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Cover and table of contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark one)
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended December 31, 2025
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number: 001-11307-01
Freeport-McMoRan Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 74-2480931 | |||||||
| (State or other jurisdiction of | (I.R.S. Employer Identification No.) | |||||||
| incorporation or organization) |
| 4340 E. Cotton Center Blvd., Suite 110 | ||||||||||||||||||||
| Phoenix | Arizona | 85040-8852 | ||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) |
(602) 366-8100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Common Stock, par value $0.10 per share | FCX | The New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☑ Yes ☐ No
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☑ No
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes ☑ No
The aggregate market value of common stock held by non-affiliates of the registrant was $61.9 billion on June 30, 2025.
Common stock issued and outstanding was 1,437,201,606 shares on January 31, 2026.
DOCUMENTS INCORPORATED BY REFERENCE
| Portions of the registrant’s proxy statement for its 2026 annual meeting of stockholders are incorporated by reference into Part III of this report. |
Freeport-McMoRan Inc.
i
PART I
Items 1. and 2. Business and Properties.
All of our periodic reports filed with the United States (U.S.) Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available, free of charge, through our website, fcx.com, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports. These reports and amendments are available through our website as soon as reasonably practicable after we electronically file or furnish such material to the SEC. Our website is for information only and the contents of our website or information connected thereto are not incorporated in, or otherwise to be regarded as part of, this Form 10-K.
References to “we,” “us” and “our” refer to Freeport-McMoRan Inc. (FCX) and its consolidated subsidiaries. References to “Notes” refer to the Notes to Consolidated Financial Statements included herein (refer to Item 8.), and references to “MD&A” refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk included herein (refer to Items 7. and 7A.). The following discussions include forward-looking statements that are not guarantees of future performance and actual results may differ materially (refer to Item 1A. “Risk Factors” and “Cautionary Statement” in MD&A for further discussion).
GENERAL
We are a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, we operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. We are one of the world’s largest publicly traded copper producers. Our portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant operations in the U.S. and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
We believe fundamentals for copper are favorable with growing demand supported by copper’s critical role in electrification initiatives, continued urbanization in developing countries, data centers and artificial intelligence (AI) growth, increased defense spending and growing connectivity globally.
We believe that we are well positioned for the future as a leading producer of copper with significant copper reserves and resources and a high-quality portfolio of growth projects to provide additional supplies of copper to a growing market. Our experienced team is committed to value creation through solid execution of our plans, operational excellence and advancing opportunities for long-term organic growth.
We continue to evaluate and advance potential expansion opportunities at certain of our copper mines in the U.S. and South America. Across our U.S. and South America operations, we are incorporating new applications, technologies and data analytics into our leaching processes. In late 2025, we achieved an annual run rate of approximately 240 million pounds of copper. We are targeting annual production of 300 million pounds of copper in 2026 from these initiatives and believe there is potential for further significant increases in recoverable metal beyond the current annual target. Refer to “Operations – United States,” “Operations – South America” and MD&A for further discussion.
Our 2025 operations and results were impacted by the September 2025 mud rush incident at the Grasberg minerals district in Central Papua, Indonesia. In late October 2025, PT Freeport Indonesia (PTFI) restarted operations at the unaffected Deep Mill Level Zone (DMLZ) and Big Gossan underground mines. During fourth-quarter 2025, investigations and remedial plans were completed and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026. Refer to “Operations – Indonesia” and MD&A for further discussion.
For the year 2025, the London Metal Exchange (LME) copper settlement prices averaged $4.51 per pound (ranging from a low of $3.87 per pound to a high of $5.68 per pound) and closed at $5.67 per pound on December 31, 2025, and Commodity Exchange Inc. (COMEX) copper settlement prices averaged $4.82 per pound (ranging from a low of $3.99 per pound to a high of $5.80 per pound) and closed at $5.63 per pound on December 31, 2025.
Following are our ownership interests at December 31, 2025, in operating mines through our consolidated subsidiaries, Freeport Minerals Corporation (FMC) and PTFI:
a.Refer to Note 2 for discussion of our conclusion to consolidate PTFI.
b.FMC has a 72% undivided interest in Morenci via an unincorporated joint venture. Refer to Note 2 for further discussion.
Following is the allocation of our estimated consolidated recoverable proven and probable mineral reserves at December 31, 2025, by geographic location (refer to “Operations” and “Mineral Reserves” for further discussion):
| Copper | Gold | Molybdenum | ||||||||||||||||||
| U.S. | 38 | % | 3 | % | 74 | % | a | |||||||||||||
| South America | 40 | — | 26 | |||||||||||||||||
| Indonesia | 22 | 97 | — | |||||||||||||||||
| 100 | % | 100 | % | 100 | % |
a.Our U.S. copper mines contain 58% of our estimated consolidated recoverable proven and probable molybdenum reserves, and our Henderson and Climax molybdenum mines contain 16%.
In the U.S., we manage seven copper operations – Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines - Henderson and Climax in Colorado. We also operate a copper smelter and rod mill in Miami, Arizona, and a copper refinery and rod mill in El Paso, Texas. In addition to copper, certain of our U.S. copper mines also produce molybdenum concentrate, gold and silver.
In South America, we manage two copper operations – Cerro Verde in Peru and El Abra in Chile. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver.
In Indonesia, PTFI operates in the Grasberg minerals district. In addition to copper, the Grasberg minerals district also produces gold and silver. With the completion of PTFI’s smelter and precious metals refinery (PMR) (collectively, PTFI’s downstream processing facilities) in Gresik, Indonesia, during 2025, PTFI is a fully integrated producer of refined copper and gold.
Following is the allocation of our consolidated copper, gold and molybdenum production for the year 2025 by geographic location (refer to “Operations” and MD&A for further discussion):
| Copper | Gold | Molybdenum | ||||||||||||||||||
| U.S. | 39 | % | 2 | % | 77 | % | a | |||||||||||||
| South America | 31 | — | 23 | |||||||||||||||||
| Indonesia | 30 | 98 | — | |||||||||||||||||
| 100 | % | 100 | % | 100 | % |
a.Our Henderson and Climax molybdenum mines produced 40% of our consolidated molybdenum production, and our U.S. copper mines produced 37%.
Copper production from three of our mines (the Morenci mine in the U.S., the Cerro Verde mine in Peru and the Grasberg minerals district in Indonesia) together totaled 70% of our consolidated copper production in 2025.
The geographic locations of our operations are shown on the world map below.
COPPER, GOLD AND MOLYBDENUM
The following provides a summary of our primary natural resources – copper, gold and molybdenum. Refer to MD&A for further discussion of historical and current market prices of these commodities and Item 1A. “Risk Factors” for discussion of factors that can cause price fluctuations.
Copper
Copper is an internationally traded commodity, and its prices are determined by the major metals exchanges – the LME, COMEX and Shanghai Futures Exchange. Prices on these exchanges generally reflect the worldwide balance of copper supply and demand, and can be volatile and cyclical.
Copper priced on the LME and COMEX exchanges have historically traded in a narrow range without significant differential. Following U.S. trade policy announcements in 2025, including proposed tariff announcements, the two benchmark prices traded at wider differentials than historical averages. For the year 2025, the average COMEX copper settlement price was 7% higher than the average LME copper settlement price. To date in 2026 (through February 12, 2026), the two benchmark prices have been similar. Copper sales from our South America and Indonesia operations are generally based on quoted LME monthly average copper settlement prices, and copper
sales from our U.S. copper mines are generally based on prevailing COMEX monthly average copper settlement prices.
