Freeport-McMoRan Publishes Updated Climate Report

Rhea-AI Summary

Freeport-McMoRan Inc. (NYSE: FCX) has released its updated Climate Report, highlighting its commitment to reduce greenhouse gas (GHG) emissions and enhance energy efficiency. The company aims for a net-zero economy by 2050 and has set GHG reduction targets for 2030 covering nearly all Scope 1 and 2 emissions. FCX is also investigating alternatives to coal for its energy supply and is collaborating with equipment manufacturers to achieve its climate goals. The report aligns with the Task Force on Climate-related Financial Disclosures and includes verified GHG emissions data.

Positive

• Established 2030 GHG reduction targets covering nearly 100% of Scope 1 and 2 emissions.
• Progressing feasibility studies to replace coal-fired power plants with cleaner energy sources.
• Collaboration with industry players to develop innovative technological solutions for climate objectives.

Negative

• None.

PHOENIX--(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX) today announced the publication of its updated Climate Report, which outlines FCX’s ongoing initiatives to reduce its greenhouse gas (GHG) emissions, improve energy efficiency, evaluate and integrate the use of lower carbon and renewable energy sources and enhance its resilience to future climate-related risks.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, “Freeport aspires to participate in — and positively contribute to — a 2050 net zero economy. As the global energy system continues to evolve, we play a vital role in progressing a low-carbon future. The copper we produce is essential to new and existing technologies that will support global efforts to decarbonize. We are proud of our industry leading position and are dedicated to the responsibility that comes with it. This includes continuing to advance our climate strategy, demonstrating momentum toward our goals and innovating in order to take practical, responsible steps towards an eventual net zero mining future.”

FCX continues to advance its GHG emissions reduction initiatives across its global operations and has established 2030 GHG reduction targets that now collectively cover nearly 100 percent of its Scope 1 and 2 GHG emissions. FCX plans to submit its 2030 GHG emissions reduction targets to the Science Based Target initiative for validation.

FCX continues to make meaningful progress in advancing efforts to decarbonize its electricity supply, including progressing a study at PT-FI to evaluate the feasibility of replacing its coal-fired power plant in the future. FCX also is collaborating with equipment manufacturers and various industry consortiums with the aim of contributing to technological solutions that will help the company achieve its climate objectives.

FCX’s 2021 Climate Report reflects the company’s continued progress to align with the recommendations of the Task Force on Climate-related Financial Disclosures and includes third-party verified Scope 1, 2 and 3 GHG emissions data in accordance with ISO 14064 (Specifications 1 and 3). To learn more about FCX’s climate strategy and progress, please read FCX’s updated Climate Report, available on the company website at:

https://www.fcx.com/sites/fcx/files/documents/sustainability/2021-Climate-Report.pdf

FREEPORT: Foremost in Copper

FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.

FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.

By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX's website at fcx.com.

Cautionary Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements regarding FCX’s potential future performance. Forward-looking statements are all statements other than statements of historical facts, such as plans, projections, expectations, targets, objectives, strategies or goals relating to environmental performance, including expectations regarding execution of FCX’s energy and climate strategies, and the underlying assumptions and estimated impacts on FCX’s business related thereto; FCX’s approach to lower carbon and reduced emissions; FCX’s plans and expectations in relation to its future clean energy transition, including targeted reductions of GHG emissions, implementation of technologies and emissions reduction projects, achievement of climate commitments by 2030 and 2050 net zero aspiration; FCX’s operational resiliency and climate scenarios; FCX’s expectations regarding climate-related risks and future risk mitigation; and FCX’s commitment to deliver responsibly produced copper, including plans to implement and validate its operating sites under specific frameworks. The words “anticipates,” “may,” “can,” “commitments,” “plans,” “pursues,” “believes,” “estimates,” "expects," "endeavors," “efforts,” “initiatives,” "seek," "goal," "predicts," "strategy," “objective,” “projects,” “targets,” "intends," "aspires," “likely,” “will,” “should,” “could,” “to be,” ”potential,” “opportunities,” “assumptions,” “guidance,” “forecasts,” “future” and any similar expressions are intended to identify those assertions as forward-looking statements.

FCX cautions 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 FCX’s actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, the factors described under the heading “Risk Factors” in FCX’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (SEC), and available on FCX’s website at fcx.com.

Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the forward-looking statements are made. Further, FCX may make changes to its business plans that could affect its results. FCX cautions investors that it undertakes no obligation to update any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220925005037/en/

Financial Contact:

David P. Joint

(504) 582-4203

Media Contact:

Linda S. Hayes

(602) 366-7824

Source: Freeport-McMoRan Inc.

FAQ

What are Freeport-McMoRan's GHG reduction targets for 2030?

Freeport-McMoRan has established GHG reduction targets for 2030 that collectively cover nearly 100% of its Scope 1 and 2 GHG emissions.

How is Freeport-McMoRan addressing climate risks?

Freeport-McMoRan is enhancing its resilience to climate-related risks through initiatives like improving energy efficiency and integrating renewable energy sources.

What is Freeport-McMoRan's goal by 2050?

Freeport-McMoRan aspires to contribute positively to a net-zero economy by 2050.

How does Freeport-McMoRan plan to decarbonize its electricity supply?

The company is studying the feasibility of replacing its coal-fired power plant and engaging with equipment manufacturers for innovative solutions.