecting an acquisition that might complicate or preclude the takeover, or otherwise.
In addition, our certificate of incorporation grants our board of directors broad power to establish the rights and preferences of authorized and unissued shares of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution to holders of shares of common stock. The issuance also may adversely affect the rights and powers, including voting rights, of those holders and may have the effect of delaying, deterring or preventing a change in control of our company.
Advance notice of intention to nominate a director. Our by-laws permit a stockholder to nominate a person for election as a director at either an annual meeting of stockholders or at a special meeting of stockholders where the notice of meeting specifies that directors will be elected. Such a nomination is permitted only if written notice of
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such stockholder’s intent to make a nomination has been delivered to our Secretary not later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the first anniversary of the preceding year’s annual meeting or prior to such special meeting, as applicable. This provision also requires that the notice set forth, among other things, a description of all arrangements or understandings between the nominee and the stockholder pursuant to which the nomination is to be made or the nominee is to be elected and such other information regarding the nominee as would be required to be included in a proxy statement filed pursuant to the proxy rules promulgated under the Securities Exchange Act of 1934, as amended, had the nominee been nominated by our board of directors. In addition, a stockholder director nominee must complete, sign and supplement, upon request, a questionnaire provided by us. Any nomination that fails to comply with these requirements may be disqualified.
Stockholder proxy access. Our by-laws provide that, in connection with an annual meeting of stockholders, a stockholder, or a group of up to twenty stockholders, owning three percent or more shares of common stock of our company continuously for the three prior years, may nominate and have us include in our proxy materials stockholder nominees for election to our board of directors constituting the greater of two stockholder nominees or twenty percent of the total number of directors in office, rounded down to the nearest whole number, subject to compliance with the requirements set forth in our by-laws.
Advance notice of stockholder proposals. Our by-laws permit a stockholder proposal to be presented at a stockholders’ meeting only if prior written notice of the proposal is provided to us within the time periods and in the manner specified in our by-laws.

Ability of stockholders to call special meetings. Our by-laws provide that, except to the extent that holders of preferred stock have been granted the right to call a special meeting, special meetings of the stockholders may be called only by (1) the chairman of the board, any vice chairman of the board, the chief executive officer or the president, (2) our board of directors or (3) stockholders owning at least 15% of our outstanding common stock, subject to such stockholders’ compliance with the information requirements and timing restrictions set forth in our by-laws.
    Action by written consent. Our by-laws permit our stockholders to take any action required or permitted to be taken at any annual or special meeting of stockholders by written consent of stockholders having not less than a minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.
Removal of directors; filling vacancies on board of directors. Our certificate of incorporation provides that any director may be removed, with or without cause, by a vote of the holders of common stock and the holders of any voting preferred stock, voting together. In addition, our certificate of incorporation and by-laws provide that any vacancies on our board of directors resulting from the death, resignation or removal of a director may be filled by a vote of holders of common stock and holders of voting preferred stock, voting together. Our certificate of incorporation and by-laws also provide that the remaining directors, regardless of any quorum requirements set out in our by-laws, may fill any vacancy (including any resulting from an increase in the authorized number of directors) by majority vote.
Amendment of by-laws. Our certificate of incorporation and by-laws provide that our by-laws may be altered, amended, changed or repealed by vote of the stockholders or at any meeting of our board of directors by the vote of a majority of the directors present or as otherwise provided by statute.
Exclusive forum. Our by-laws provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (the “Court of Chancery”) (or, if the Court of Chancery does not have, or declines to accept, jurisdiction, the United States District Court for the District of Delaware) will be the sole and exclusive forum for certain litigation, including (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim that is based upon a violation of a duty by our current or former director, officer, employee or stockholder in such capacity, (3) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law or to which the Delaware General Corporation Law confers jurisdiction upon the Court of Chancery, (4) any action asserting a claim governed by the internal affairs doctrine or (5) any action asserting an “internal corporate claim” as defined under Section 115 of the Delaware General Corporation Law. Any person or entity owning, purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum selection provisions of our by-laws.
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Limitation of liability of directors and officers. As permitted by the Delaware General Corporation Law, our certificate of incorporation includes a provision that eliminates the personal liability of our directors and officers for monetary damages for breach of fiduciary duty as a director or officer, respectively, except for liability (1) for any breach of the director’s or officer’s duty of loyalty to the company or our stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) of a director under Section 174 of the Delaware General Corporation Law, (4) for any transaction from which the director or officer derived an improper personal benefit, or (5) of an officer in any action by or in the right of the company. The effect of this provision is to eliminate our rights and our stockholders’ rights to recover monetary damages against a director for breach of a fiduciary duty of care and to eliminate our stockholders’ rights to recover monetary damages for direct claims against an officer for breach of a fiduciary duty of care. The provision does not eliminate or limit our right, or the right of a stockholder, to seek non-monetary relief, such as an injunction or rescission. The SEC has taken the position that this provision will have no effect on claims arising under the federal securities laws.
In addition, our certificate of incorporation provides for mandatory indemnification rights, subject to limited exceptions, to any director or executive officer who (because of the fact that he or she is or was our director or officer) is involved in a legal proceeding of any nature. These indemnification rights include reimbursement for expenses incurred by the director or officer in advance of the final disposition of a proceeding according to applicable law.