In general, demand for copper reflects the rate of underlying world economic growth, particularly in industrial production and construction. According to a 2025 report from Wood Mackenzie, a widely followed independent metals market consultant, copper’s end-use markets (and their estimated shares of total consumption) are electrical applications (30%), construction (24%), consumer products (21%), transportation (14%) and industrial machinery (11%). We believe copper will continue to be essential in these basic uses as well as contribute significantly to new technologies for clean energy and advancement in communications, including the global transition to renewable power, electric vehicles and other electrification initiatives, continued urbanization in developing countries, data centers and AI developments, increased defense spending and growing connectivity globally. Examples of areas we believe will require additional copper in the future include: (i) high efficiency motors, which consume up to 75% more copper than a standard motor; (ii) electric vehicles, which consume up to four times the amount of copper in terms of weight compared to vehicles of similar size with an internal combustion engine, and require copper-intensive charging station infrastructure to refuel; (iii) renewable energy such as wind and solar, which consume four to five times the amount of copper compared to traditional fossil fuel generated power and (iv) data centers and AI developments.
Gold
Gold is used for jewelry, coinage and bullion as well as various industrial and electronic applications. Gold can be readily sold on numerous markets throughout the world. Benchmark prices are generally based on London Bullion Market Association (London) PM quotations.
Molybdenum
Molybdenum is a key alloying element in steel and the raw material for several chemical-grade products used in catalysts, lubrication, smoke suppression, corrosion inhibition and pigmentation. Molybdenum-based chemicals are used to produce high-purity molybdenum metal used in electronics such as flat-panel displays and in super alloys used in aerospace. Like copper, demand for molybdenum is positively impacted by new technologies for clean energy. Reference prices for molybdenum are available in several publications, but generally based on Platts Metals Daily.
PRODUCTS AND SALES
Our consolidated revenues for 2025 primarily included sales of copper (75%), gold (15%) and molybdenum (8%). For the three years ended December 31, 2025, the only customer that accounted for 10% or more of our consolidated revenues was Mitsubishi Materials Corporation, PTFI’s joint venture partner in PT Smelting (PTFI’s 66%-owned copper smelter and refinery), in 2024. Refer to Note 14 for a summary of our consolidated revenues by product and geographic area, and revenues and operating income by reportable segment.
Copper Products
We are one of the world’s leading producers of copper concentrate, cathode and continuous cast copper rod. During 2025, 43% of our mined copper was sold in concentrate, 33% as cathode and 24% as rod. The copper ore from our mines is generally processed either by smelting and refining or by solution extraction and electrowinning (SX/EW) as described below.
Copper Concentrate. We produce copper concentrate at six of our mines in which mined ore is crushed and treated to produce a copper concentrate with copper content of approximately 20% to 30%. In the U.S., copper concentrate is produced at the Morenci, Bagdad, Sierrita and Chino mines, and a significant portion is shipped to our Miami smelter in Arizona for further processing (refer to “Other Smelting Facilities and Mining Properties” for further discussion of the Miami smelter). Copper concentrate is also produced at the Cerro Verde mine in Peru and the Grasberg minerals district in Indonesia. A portion of the copper concentrate produced at Cerro Verde is shipped to Atlantic Copper for further processing. Prior to the completion of PTFI’s downstream processing facilities, copper concentrate produced in the Grasberg minerals district was shipped to PT Smelting in Indonesia, third-party smelters and to Atlantic Copper (our wholly owned copper smelting and refining unit in Spain). With the completion of PTFI’s downstream processing facilities during 2025, all of Grasberg’s copper concentrate is processed within Indonesia.
Copper Cathode. We produce copper cathode at our electrolytic refinery located in El Paso, Texas, and at nine of our mines.
SX/EW cathode is produced from the Morenci, Bagdad, Safford, Sierrita, Miami, Chino and Tyrone mines in the U.S., and from the Cerro Verde and El Abra mines in South America*.* For ore subject to the SX/EW process, the ore is placed on stockpiles and copper is extracted from the ore by dissolving it with a weak sulfuric acid solution. The copper content of the solution is increased in two additional SX stages, and then the copper-bearing solution undergoes an EW process to produce cathode that is, on average, 99.99% copper. Our copper cathode is used as the raw material input for copper rod, brass mill products and for other uses.
Copper cathode is also produced at PTFI’s smelter and PT Smelting in Indonesia, and at Atlantic Copper. Copper concentrate is smelted (i.e., subjected to extreme heat) to produce copper anode, which weighs between 700 and 900 pounds and has an average copper content of 99.5%. The anode is further treated by electrolytic refining to produce copper cathode, which weighs between 90 and 350 pounds and has an average copper content of 99.99%. Refer to “Other Smelting Facilities and Mining Properties” for further discussion of PT Smelting and Atlantic Copper.
Continuous Cast Copper Rod. We manufacture continuous cast copper rod at our U.S. rod facilities primarily using copper produced at our U.S. copper mines and processing facilities. Rod production from these facilities approximated one billion pounds of copper for each of the last three years.
Copper Sales
U.S. The majority of the copper produced at our U.S. copper mines and refined in our El Paso, Texas refinery is consumed at our rod plants to produce copper rod, which is then sold to wire and cable manufacturers. The remainder of our U.S. copper production is sold in the form of copper cathode or copper concentrate under U.S. dollar-denominated annual contracts. Generally, copper cathode is sold to rod, brass or tube fabricators. Cathode and rod contract prices are generally based on the COMEX monthly average settlement prices for the month of shipment and include a premium.
South America. Production from our South America operations is sold as copper concentrate or copper cathode under U.S. dollar-denominated, annual and multi-year contracts. During 2025, our South America operations sold 75% of their copper production in concentrate (including a portion to Atlantic Copper) and 25% as cathode.
Substantially all of our South America copper concentrate and cathode sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) primarily based on quoted LME monthly average settlement copper prices. Revenues from our South America concentrate sales are recorded net of royalties and treatment charges (i.e., fees paid to smelters that are generally negotiated annually). In addition, because a portion of the metals contained in copper concentrate is unrecoverable from the smelting process, revenues from our South America concentrate sales are also recorded net of allowances for unrecoverable metals, which are a negotiated term of the contracts and vary by customer.
Indonesia. During 2025, PTFI sold 51% of its copper production in concentrate and 49% as cathode.
Historically, PTFI sold its production in the form of copper concentrate, which contained significant quantities of gold and silver, primarily under U.S. dollar-denominated, long-term contracts. Substantially all of PTFI’s copper concentrate sales contracts provided final copper pricing in a specified future month (generally one to four months from the shipment date) primarily based on quoted LME monthly average settlement copper prices.
With the completion of its downstream processing facilities during 2025, PTFI is a fully integrated producer of refined copper and gold, and its copper production is sold in the form of copper cathode under long-term contracts (generally Indonesia contracts are rupiah denominated and export contracts are U.S.-dollar denominated). Substantially all of PTFI’s copper cathode sales contracts provide final copper pricing in a specified month (generally within one to two months of the shipment date) primarily based on quoted LME monthly average settlement copper prices.
PTFI’s copper revenues are also recorded net of royalties. Prior to the expiration of its export license on September 16, 2025, PTFI’s copper copper concentrate revenues were also recorded net of treatment charges and export duties.
Refer to Item 1A. “Risk Factors,” “Operations – Indonesia” in MD&A and Notes 10 and 11 for a discussion of Indonesia matters and PTFI’s special mining business license (IUPK).
Gold Products and Sales
We produce gold almost exclusively from our mines in the Grasberg minerals district.
Prior to the expiration of its export license on September 16, 2025, the gold produced by PTFI was primarily sold as a component of its copper concentrate or in anode slimes, which are a product of the smelting and refining process. Gold was generally priced at the average London PM gold price for a specified month near the month of shipment. Revenues from gold sold as a component of PTFI’s copper concentrate were recorded net of treatment charges, royalties, export duties and allowances for unrecoverable metals, and revenues from gold sold in anode slimes were recorded net of royalties and refining charges.
