Freeport-McMoRan
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Freeport-McMoRan (FCX) investor relations material

Freeport-McMoRan 35th BMO Global Metals, Mining & Critical Minerals Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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35th BMO Global Metals, Mining & Critical Minerals Conference summary23 Feb, 2026

Strategic priorities and operational updates

  • Focused on copper portfolio with major agenda for 2026, including Grasberg restart and US production increases.

  • Grasberg mine life extension MOU with Indonesia enables planning for multi-decade production and exploration.

  • Environmental Impact Statement for El Abra project in South America to be filed mid-year.

  • Fully integrated smelting operations globally, enhancing supply security and flexibility.

  • Open to M&A if value-generating, but significant internal growth pipeline exists.

Grasberg mine developments

  • Grasberg operating rights extended for life of resource, with 10-year administrative reviews.

  • Restart of PB2 and PB3 progressing, with 85% of Grasberg production expected restored by second half of year.

  • Exploration drilling to resume, targeting long-term resource growth and value from Kucing Liar deposit.

  • New smelter in Indonesia on standby, to be utilized as production ramps up in second half.

  • Incremental risk management and automation investments expected to improve safety and may lower costs over time.

North American operations and cost management

  • Targeting 60% US production increase by 2030, mainly through leaching and Bagdad expansion.

  • Leach initiative reached 240M lbs/year run rate, aiming for 300M lbs in 2024 and 800M lbs by 2030.

  • New chemical and heat technologies being field-tested to boost recovery from stockpiles.

  • Bagdad expansion final investment decision expected this year; financing not an issue.

  • Cost reduction target from $3 to $2.50/lb by 2027, driven by volume increases, efficiency, and reduced downtime.

Grasberg long-term production growth strategy
U.S. leach production path to 800M lbs
U.S. operations cost reduction drivers
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Q1 202623 Apr, 2026
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Q1 202623 Apr, 2026

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Frequently asked questions

Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. It owns and operates copper mines, including the Phoenix mine; molybdenum mines, including the East Boulder Mine; gold mines, including the Tanami mine; uranium and vanadium operations, including the Nichols Ranch property; oil and natural gas assets in Alaska through Chugach Alaska Corporation; copper assets through FCX Minerals Inc.; coal assets through Independence Coal Company LLC; iron ore assets through Cliffs Natural Resources Inc.; oil sands assets through CVR Partners LP; and gold assets through McMoRan Exploration Co. Freeport-McMoRan Inc. was incorporated in 1987 and is headquartered in Phoenix, Arizona.

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