Preferred Stock
We may issue shares of preferred stock in series and may, at the time of issuance, determine the rights, preferences and limitations of each series. Satisfaction of any dividend preferences of outstanding shares of preferred stock would reduce the amount of funds available for the payment of dividends on shares of common stock. Holders of shares of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding up of the company before any payment is made to the holders of shares of common stock. In some circumstances, the issuance of shares of preferred stock may render more difficult or tend to discourage a merger, tender offer or proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management. Our board of directors, without stockholder approval, may issue shares of preferred stock with voting and conversion rights which could adversely affect the holders of shares of common stock. The issuance of any shares of preferred stock in the future could adversely affect the rights of the holders of common stock.


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Document

Exhibit 15.1

To the Board of Directors and Stockholders of Freeport-McMoRan Inc.:

We are aware of the incorporation by reference in the following Registration Statements:

1)Registration Statement (Form S-8 No. 333-115292) pertaining to the Freeport-McMoRan Copper & Gold Inc. 2004 Director Compensation Plan,
2)Registration Statement (Form S-8 No. 333-136084) pertaining to the Freeport-McMoRan Copper & Gold Inc. 2006 Stock Incentive Plan,
3)Registration Statement (Form S-8 No. 333-147413) pertaining to the Amended and Restated Freeport-McMoRan Copper & Gold Inc. 2006 Stock Incentive Plan,
4)Registration Statement (Form S-8 No. 333-189047) pertaining to the Plains Exploration & Production Company 2010 Incentive Award Plan; the Plains Exploration & Production 2004 Stock Incentive Plan; the McMoRan Exploration Co. Amended and Restated 2008 Stock Incentive Plan; the McMoRan Exploration Co. 2005 Stock Incentive Plan, as amended and restated; the McMoRan Exploration Co. 2004 Director Compensation Plan, as amended and restated; the McMoRan Exploration Co. 2003 Stock Incentive Plan, as amended and restated; the McMoRan Exploration Co. 2001 Stock Incentive Plan, as amended and restated; the McMoRan Exploration Co. 2000 Stock Incentive Plan, as amended and restated; the McMoRan Exploration Co. 1998 Stock Option Plan, as amended and restated; and the McMoRan Exploration Co. 1998 Stock Option Plan for Non-Employee Directors, as amended and restated,
5)Registration Statement (Form S-8 No. 333-212523) pertaining to the Freeport-McMoRan Inc. 2016 Stock Incentive Plan, and
6)Registration Statement (Form S-3 No. 333-258522) pertaining to the Freeport-McMoRan Inc. 2021
Automatic Shelf Registration Statement, as amended

of our report dated August 7, 2024 relating to the unaudited consolidated interim financial statements of Freeport-McMoRan Inc. that is included in its Form 10-Q for the quarter ended June 30, 2024.

/s/ Ernst & Young LLP

Phoenix, Arizona
August 7, 2024


Document

Exhibit 31.1
Certification

I, Kathleen L. Quirk, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Freeport-McMoRan Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 7, 2024
By:
/s/ Kathleen L. Quirk
Kathleen L. Quirk
President and
Chief Executive Officer

Document

Exhibit 31.2
Certification

I, Maree E. Robertson, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Freeport-McMoRan Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 7, 2024
By:/s/ Maree E. Robertson
Maree E. Robertson
Executive Vice President and
Chief Financial Officer

Document

Exhibit 32.1


Certification Pursuant to 18 U.S.C. Section 1350
(Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)


    In connection with the Quarterly Report on Form 10-Q of Freeport-McMoRan Inc. (the “Company”) for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Kathleen L. Quirk, as President and Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 7, 2024
By:
/s/ Kathleen L. Quirk
Kathleen L. Quirk
President and
Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

This certification shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.