With the completion of its downstream processing facilities during 2025, PTFI sells gold bars produced by the PMR primarily priced at the London PM gold price near the date of shipment, net of royalties.
Molybdenum Products and Sales
According to Wood Mackenzie, we are the world’s largest producer of molybdenum and molybdenum-based chemicals. In addition to production from the Henderson and Climax molybdenum mines, we produce molybdenum concentrate at certain of our U.S. copper mines and our Cerro Verde copper mine in Peru. The majority of our molybdenum concentrate is processed in our own conversion facilities. Our molybdenum sales are primarily priced based on the average published Platts Metals Daily prices for the month prior to the month of shipment.
GOVERNMENTAL REGULATIONS
Our operations are subject to a broad range of laws and regulations imposed by governments and regulatory bodies, both in the U.S. and internationally. These laws and regulations touch all aspects of our operations, the most significant of which include how we extract, process and explore for minerals and how we conduct our business, including laws and regulations governing matters such as mining rights, environmental and reclamation matters, climate change, occupational health and safety, and human rights. Compliance with these laws and regulations requires expenditures for the implementation, operation and maintenance of systems and programs, but has not had and is not expected to have a material adverse effect on our expenditures, results of operations or competitive position. We continuously monitor and strive to maintain compliance with changes in laws and regulations that impact our business.
Mining Rights
We conduct our mining and exploration activities pursuant to concessions granted by, or under contracts with, the host government in the countries where we operate. These countries include, among others, the U.S., Peru, Chile and Indonesia. Mining rights include our license to operate and involve our payment of applicable taxes and royalties to the host governments. The concessions and contracts are subject to the political risks associated with the host countries. For information about mining rights, governmental agreements, licenses to operate, and tax regulations and related matters refer to “Operations” below, Item 1A. “Risk Factors” and Notes 2, 9, 10 and 11.
Environmental Matters
Our operations are subject to extensive and complex environmental laws and regulations governing the generation, storage, treatment, transportation and disposal of hazardous substances; solid waste disposal; air emissions; wastewater discharges; remediation, restoration and reclamation of environmental contamination, including mine closures and reclamation; protection of endangered and threatened species and designation of critical habitats; and other related matters. In addition, we must obtain regulatory permits and approvals to start, continue and expand operations. As a mining company, compliance with environmental, health and safety laws and regulations is an integral and costly part of our business. We conduct our operations in a manner that aims to protect public health and the environment. We believe our operations follow applicable laws and regulations in all material respects, and we have internal company policies that in some instances go beyond compliance with such laws and regulations.
At December 31, 2025, we had $2.0 billion recorded in our consolidated balance sheet for environmental obligations and $3.8 billion recorded for asset retirement obligations. We incurred environmental capital expenditures and other environmental costs (including our joint venture partners’ shares) to comply with applicable environmental laws and regulations that affect our operations totaling $0.5 billion in 2025, $0.6 billion in 2024 and $0.5 billion in 2023, and we expect to incur approximately $0.7 billion in 2026. The timing and amounts of estimated payments could change
as a result of changes in regulatory requirements, changes in scope and costs of reclamation activities, the settlement of environmental matters and the rate at which actual spending occurs on continuing matters.
For information about environmental laws and regulations at our global operations, including legal proceedings and related costs, and reclamation matters, see below as well as Item 1A. “Risk Factors,” Item 3 “Legal Proceedings” and Notes 1, 10 and 11.
United States. There are a number of federal and state environmental laws and regulations that apply to our properties and may affect our operations. Laws such as the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (CERCLA) and similar state laws may expose us to joint and several liability for environmental damages caused by our operations, or by previous owners or operators of properties we acquired or are currently operating or at sites where we previously sent materials for processing, recycling or disposal. Other federal and comparable state environmental laws have affected, or could in the future affect, us including, but not limited to, the Resource Conservation and Recovery Act, the Clean Air Act and the National Environmental Policy Act. We have substantial obligations for environmental remediation on mining properties previously owned or operated by FMC and certain of its affiliates.
Our operations are subject to state regulations governing mine closures and reclamation. Closure plans are required to be updated every six years in Arizona and every five years in New Mexico and Colorado. We are also required by U.S. federal and state laws and regulations to provide financial assurance sufficient to allow a third party to implement approved closure and reclamation plans for our mining properties if we are unable to do so. Most of our financial assurance obligations are imposed by state laws that vary significantly by jurisdiction, depending on how each state regulates land use and groundwater quality. The U.S. Environmental Protection Agency (EPA) and state agencies may also require financial assurance for investigation and remediation actions that are required under settlements of enforcement actions under CERCLA or similar state laws.
Regulations have been, and may in the future be, considered at various governmental levels to increase financial responsibility requirements both for mine closure and reclamation.
Our U.S. mining operations are also subject to regulations under the Endangered Species Act (ESA) that are intended to protect species listed by the U.S. Department of the Interior’s Fish & Wildlife Service (FWS) as endangered or threatened, along with critical habitat designated by FWS for these listed species. The ESA may affect the ability of landowners, including us, to obtain federal permits or authorizations needed for expansion of our operations, and may also affect our ability to obtain, retain or deliver water to some operations.
New or revised environmental regulatory requirements are frequently proposed, many of which may result in substantially increased costs for our business, including those discussed above and in Item 1A. “Risk Factors.” For example, in 2024, EPA amended its rule establishing standards for hazardous air pollutant emissions from primary copper smelters (Copper Smelter Rule). This final rule would impact our Miami, Arizona smelter operations, which process a significant portion of the copper concentrate produced by our U.S. copper mines. However, in March 2025, EPA announced that it will reconsider, among others, the Copper Smelter Rule, and in October 2025, a presidential proclamation exempted the Miami smelter from the compliance deadlines in the Copper Smelter Rule for two years. EPA’s reconsideration of the Copper Smelter Rule continues and upon its proposal, we will evaluate processes and equipment modifications and the costs involved, which could be significant. Our appeal of EPA’s Copper Smelter Rule to the Court of Appeals for the District of Columbia Circuit remains suspended pending resolution of several petitions for reconsideration to EPA filed by us and other parties.
EPA and state agencies continue to consider regulations for man-made organic compounds that could be present in soil, groundwater and surface water at our existing and former operations. These regulations may include drinking water standards, hazardous waste requirements, and hazardous substance designations for Perfluorooctanesulfonic acid (PFOS) and Perfluorooctanoic acid (PFOA). For example, in September 2025, EPA announced that it intends to retain the hazardous substance designation for PFOS and PFOA and will initiate future rulemaking to establish a uniform framework governing designation of hazardous substances under CERCLA. In addition, in January 2025, EPA published its final toxicological assessment for inorganic arsenic, which may be used by federal and state regulators to revise regulatory standards under various environmental programs, including water quality standards and cleanup levels at remediation sites, and in October 2025, EPA announced updated guidance and processes concerning the cleanup of lead in residential soils. We are working with federal and state agencies to understand possible ramifications to our projects from these developments and will monitor any additional regulatory guidance, rulemaking and other regulatory activities.
In November 2025, EPA and the U.S. Army Corps of Engineers proposed to revise the final rule amending the revised definition of the “waters of the United States” issued in 2023. Subject to future court decisions (including additional successful legal challenges) and additional administrative rulemaking and related guidance, which may further affect the scope of the final rule, we may need federal authorization under the Clean Water Act (CWA) to expand some of our operations. Further, even where federal authorization is not otherwise required, some states have adopted or are developing programs to require permits for discharges to waters that are no longer subject to the CWA including discharges of dredged or fill material.
