Freeport-McMoRan (FCX) Jefferies Global Industrials Conference 2026 summary

Strategic priorities and operational overview

• Focus on copper with a large, diversified production profile and embedded growth options, entering a period of growth with near-term U.S. opportunities.

• Disciplined execution for 2026 includes Grasberg ramp-up, innovative leaching initiatives, and technology adoption to reduce costs and improve efficiency.

• Grasberg operations in Indonesia recovering from a major incident, with phased ramp-up aiming for 65% capacity in H2 2024, 80% by mid-2025, and near 100% by end of 2027.

• New smelter in Indonesia started, enhancing integration and reducing reliance on third-party processing.

• Major projects advancing in Chile and Peru, with a significant brownfield project in Chile and strong performance at Cerro Verde in Peru.

U.S. operations and growth initiatives

• U.S. mines supply 70% of domestic copper, with significant leverage to copper prices due to favorable tax and royalty structures.

• Exciting development project in northwest Arizona (Bagdad) to be presented for board approval in 2024, aiming to address underutilized processing capacity.

• Capital allocation splits discretionary cash 50/50 between project investment and shareholder returns.

• U.S. growth could increase production by 60% over the next 3–4 years if leaching and Bagdad projects succeed.

• Bagdad expansion would make it the second-largest U.S. copper mine, leveraging automation and community support, with a three-year construction timeline.

Innovation and technology

• Leaching initiative targets 40 billion pounds of previously mined copper in U.S. stockpiles, aiming to increase recovery from 200 million to 800 million pounds annually.

• New proprietary additives and temperature management in stockpiles are being tested, with manufacturing and further trials expected by early 2027.

• Leaching is not capital intensive and could significantly lower operating costs and transform the U.S. business.

• Government support includes grants, financing, and talent development, with a focus on critical minerals and technology innovation.