Document

Exhibit 32.2


Certification Pursuant to 18 U.S.C. Section 1350
(Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)


    In connection with the Quarterly Report on Form 10-Q of Freeport-McMoRan Inc. (the “Company”) for the quarter ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Maree E. Robertson, as Executive Vice President and Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of her knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: August 7, 2024
By:
 /s/ Maree E. Robertson
Maree E. Robertson
Executive Vice President and
Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

This certification shall not be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.




Document

Exhibit 95.1

Mine Safety and Health Administration (MSHA) Safety Data

FCX's U.S. mining operations are subject to regulations issued by MSHA under the U.S. Federal Mine Safety and Health Act of 1977 (the Mine Act). MSHA inspects our U.S. mines on a regular basis and issues various citations and orders when it believes a violation has occurred under the Mine Act. Whenever MSHA issues a citation or order, it also generally proposes a civil penalty, or fine, related to the alleged violation. Citations or orders can be contested and appealed, and as part of that process, are often reduced in severity and amount, and are sometimes dismissed. The number of citations, orders and proposed assessments varies depending on the size and type (underground or surface) of the mine, among other factors.

The following disclosures have been provided pursuant to Section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Mine Safety Data. Following provides additional information about references used in the following table to describe the categories of violations, orders or citations issued by MSHA under the Mine Act:

•Section 104 S&S Citations: Citations issued by MSHA under Section 104(a) of the Mine Act for violations of health or safety standards that could significantly and substantially contribute to a serious injury if left unabated.

•Section 104(b) Orders: Orders issued under Section 104(b) of the Mine Act, which represent a failure to abate a citation under Section 104(a) within the period prescribed by MSHA. This results in an order of immediate withdrawal from the area of the mine affected by the condition until MSHA determines that the violation has been abated.

•Section 104(d) Citations and Orders: Citations and orders issued by MSHA under Section 104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards. These types of violations could significantly and substantially contribute to a serious injury; however, the conditions do not cause imminent danger (refer to discussion of imminent danger orders below).

•Section 110(b)(2) Violations: Flagrant violations identified by MSHA under Section 110(b)(2) of the Mine Act. The term flagrant with respect to a violation is defined as “a reckless or repeated failure to make reasonable efforts to eliminate a known violation of a mandatory health or safety standard that substantially and proximately caused, or reasonably could have expected to cause, death or serious bodily injury.”

•Section 107(a) Orders: Orders issued by MSHA under Section 107(a) of the Mine Act for situations in which MSHA determined an imminent danger existed. Orders issued under Section 107(a) of the Mine Act require the operator of the mine to cause all persons (except authorized persons) to be withdrawn from the mine until the imminent danger and the conditions that caused such imminent danger cease to exist.




The following table details the violations, citations and orders issued to us by MSHA during the three months ended June 30, 2024:
Potential
to Have
Pattern ofPattern of
SectionViolationsViolation
SectionSection104(d)SectionSectionMiningUnderUnder
104 S&S104(b)Citations110(b)(2)107(a)ProposedRelatedSectionSection
CitationsOrdersand OrdersViolationsOrdersAssessmentsFatalities104(e)104(e)
Mine ID(1)
Mine or Operation Name(#)(#)(#)(#)(#)($)(#)(yes/no)(yes/no)
0200137Freeport-McMoRan Bagdad Inc. (Bagdad)— — —  — — 4,293 — NoNo
2900708Freeport-McMoRan Chino Mines Company (Chino)— — — — — 576 — NoNo
0200112Freeport-McMoRan Miami Inc (Miami)— — — — — 147 — NoNo
0200024Freeport-McMoRan Morenci Inc (Morenci)20 1 — — — 110,729 — NoNo
0203131Freeport-McMoRan Safford Inc (Safford)— — — — — — — NoNo
0200144Freeport-McMoRan Sierrita Inc (Sierrita)5 — — — — 110,433 — NoNo
2900159Tyrone Mine (Tyrone)— — — — — — — NoNo
0500790Henderson Operations (Henderson)4 — — — — — — NoNo
0502256Climax Mine (Climax)— — — — — 610 — NoNo
Freeport-McMoRan Cobre Mining Company:
2900725Open Pit & Continental Surf Comp— — —   — — — — NoNo
2900731Continental Mill Complex— — — 
  