Peru*.* The General Environmental Law (Law No. 28611) establishes the main environmental guidelines and principles applicable in Peru. Pursuant to the General Environmental Law, the Ministry of Energy and Mines (MINEM) issued national environmental regulations, which have gradually replaced prior guidelines governing governmental agencies’ environmental competencies. The Environmental Evaluation and Oversight Agency has the authority to inspect mining operations and fine companies that fail to comply with prescribed environmental regulations and their approved environmental assessments.
Cerro Verde is subject to regulation under the Mine Closure Law administered by MINEM. Under the closure regulations, mines must submit a closure plan every five years that includes the reclamation methods, closure cost estimates, methods of control and verification, closure and post-closure plans, and financial assurance. In compliance with the requirement for five-year updates, Cerro Verde submitted its updated closure plan and cost estimates and received approval from MINEM in December 2023.
The Cerro Verde mine has developed and continues to implement detailed, comprehensive mine waste and tailings management programs to meet the applicable Peru waste regulations and our internal environmental management practices. These programs incorporate commitments included in the Environmental and Social Impact Studies and the engineer of record designs for the specific cases of tailings storage facilities and certain leach pad stockpiles. For any future projects, including at existing facilities, Cerro Verde also may be required by MINEM or the National Environmental Certification Service for Sustainable Investments to incur additional costs to comply with the requirements of new regulations that provide for the adequacy of the transportation and final disposal of tailings.
Chile*.* El Abra is subject to regulation under the Mine Closure Law administered by the Chile Mining and Geology Agency. In compliance with the requirement for five-year updates, El Abra submitted an updated plan with closure cost estimates in August 2025. The El Abra mine has developed and continues to implement detailed, comprehensive mine waste programs to meet the applicable Chilean waste regulations and our internal environmental management practices. These programs incorporate commitments included in the Environmental and Social Impact Studies, and the engineer of record designs for the specific cases of certain leach pad stockpiles.
Indonesia*.* PTFI holds multiple permits from national, provincial, and regency regulatory agencies, including groundwater use permits, effluent and air discharge permits, solid and hazardous waste storage and management permits and protection of forest borrow-to-use permits. Where permits have specific terms, renewal applications are made to the relevant regulatory authority as required, prior to the end of the permit term.
In December 2018, Indonesia’s former Ministry of Environment and Forestry (MOEF) issued a revised environmental permit to PTFI to address certain operational activities that it alleged were inconsistent with earlier studies. PTFI and the MOEF also established a framework known as the Tailings Management Roadmap for continuous improvement in environmental practices and tailings management at PTFI’s Grasberg operations. PTFI completed the Tailings Management Roadmap commitments for the 2018 through 2024 period. The current phase of the Tailings Management Roadmap, approved by MOEF in 2024, extends from 2025 through 2030 and builds upon activities from the initial period. In 2025, PTFI continued to work with MOEF on the primary Tailings Management Roadmap objectives, including (1) the reduction of non-tailings sediment entering the tailings management area, (2) the increased retention, flow control and distribution of tailings within the tailings management area and (3) the pursuit of additional beneficial uses of tailings in infrastructure and other projects.
In 2020, PTFI initiated a new environmental impact analysis (called an Analisis Mengenai Dampak Lingkungan or AMDAL) in preparation for the proposed activities associated with the transition from Grasberg surface mine to underground operations, and PTFI completed the approval requirements of the AMDAL covering all support activities for the underground transition in 2023. In December 2023, PTFI received technical approval for its tailings management activities. In 2024, the MOEF approved an addendum to the AMDAL that covers activities associated with the conversion of PTFI’s power plant from coal-fired to liquefied natural gas (LNG). Permitting related to the conversion to LNG continues to progress.
In accordance with Indonesia law, in 2019, PTFI completed and Indonesia regulators approved an updated mine closure plan to reflect Grasberg minerals district production operations until 2041. In the future, additional approval will be required for the diversion of the Aghawagon/Otomona River out of the tailings management area at the end of the mine life. In 2022, PTFI received approval on its reclamation plan through 2026. PTFI has provided all required mine closure and reclamation guarantees in the form of time deposits and bank guarantees with state-owned banks in accordance with prevailing regulations.
Climate
In many of the jurisdictions in which we or our customers operate, governmental bodies and governmental officials have enacted or proposed legislation, regulations and policies in response to the potential impacts of climate change. For example, carbon tax legislation has been adopted in jurisdictions where we operate, including Indonesia, Chile and the European Union (EU). PTFI’s coal-fired power plant was not within the scope of Indonesia’s carbon emissions trading system in 2025. PTFI continues to monitor the regulation. Refer to “Operations – Indonesia” below for discussion of PTFI’s plans to transition its existing energy source from coal to natural gas.
Further, certain jurisdictions, including the EU and California, have introduced or passed regulations that may require corporate climate-related reporting as specified by the individual regulations.
While it is not possible to reasonably estimate the nature, extent, scope, timing and cost or other impacts of any current or future carbon pricing mechanisms, mandatory disclosures, other climate change regulatory programs or future legislative action that may be enacted, we anticipate that we will dedicate more resources and incur more costs to comply and remediate in response to legislative or regulatory changes.
For information about the risks posed by the potential impacts of climate change and related regulations, refer to Item 1A. “Risk Factors.”
Health and Safety
Our highest priority is the health, safety and well-being of our workforce. We also work to promote safety values with our suppliers and in the communities where we operate. We believe health and safety considerations are integral to, and fundamental for, all other functions in our organization, and we understand the health and safety of our workforce is critical to our operational efficiency and long-term success. We are subject to extensive U.S. and international regulation of worker health and safety, including the requirements of the U.S. Mine Safety and Health Administration (MSHA) under the Federal Mine Safety and Health Act of 1977 (Mine Act) and the Occupational Safety and Health Administration under the U.S. Occupational Safety and Health Act, and similar laws of other jurisdictions. For example, MSHA inspects our mines on a regular basis and issues citations and orders when it believes a violation has occurred under the Mine Act. In 2024, MSHA enacted the Safety Program for Surface Mobile Equipment regulation and finalized a regulation, which reduces permissible exposure limits of respirable crystalline silica (Silica Rule). The Silica Rule is being challenged in federal court, and in November 2025, MSHA announced that it will reconsider the Silica Rule. Upon MSHA’s proposal, we will evaluate the costs involved, which could be significant. Our compliance with these or any other new health and safety regulations could increase our operating costs. If we were found to be in violation of these regulations, we could face penalties or restrictions that may materially and adversely affect our operations.
Additionally, in the U.S., various state agencies have concurrent jurisdiction arising under state law that regulates worker health and safety in both our industrial facilities and mines. If regulatory inspections result in an alleged violation, we may be subject to fines and penalties and, in instances of alleged significant violations, our mining operations or industrial facilities could be subject to temporary or extended closures. Refer to Exhibit 95.1 to this Form 10-K for additional information regarding certain orders and citations issued by MSHA for our operations during the year ended December 31, 2025. For information about health and safety, refer to “Human Capital” below and Item 4. “Mine Safety Disclosures.”
Human Rights
We are dedicated to the recognition, respect and promotion of human rights wherever we do business. We are committed to respecting the rights of all people, including our employees, business partners, community members and others who potentially may be impacted by our business activities. We take this obligation seriously in all aspects of our business, and we expect the same of our business partners.
For information about human rights, refer to “Community and Human Rights” below.
COMPETITION
The top 10 producers of copper comprise 38% of total worldwide mined copper production. Based on Wood Mackenzie’s December 2025 estimates, we ranked third among those producers for the year 2025, with approximately 5% of estimated total worldwide mined copper production based on net equity ownership. We believe our competitive position is based on the size, quality and grade of our ore bodies and our ability to manage costs compared with other producers. We have a diverse portfolio of mining operations with varying ore grades and cost structures. Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment. The metals markets are cyclical, and we believe our ability to maintain our competitive position over the long term is based on our ability to acquire and develop quality deposits (including the expansion of deposits at our existing mine sites); recruit, retain, develop and advance a skilled workforce; and to manage our costs.
