Freeport-McMoRan Receives Copper Mark at PT Freeport Indonesia

Rhea-AI Summary

Freeport-McMoRan Inc. (NYSE: FCX) announced that it has achieved the Copper Mark for all 12 of its eligible copper-producing sites globally. Additionally, its primary molybdenum mines, Climax and Henderson, have received the Molybdenum Mark, making FCX the first primary molybdenum miner to achieve this certification. The Copper Mark ensures compliance with 32 environmental, social, and governance requirements through an independent assurance process. CEO Richard C. Adkerson emphasized FCX's commitment to responsible production and the vital role of copper in the global economy and decarbonization efforts.

Positive

• Achieved Copper Mark at all 12 copper sites, enhancing company reputation.
• First primary molybdenum miner to obtain Molybdenum Mark, demonstrating leadership.
• Commitment to responsible production practices positions FCX favorably in ESG assessments.

Negative

• None.

Copper Mark Achieved at all Copper Producing Sites

PHOENIX--(BUSINESS WIRE)-- Freeport-McMoRan Inc. (NYSE: FCX) is pleased to announce the Copper Mark has been awarded to PT Freeport Indonesia (PT-FI). With this award, FCX has achieved the Copper Mark at all 12 of its eligible copper producing sites globally. FCX also is pleased to announce that its primary molybdenum mines, Climax and Henderson, have been awarded the Molybdenum Mark, making FCX the first primary molybdenum miner to achieve this distinction.

Richard C. Adkerson, Chairman and Chief Executive Officer, said, “I am pleased to report today that all of our copper operating sites have now been validated by the Copper Mark. As the operator of 9% of the world's copper production, we have a long-standing commitment to safe and responsible production practices and are dedicated to continuous improvement. We recognize the critical role our products play in the global economy and in advancing and accelerating decarbonization. I am proud of our team for their accomplishments and ongoing commitment to responsible production practices.”

The Copper Mark is a comprehensive assurance framework designed to demonstrate the copper industry's responsible production practices. In fourth-quarter 2022, the Copper Mark announced an extension of its framework to include molybdenum producers, among other metal producers. In addition to its primary mines, FCX’s four copper mines that produce byproduct molybdenum (Bagdad, Cerro Verde, Morenci and Sierrita) have also been awarded the Molybdenum Mark.

To achieve the Copper Mark and Molybdenum Mark each site is required to complete a robust, independent external assurance process to assess conformance with 32 environmental, social and governance requirements. Awarded sites are required to be revalidated every three years.

The Copper Mark seeks to promote transparency and accountability especially for sites that manage complex issues. The Copper Mark recognizes the unique site-specific considerations of PT-FI’s tailings management system. The extensive, independent onsite assessment of PT-FI confirmed the site’s full conformance with the current Copper Mark tailings requirements. The Copper Mark is in the process of developing additional guidance for participating sites with complex issues and PT-FI looks forward to working with them to demonstrate ongoing conformance of its tailings management system.

To learn more about the Copper Mark and Molybdenum Mark, please see FCX’s website at: https://www.fcx.com/sustainability/coppermark. Detailed information on the Copper Mark requirements, assessment activities and site-based reports are available on the Copper Mark website at coppermark.org.

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 FCX’s commitment to deliver responsibly produced copper and molybdenum, 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," “objectives,” “projects,” “targets,” "intends," "aspirations," “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).

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005857/en/

Financial Contact:

David P. Joint

(504) 582-4203

Media Contact:

Linda S. Hayes

(602) 366-7824

Source: Freeport-McMoRan Inc.

FAQ

What is the Copper Mark awarded to Freeport-McMoRan (FCX)?

The Copper Mark is a certification that demonstrates responsible production practices in the copper industry, awarded to FCX for all its eligible copper-producing sites.

Which molybdenum mines of FCX received recognition?

FCX's primary molybdenum mines, Climax and Henderson, have been awarded the Molybdenum Mark.

How many copper-producing sites does FCX have?

Freeport-McMoRan has achieved the Copper Mark at all 12 of its eligible copper-producing sites.

What are the environmental and governance requirements for the Copper Mark?

To achieve the Copper Mark, sites must comply with 32 independent environmental, social, and governance requirements.

How often must Copper Mark certification be revalidated for FCX?

Certified sites are required to undergo revalidation every three years to maintain their Copper Mark status.