— — — — NoNo
0201656Copper Queen Branch— — —   — — — — NoNo
0202579Cyprus Tohono Corporation— — —   — — — — NoNo
0203262Twin Buttes Mine— — —  — — — — NoNo
2902395Chieftain 2100 Screening Plant— — —  — — — — NoNo
0203254Warrior 1800 Screening Plant— — —  — — — — NoNo
(1)MSHA assigns an identification number to each mine or operation and may or may not assign separate identification numbers to related facilities.


Pending Legal Actions. The following table provides a summary of legal actions pending before the Federal Mine Safety and Health Review Commission (the Commission) as of June 30, 2024, as well as the aggregate number of legal actions instituted and resolved during second-quarter 2024. The Commission is an independent adjudicative agency established by the Mine Act that provides administrative trial and appellate review of legal disputes arising under the Mine Act. These cases may involve, among other questions, challenges by operators to citations, orders and penalties they have received from MSHA, or complaints of discrimination by miners under Section 105 of the Mine Act.



The following provides additional information of the types of proceedings that may be brought before the Commission:
•Contest Proceedings - A contest proceeding may be filed by an operator to challenge the issuance of a citation or order issued by MSHA.
•Civil Penalty Proceedings - A civil penalty proceeding may be filed by an operator to challenge a civil penalty MSHA has proposed for a violation contained in a citation or order. FCX does not institute civil penalty proceedings based solely on the assessment amount of proposed penalties. Any initiated adjudications described in the table below address substantive matters of law and policy instituted on conditions that are alleged to be in violation of mandatory standards or the Mine Act.
•Discrimination Proceedings - Involves a miner's allegation that he or she has suffered adverse employment action because he or she engaged in an activity protected under the Mine Act, such as making a safety complaint. Also includes temporary reinstatement proceedings involving cases in which a miner has filed a complaint with MSHA stating that he or she has suffered discrimination and the miner has lost his or her position.
•Compensation Proceedings - A compensation proceeding may be filed by miners entitled to compensation when a mine is closed by certain closure orders issued by MSHA. The purpose of the proceeding is to determine the amount of compensation, if any, due to miners idled by the orders.
•Temporary Relief - Applications for temporary relief are applications filed under Section 105(b)(2) of the Mine Act for temporary relief from any modification or termination of any order.
•Appeals - An appeal may be filed by an operator to challenge judges decisions or orders to the Commission, including petitions for discretionary review and review by the Commission on its own motion.
Legal Actions Pending at June 30, 2024
ContestCivil PenaltyDiscriminationCompensationTemporaryLegal ActionsLegal Actions
ProceedingsProceedingsProceedingsProceedingsReliefAppealsTotal
Instituted(2)
Resolved(3)
Mine ID(1)
(#)(#)(#)(#)(#)(#)(#)(#)(#)
0200137— — — — — — — — — 
2900708— — — — — — — — — 
0200112— — — — — — — — — 
02000241 — — — — — 1 1 — 
0203131— — — — — — — — — 
0200144— — — — — — — — — 
2900159— — — — — — — — — 
0500790— — — — — — — — — 
0502256— — — — — — — — — 
2900725— — — — — — — — — 
2900731— — — — — — — — — 
0201656— — — — — — — — — 
0202579— — — — — — — — — 
0203262— — — — — — — — — 
2902395— — — — — — — — — 
0203254— — — — — — — — — 
(1)MSHA assigns an identification number to each mine or operation and may or may not assign separate identification numbers to related facilities. Refer to "Mine Safety Data" table for related mine or operation name.
(2)Legal actions pending at June 30, 2024, and legal actions instituted during second-quarter 2024 are based on the date that a docket number was assigned to the proceeding.
(3)Legal actions resolved during second-quarter 2024 are based on the date that the settlement motion resolving disputed matters is filed with the Commission, and the matter is effectively closed by MSHA.