OPERATIONS
Responsible Production
We demonstrate our responsible production performance through the Copper Mark, a comprehensive assurance framework developed specifically for the copper industry and extended to other metals, including molybdenum. To achieve the Copper Mark and Molybdenum Mark, as applicable, each site is required to complete an independent external assurance process to assess conformance with various environmental, social and governance criteria. Awarded sites must be revalidated every three years. We have achieved, and are committed to maintaining, the Copper Mark and Molybdenum Mark, as applicable, at all of our operating sites globally. With the completion of PTFI’s downstream processing facilities, we are currently working toward their initial Copper Mark validation.
We are also a founding member of the International Council on Mining & Metals (ICMM), an organization dedicated to a safe, fair and sustainable mining and metals industry, aiming continuously to strengthen performance across the global mining and metals industry. As a member company, we are required to implement the 10 Mining Principles which define good environmental, social and governance practices, and associated position statements, while also meeting 39 performance expectations.
Tailings Management
We dedicate substantial financial and internal and external technical resources to pursue the safe management of our tailings facilities and to reduce or eliminate the number and potential consequences of credible failure modes. Our tailings management policy outlines our continued commitment to managing our tailings responsibly and effectively across our sites globally and to implementing the Global Industry Standard on Tailings Management (the Tailings Standard). Our tailings management and stewardship programs, which involve qualified external engineers and periodic oversight by independent reviewers, conform with the tailings governance framework on preventing catastrophic failure of tailings storage facilities adopted by the ICMM. In 2025, we completed the implementation of and verification of conformance with the Tailings Standard at all applicable tailings storage facilities. In addition, all of the tailings storage facilities at our discontinued operations have achieved the "safely closed" designation, as defined by the Tailings Standard, except for one which remains under evaluation.
We believe we have the financial capacity to meet current estimated lifecycle costs, including estimated closure, post-closure and reclamation obligations associated with our global tailings facilities. We continue to enhance our existing practices to strengthen the design, operation and closure of tailings facilities in an effort to reduce the risk of severe or catastrophic failure of those facilities.
Refer to Item 1A. “Risk Factors” for further discussion of the risks associated with our tailings management.
U.S. Tariffs
In 2025, our costs were not significantly impacted by U.S. tariffs, and we are continuing to monitor the impacts on our business, cost structure and supply chains associated with tariffs on U.S. imports. Efforts continue to identify alternative sourcing options to mitigate potential future impacts of tariffs.
Effective August 1, 2025, a 50% tariff was imposed under Section 232 of the Trade Expansion Act, targeting U.S. imports of semi-finished copper products and copper-intensive derivative products. However, refined copper, including cathodes, concentrates and scrap, was exempted from the tariff, and the U.S. government has indicated it will reassess by mid-2026 the potential for a refined copper tariff of 15% beginning in January 2027 and rising to 30% in 2028. Refer to “Markets” in MD&A for further discussion of LME and COMEX copper prices.
Additionally, the U.S. Secretary of Commerce was directed to impose requirements that 25% of copper cathode and concentrate produced in the U.S. be sold domestically in 2027, potentially increasing to 30% in 2028 and 40% in 2029. Because of our integrated operations, these requirements are not expected to impact our business.
We are the leading copper supplier in the U.S., providing approximately 70% of total U.S. refined copper production through our integrated domestic mining and processing facilities, and most of which is sold domestically. For the year 2025, copper from our U.S. mining operations was sold 66% as rod, 25% as cathode and 9% in concentrate. We are well positioned in the U.S. with sizeable resources and opportunities to leverage existing infrastructure through brownfield expansions.
Government action related to tariffs and other controls on imports and exports or trade agreements or policies are difficult to predict and may continue to cause significant volatility in our financial performance and in the trading prices of our common stock. Refer to Item 1A. “Risk Factors” for further discussion.
Overview of Mines
Following are maps and descriptions of our copper and molybdenum mining operations in the U.S., South America and Indonesia. We consider our material mines, as defined under the disclosure requirements of Subpart 1300 of SEC Regulation S-K, to be the Morenci mine in the U.S., the Cerro Verde mine in Peru and the Grasberg minerals district in Indonesia. Refer to Exhibits 96.1, 96.2 and 96.3 for the Technical Report Summaries that have been prepared for our material mines.
United States
In the U.S., most of the land occupied by our copper and molybdenum mines, concentrators, SX/EW facilities, smelter, refinery, rod mills, molybdenum roasters and processing facilities is owned by us or is located on unpatented mining claims owned by us. Certain portions of our Bagdad, Sierrita, Miami, Chino, Tyrone, Henderson and Climax operations are located on government-owned land and are operated under a Mine Plan of Operations or other use permit. We hold various federal and state permits or leases on government land for purposes incidental to mine operations.
Morenci
We own a 72% undivided interest in Morenci, with the remaining 28% owned by Sumitomo Metal Mining Arizona, Inc. (15%) and SMM Morenci, Inc. (13%). Each partner takes in kind its share of Morenci’s production.
Morenci is an open-pit copper and molybdenum mining complex that has been in continuous operation since 1939 and previously was mined through underground workings. In the 1880s, Phelps Dodge & Company (Phelps Dodge) first invested in the area, and through acquisition, consolidated all mining operations in the area by the 1920s. Phelps Dodge was acquired by FCX in 2007. Morenci is located in Greenlee County, Arizona, approximately 50 miles northeast of Safford on U.S. Highway 191. The property is located at latitude 33.07 degrees north and longitude 109.35 degrees west using the World Geodetic System (WGS) 84 coordinate system. The site is accessible by a paved highway and a railway spur.
The Morenci mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization. The predominant oxide copper mineral is chrysocolla. Chalcocite is the most important secondary copper sulfide mineral, and chalcopyrite and molybdenite are the dominant primary sulfide minerals.
The Morenci operation consists of two concentrators with a milling design capacity of 132,000 metric tons of ore per day, which produce copper and molybdenum concentrate; a 72,500 metric ton-per-day, crushed-ore leach pad and stacking system; a low-grade run-of-mine (ROM) leaching system; four SX plants; and three EW tank houses that produce copper cathode. Total EW tank house capacity is approximately 900 million pounds of copper per year. Morenci’s available mining fleet consists of one hundred and forty-one 235-metric-ton haul trucks and three 372-metric-ton haul trucks loaded by 13 electric shovels with bucket sizes ranging from 47 to 59 cubic meters. Morenci’s mining fleet is capable of moving an average of 803,000 metric tons of material per day. At December 31, 2025, our share of Morenci’s net property, plant, equipment (PP&E) and mine development costs totaled $2.3 billion.
Morenci’s production, including our joint venture partners’ share, totaled 0.7 billion pounds of copper and 7 million pounds of molybdenum in 2025, 0.7 billion pounds of copper and 3 million pounds of molybdenum in 2024, and 0.8 billion pounds of copper and 3 million pounds of molybdenum in 2023.
Morenci is located in a desert environment with rainfall averaging 13 inches per year. The highest bench elevation is 1,900 meters above sea level and the ultimate pit bottom is expected to have an elevation of 760 meters above sea level. The Morenci operation encompasses approximately 61,700 acres, comprising 51,300 acres of fee lands and 10,400 acres of unpatented mining claims held on public mineral estate and numerous state or federal permits, easements and rights-of-way.
