Freeport-McMoRan Publishes Updated Climate Report

Rhea-AI Summary

Freeport-McMoRan announces annual Climate Report, emphasizing progress in reducing GHG emissions and delivering responsibly produced copper. FCX has four 2030 GHG emissions reduction targets covering nearly 100% of Scope 1 and 2 emissions. The company is committed to validating its targets through the Science Based Target initiative. Updated Climate Report aligns with Task Force on Climate-related Financial Disclosures. FCX is a leading copper producer with significant mining operations worldwide.

Positive

• FCX making positive impact on global energy transition
• FCX's four 2030 GHG emissions reduction targets cover nearly 100% of Scope 1 and 2 emissions

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• None.

PHOENIX--(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX) today announced the publication of its annual Climate Report outlining FCX’s ongoing progress to advance its climate strategy focused on reducing its greenhouse gas (GHG) emissions, enhancing its resilience to climate risks and contributing responsibly produced copper to the global economy.

Richard C. Adkerson, Chairman of the Board and Chief Executive Officer said: “Copper’s essential role in current and emerging clean energy technologies is critical to global decarbonization. FCX is making a positive impact on the global energy transition by executing on our own climate strategy and delivering the responsibly produced copper necessary to support a net zero future.”

FCX continues to advance several opportunities aimed at positively contributing to its climate strategy across its four decarbonization levers: decarbonizing electricity supply, equipment electrification, energy and asset efficiency and process innovation.

FCX currently has four 2030 GHG emissions reduction targets that collectively cover nearly 100% of its Scope 1 and 2 GHG emissions. FCX is committed to validating its 2030 GHG emissions reduction targets through the Science Based Target initiative (SBTi) and is actively participating in an effort with industry peers aimed at developing science-based targets for the copper sector based on SBTi’s Sectoral Decarbonization Approach.

FCX’s updated 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). FCX’s updated Climate Report is available on the company website at: https://www.fcx.com/sites/fcx/files/documents/sustainability/2022-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: 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 its business and stakeholders 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 its 2030 climate targets and its 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 and molybdenum, including plans to implement, validate and maintain validation of its operating sites under specific frameworks. The words “anticipates,” “may,” “can,” “commitments,” “plans,” “pursues,” “believes,” “estimates,” "expects," "endeavors," “efforts,” “initiatives,” "seeks," "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, 2022, filed with the U.S. Securities and Exchange Commission (SEC), as may be updated by subsequent filings with the SEC.

Investors are cautioned that many of the assumptions upon which FCX's forward-looking statements are based are likely to change after the date 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.

While certain matters discussed in this press release may be significant and relevant to FCX’s investors, any significance should not be read as rising to the level of materiality for purposes of complying with the U.S. federal securities laws and regulations or the disclosure requirements of the SEC. The goals and projects described in this press release are aspirational; as such, no guarantees or promises are made that these goals and projects will be met or successfully executed.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230914818895/en/

Financial Contact:

David P. Joint

(504) 582-4203

Media Contact:

Linda S. Hayes

(602) 366-7824

Source: Freeport-McMoRan Inc.