The Morenci operation’s electrical power is supplied by our wholly owned subsidiary, The Morenci Water & Electric Company (MW&E). MW&E sources its generation services through our wholly owned subsidiary, Freeport-McMoRan Copper and Gold Energy Services LLC, through capacity rights at the Luna Energy Facility in Deming, New Mexico, and other power purchase agreements. Although we believe the Morenci operation has sufficient water sources to support current operations, we are a party to litigation that may impact our water right claims or rights to continued use of currently available water supplies, which could adversely affect our water supply for the Morenci operation. Refer to “Governmental Regulations” above, Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” for further discussion.
Bagdad
Our wholly owned Bagdad mine is an open-pit copper and molybdenum mining complex that has been in continuous operation since 1945 and prior mining was conducted through underground workings. Bagdad is located in Yavapai County in west-central Arizona, approximately 60 miles west of Prescott and 100 miles northwest of Phoenix. The property can be reached by U.S. Highway 93 to State Route 97 or Arizona Highway 96, which ends at the town of Bagdad. The closest railroad is at Hillside, Arizona, 24 miles southeast on Arizona Highway 96.
The Bagdad mine is a porphyry copper deposit containing both sulfide and oxide mineralization. Chalcopyrite and molybdenite are the dominant primary sulfides and are the primary economic minerals in the mine. Chalcocite is the most common secondary copper sulfide mineral, and the predominant oxide copper minerals are chrysocolla, malachite and azurite.
The Bagdad operation consists of a concentrator with a milling design capacity of 77,100 metric tons of ore per day that produces copper and molybdenum concentrate, a SX/EW plant that can produce approximately 9 million pounds per year of copper cathode from solution generated by low-grade stockpile leaching, and a pressure-leach plant to process molybdenum concentrate. The available mining fleet consists of 33 autonomous 235-metric-ton haul trucks loaded by 6 electric shovels and 2 loaders with bucket sizes ranging from 30 to 48 cubic meters, which are capable of moving an average of 236,000 metric tons of material per day. Bagdad’s fleet also includes 7 manned haul trucks that are primarily operated for mine development and maintenance activities. At December 31, 2025, Bagdad’s net PP&E and mine development costs totaled $1.4 billion.
Bagdad’s production totaled 149 million pounds of copper and 11 million pounds of molybdenum in 2025, 146 million pounds of copper and 13 million pounds of molybdenum in 2024, and 146 million pounds of copper and 10 million pounds of molybdenum in 2023.
We have defined an opportunity to more than double the concentrator capacity of the Bagdad operation. Bagdad’s reserve life currently exceeds 80 years and supports an expanded operation. We completed technical and economic studies in late 2023 and are updating these studies in advance of a potential investment decision during 2026. These studies indicate the opportunity to construct new concentrating facilities to increase copper production by 200 to 250 million pounds per year. Estimated incremental project capital costs, which continue to be reviewed, approximate $3.5 billion. Expanded operations would provide improved efficiency and reduce unit net cash costs through economies of scale. Preliminary economics indicate that the expansion would require an incentive copper price of approximately $4.00 per pound and three to four years to complete. The decision to proceed with and timing of the potential expansion will take into account overall copper market conditions and other factors.
Conversion of Bagdad’s haul truck fleet to autonomous haulage was completed in 2025, making Bagdad the first major mine in the U.S. to operate a fully autonomous haulage fleet. We continue to optimize the performance of the new autonomous fleet at Bagdad and are advancing projects to expand tailings storage facilities and local infrastructure to enhance optionality in the future expansion opportunity. Refer to Item 1A. “Risk Factors” for further discussion.
Bagdad is located in a desert environment with rainfall averaging 15 inches per year. The highest bench elevation is 1,250 meters above sea level and the ultimate pit bottom is expected to be 120 meters above sea level. The Bagdad operation encompasses approximately 61,600 acres, comprising 48,300 acres of fee lands and 13,300
acres of unpatented mining claims held on public mineral estate and numerous state or federal permits, easements and rights-of-ways.
Bagdad receives electrical power from Arizona Public Service Company. We believe the Bagdad operation has sufficient water sources to support current operations, including the potential expansion noted above.
Safford, including Lone Star
Our wholly owned Safford mine is an open-pit copper mining complex that has been in operation since 2007. Safford is located in Graham County, Arizona, 8 miles north of the town of Safford and 170 miles east of Phoenix. The site is accessible by a paved county road off U.S. Highway 70.
The Safford mine includes three copper deposits that have oxide mineralization overlaying primary copper sulfide mineralization. The predominant oxide copper minerals are chrysocolla and copper-bearing iron oxides with the predominant copper sulfide material being chalcopyrite. In recent years, Lone Star has been the only Safford deposit actively being mined. In early 2026, limited mining production resumed in the San Juan deposit.
We continue to advance pre-feasibility studies in the Safford/Lone Star district to define a potential significant expansion opportunity. Positive drilling conducted in recent years indicates a large, mineralized district with opportunities to pursue a significant expansion project. We expect to complete these studies during 2026. The decision to proceed with and timing of the potential expansion will take into account results of technical and economic studies, overall copper market conditions and other factors.
Safford is a leach operation that consists of a SX/EW facility with a capacity of approximately 320 million pounds of copper cathode per year from a 104,300 metric-ton-per-day crushing facility and a ROM leaching operation. The crushed ore is delivered to a leach pad by a series of overland and portable conveyors. A sulfur burner plant is also in operation at Safford, providing a cost-effective source of sulfuric acid used in SX/EW operations. The available mining fleet consists of fifty-nine 235-metric-ton haul trucks loaded by 9 electric shovels (of which 2 are on standby) with bucket sizes ranging from 36 to 57 cubic meters, which are capable of moving an average of approximately 435,000 metric tons of material per day. At December 31, 2025, Safford’s net PP&E and mine development costs totaled $1.9 billion.
Safford’s copper production totaled 287 million pounds in 2025, 249 million pounds in 2024 and 245 million pounds in 2023.
Safford is located in a desert environment with rainfall averaging 10 inches per year. The highest bench elevation is 1,783 meters above sea level and the ultimate pit bottom is expected to have an elevation of 716 meters above sea level. The Safford operation encompasses approximately 78,600 acres, comprising 38,000 acres of fee lands and 40,600 acres of unpatented claims held on public mineral estate.
The Safford operation’s electrical power is primarily sourced from Tucson Electric Power Company, Arizona Public Service Company and the Luna Energy facility. Although we believe the Safford operation has sufficient water sources to support current operations, we are a party to litigation that may impact our water right claims or rights to continued use of currently available water supplies, which could adversely affect our water supply for the Safford operation. Refer to “Governmental Regulations” above, Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” for further discussion.
Sierrita
Our wholly owned Sierrita mine is an open-pit copper and molybdenum mining complex that has been in operation since 1959. Sierrita is located in Pima County, Arizona, approximately 20 miles southwest of Tucson and 7 miles west of the town of Green Valley and Interstate Highway 19. The site is accessible by a paved highway and by rail.
The Sierrita mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization. The predominant oxide copper minerals are malachite, azurite and chrysocolla. Chalcocite is the most important secondary copper sulfide mineral, and chalcopyrite and molybdenite are the dominant primary sulfide minerals.
The Sierrita operation includes a concentrator with a milling design capacity of 100,000 metric tons of ore per day that produces copper and molybdenum concentrate. Sierrita also produces copper from a ROM oxide-leaching system. Cathode copper is plated at the Twin Buttes EW facility, which has a design capacity of approximately 50 million pounds of copper per year. The Sierrita operation also has molybdenum facilities consisting of a leaching circuit, two molybdenum roasters and a packaging facility. The molybdenum facilities process molybdenum concentrate produced by Sierrita, from our other mines and from third-party sources. The available mining fleet consists of twenty-seven 235-metric-ton haul trucks loaded by 4 electric shovels with bucket sizes ranging from 34 to 56 cubic meters, which are capable of moving an average of 200,000 metric tons of material per day. At December 31, 2025, Sierrita’s net PP&E and mine development costs totaled $1.0 billion.
Sierrita’s production totaled 184 million pounds of copper and 17 million pounds of molybdenum in 2025, 165 million pounds of copper and 15 million pounds of molybdenum in 2024, and 185 million pounds of copper and 18 million pounds of molybdenum in 2023.
Sierrita is located in a desert environment with rainfall averaging 14 inches per year. The highest bench elevation is 1,387 meters above sea level and the ultimate pit bottom is expected to be 427 meters above sea level. The Sierrita operation, including the adjacent Twin Buttes site, encompasses approximately 50,500 acres, comprising 38,700 acres of fee lands including split estate lands and 11,800 acres of unpatented mining claims held on public mineral estate.
Sierrita receives electrical power through long-term contracts with the Tucson Electric Power Company. Although we believe the Sierrita operation has sufficient water sources to support current operations, we are a party to litigation that may impact our water rights claims or rights to continued use of currently available water supplies, which could adversely affect our water supply for the Sierrita operation. Refer to “Governmental Regulations” above, Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” for further discussion.
Miami
Our wholly owned Miami mine is an open-pit copper mining complex located in Gila County, Arizona, 90 miles east of Phoenix and 6 miles west of the city of Globe on U.S. Highway 60. The site is accessible by a paved highway and by rail.
The Miami mine is a porphyry copper deposit that has leachable oxide and secondary sulfide mineralization. The predominant oxide copper minerals are chrysocolla, copper-bearing clays, malachite and azurite. Chalcocite and covellite are the most important secondary copper sulfide minerals.
Since about 1915, the Miami mining operation had processed copper ore using both flotation and leaching technologies. The design capacity of the SX/EW plant is 200 million pounds of copper per year. Miami is no longer mining ore, but currently produces copper through leaching material already placed on stockpiles. At December 31, 2025, Miami’s net PP&E and mine development costs totaled $13 million.
Miami’s copper production totaled 9 million pounds in both 2025 and 2024, and 12 million pounds in 2023.
Miami is located in a desert environment with rainfall averaging 18 inches per year. The highest bench elevation is 1,390 meters above sea level and mining advanced the pit bottom to an elevation of 810 meters above sea level. Subsequent sloughing of material into the pit has filled it back to an elevation estimated to be 900 meters above sea level. The Miami operation encompasses approximately 20,400 acres, comprising 14,700 acres of fee lands and 5,700 acres of unpatented mining claims held on public mineral estate.
Miami receives electrical power through long-term contracts with the Salt River Project and natural gas through long-term contracts with El Paso Natural Gas as the transporter. We believe the Miami operation has sufficient water sources to support current operations. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors” for further discussion.
Chino and Tyrone
Chino*.* Our wholly owned Chino mine is an open-pit copper mining complex that has been in operation since 1910. Chino is located in Grant County, New Mexico, approximately 15 miles east of Silver City, along State Highway 180. The mine is accessible by paved roads and by rail.
The Chino mine is a porphyry copper deposit with adjacent copper skarn deposits. There is leachable oxide, secondary sulfide and millable primary sulfide mineralization. The predominant oxide copper mineral is chrysocolla. Chalcocite is the most important secondary copper sulfide mineral, and chalcopyrite and molybdenite are the dominant primary sulfides.
The Chino operation consists of a concentrator with a milling design capacity of 36,000 metric tons of ore per day that produces copper concentrate, and a 150 million pound-per-year SX/EW plant that produces copper cathode from solution generated by ROM leaching. The available mining fleet consists of twenty-two 240-metric-ton haul trucks loaded by 3 electric shovels with bucket sizes ranging from 31 to 48 cubic meters, which are capable of moving an average of 180,000 metric tons of material per day. At December 31, 2025, Chino’s net PP&E and mine development costs totaled $0.7 billion.
Chino’s copper production totaled 150 million pounds in 2025, 133 million pounds in 2024 and 141 million pounds in 2023.
Chino is located in a desert environment with rainfall averaging 16 inches per year. The highest bench elevation is 2,250 meters above sea level and the ultimate pit bottom is expected to be 1,508 meters above sea level. The Chino operation encompasses approximately 132,700 acres, comprising 116,300 acres of fee lands and 16,400 acres of unpatented mining claims held on public mineral estate.
Chino receives electrical power from the Luna Energy facility and from the open market. We believe the Chino operation has sufficient water sources to support current operations. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors” for further discussion.
Tyrone*.* Our wholly owned Tyrone mine is an open-pit copper mining complex and has been in operation since 1967. Tyrone is located in Grant County, New Mexico, 10 miles south of Silver City, along State Highway 90. The site is accessible by paved roads and by rail.
The Tyrone mine is a porphyry copper deposit. Mineralization is predominantly secondary sulfide consisting of chalcocite, with leachable oxide mineralization consisting of chrysocolla.
Copper processing facilities consist of a SX/EW operation with a maximum capacity of approximately 100 million pounds of copper cathode per year. The available mining fleet consists of five 240-metric-ton haul trucks loaded by 1 electric shovel with a bucket size of 47 cubic meters, which is capable of moving an average of 108,000 metric tons of material per day. At December 31, 2025, Tyrone’s net PP&E and mine development costs totaled $89 million.
Tyrone’s copper production totaled 32 million pounds in 2025, 43 million pounds in 2024 and 51 million pounds in 2023.
Tyrone is located in a desert environment with rainfall averaging 16 inches per year. The highest bench elevation is 2,070 meters above sea level and the ultimate pit bottom is expected to have an elevation of 1,475 meters above sea level. The Tyrone operation encompasses approximately 78,500 acres, comprising 65,500 acres of fee lands and 13,000 acres of unpatented mining claims held on public mineral estate.
Tyrone receives electrical power from the Luna Energy facility and from the open market. We believe the Tyrone operation has sufficient water sources to support current operations. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors” for further discussion.
Climax and Henderson
Climax*.* Our wholly owned Climax mine is an open-pit molybdenum mine that is located 13 miles northeast of Leadville, Colorado, off Colorado State Highway 91 at the top of Fremont Pass. The mine is accessible by paved roads. Climax was placed on care and maintenance status by its previous owner in 1995 and, after being acquired by FMC, began commercial production in 2012.
The Climax ore body is a porphyry molybdenum deposit, with molybdenite as the primary sulfide mineral.
The Climax mine includes a 25,000 metric tons of ore per day mill facility and has the capacity to produce approximately 30 million pounds of molybdenum per year. The majority of the molybdenum concentrate produced is shipped to our Fort Madison, Iowa, processing facility. The available mining fleet consists of fourteen 177-metric-ton haul trucks loaded by two hydraulic shovels with bucket sizes of 34 cubic meters, which are capable of moving an average of 90,000 metric tons of material per day. At December 31, 2025, Climax’s net PP&E and mine development costs totaled $1.4 billion.
Climax’s molybdenum production totaled 24 million pounds in 2025, 18 million pounds in 2024 and 17 million pounds in 2023.
The Climax mine is located in a mountainous region. The highest bench elevation is approximately 4,050 meters above sea level and the ultimate pit bottom is expected to have an elevation of approximately 3,100 meters above sea level. This region experiences significant snowfall during the winter months. The Climax operation encompasses approximately 15,100 acres of fee lands.
Climax operations receive electrical power through long-term contracts with Xcel Energy and natural gas supply with Spark Energy Gas (with Xcel Energy as the transporter). We believe the Climax operation has sufficient water sources to support current operations. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors” for further discussion.
Henderson*.* Our wholly owned Henderson molybdenum mining complex has been in operation since 1976. Henderson is located 42 miles west of Denver, Colorado, off U.S. Highway 40. Nearby communities include the towns of Empire, Georgetown and Idaho Springs. The Henderson mill site is located 15 miles west of the mine and is accessible from Colorado State Highway 9. The Henderson mine and mill are connected by a 10-mile conveyor tunnel under the Continental Divide and an additional 5-mile surface conveyor. The tunnel portal is located 5 miles east of the mill.
The Henderson mine is a porphyry molybdenum deposit, with molybdenite as the primary sulfide mineral.
The Henderson operation consists of a block-cave underground mining complex feeding a concentrator with a design capacity of approximately 32,000 metric tons of ore per day. Henderson has the capacity to produce approximately 15 million pounds of molybdenum per year. The majority of the molybdenum concentrate produced is shipped to our Fort Madison, Iowa, processing facility. The available underground mining equipment fleet consists of fifteen 9-metric-ton load-haul-dump (LHD) units and five 63-metric-ton haul trucks, which deliver ore to a gyratory crusher feeding a series of three conveyors to the mill stockpiles. At December 31, 2025, Henderson’s net PP&E and mine development costs totaled $312 million.
Henderson’s molybdenum production totaled 13 million pounds in 2025, 12 million pounds in 2024 and 13 million pounds in 2023.
The Henderson mine is located in a mountainous region with the main access shaft at 3,180 meters above sea level. The main production levels are currently at elevations of 2,200 and 2,350 meters above sea level. This region experiences significant snowfall during the winter months. The Henderson mine and mill operations encompass approximately 17,200 acres, comprising 13,000 acres of fee lands, 4,200 acres of unpatented mining claims held on public mineral estate and a 50-acre easement with the U.S. Forest Service for the surface portion of the conveyor corridor.
Henderson operations receive electrical power through long-term contracts with Xcel Energy and natural gas supply with Spark Energy Gas (with Xcel Energy as the transporter). We believe the Henderson operation has sufficient water sources to support current operations. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors” for further discussion.
South America
At our operations in South America, mine properties and facilities are controlled through mining claims or concessions under the general mining laws of the relevant country. The claims or concessions are owned or controlled by the operating companies in which we or our subsidiaries have a controlling ownership interest. Roads,
power lines and aqueducts are controlled by easements.
Cerro Verde
We have a 55.08% ownership interest in Cerro Verde, with the remaining 44.92% ownership interest held by SMM Cerro Verde Netherlands B.V. (21.0%), Compañia de Minas Buenaventura S.A.A. (19.58%) and other stockholders whose Cerro Verde shares are publicly traded on the Lima Stock Exchange (4.34%).
Cerro Verde is an open-pit copper and molybdenum mining complex that has been in operation since the 1970s. Cerro Verde is located 20 miles southwest of Arequipa, Peru. Prior to being acquired in 1994 by a predecessor of Phelps Dodge, the mine was previously operated by the Peru government. The property is located at latitude 16.53 degrees south and longitude 71.58 degrees west using the WGS 84 coordinate system. The site is accessible by paved highways. Cerro Verde’s copper cathode and concentrate production that is not sold locally is transported approximately 70 miles by truck and by rail to the Port of Matarani for shipment to international markets. Molybdenum concentrate is transported by truck to either the Ports of Callao or Matarani for shipment.
The Cerro Verde mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization. The predominant oxide copper minerals are brochantite, chrysocolla, malachite and copper “pitch.” Chalcocite and covellite are the most important secondary copper sulfide minerals. Chalcopyrite, minor bornite and molybdenite are the dominant primary sulfides.
Cerro Verde’s operation includes two concentrating facilities with an annual average permitted milling capacity of 409,500 metric tons of ore per day (and the ability to annually treat up to 10% more for a total of 450,450 metric tons of ore per day). Cerro Verde also operates a 100,000-metric-ton-per-day ROM leach system coupled with SX/EW leaching facilities, which have a production capacity of approximately 200 million pounds of copper per year.
The available fleet consists of fifty-four 300-metric-ton haul trucks, ninety-one 250-metric-ton haul trucks (19 of which are currently on standby) and twenty 380-metric-ton haul trucks (13 of which are currently leased) loaded by 14 electric shovels with bucket sizes ranging from 33 to 57 cubic meters. This fleet is capable of moving an average of approximately 1,000,000 metric tons of material per day. At December 31, 2025, Cerro Verde’s net PP&E and mine development costs totaled $5.8 billion.
Cerro Verde’s production totaled 0.9 billion pounds of copper and 21 million pounds of molybdenum in 2025, 0.9 billion pounds of copper and 20 million pounds of molybdenum in 2024, and 1.0 billion pounds of copper and 22 million pounds of molybdenum in 2023.
Cerro Verde is located in a desert environment with rainfall averaging less than two inches per year and is in an active seismic zone. The highest bench elevation is 2,723 meters above sea level and the ultimate pit bottom is expected to be 1,538 meters above sea level. The Peru general mining law and Cerro Verde’s mining stability agreement grant the surface rights of mining concessions located on government land. Government land obtained after 1997 must be leased or purchased. Cerro Verde has a mining concession covering approximately 178,700 acres, including 61,500 acres of surface rights and access to 14,600 acres granted through an easement from the Peru National Assets Office, plus 151 acres of owned property, and 1,065 acres of rights-of-way outside the mining concession area leased from both government agencies and private parties.
Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with ElectroPerú S.A. and Engie Energía Peru S.A. During 2023, Cerro Verde entered into a new power purchase agreement that is expected to transition its electric power to fully renewable energy sources in 2026.
Water for our Cerro Verde processing operations comes from renewable sources through a series of storage reservoirs on the Río Chili watershed that collect water primarily from seasonal precipitation and from wastewater collected from the city of Arequipa and treated at a wastewater treatment plant originally constructed and currently operated by Cerro Verde. In December 2025, Cerro Verde entered into an agreement with SEDAPAR, the municipal water and sanitation services provider in the Arequipa region, to expand the existing wastewater treatment plant and complete additional infrastructure projects, for the benefit of Arequipa’s population (refer to Note 11 for further discussion). We believe the Cerro Verde operation has sufficient water sources to support current operations, but we are closely monitoring ongoing weather patterns. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors” for further discussion.
El Abra
We have a 51% ownership interest in El Abra, and the remaining 49% interest is held by the state-owned copper enterprise Corporación Nacional del Cobre de Chile.
El Abra is an open-pit copper mining complex that has been in operation since 1996. El Abra is located 47 miles north of Calama in Chile’s El Loa province of the northern Chilean region of Antofagasta. The site is accessible by paved highways and by rail.
The El Abra mine is a porphyry copper deposit that has sulfide and oxide mineralization. The predominant primary sulfide copper minerals are bornite and chalcopyrite. There is a minor amount of secondary sulfide mineralization as chalcocite. The oxide copper minerals are chrysocolla and pseudomalachite. There are lesser amounts of copper-bearing clays and tenorite.
The El Abra operation consists of a SX/EW facility with a capacity of 500 million pounds of copper cathode per year from a 115,000-metric-ton-per-day crushed leach circuit and a ROM leaching operation. The available fleet consists of twenty-three 242-metric-ton haul trucks loaded by 4 electric shovels with buckets ranging in size from 29 to 41 cubic meters, which are capable of moving 217,000 metric tons of material per day. At December 31, 2025, El Abra’s net PP&E and mine development costs totaled $0.9 billion.
El Abra’s copper production totaled 201 million pounds in 2025, 219 million pounds in 2024 and 217 million pounds in 2023.
We have completed substantial drilling and evaluations and have identified a large sulfide reserve in support of a potential major mill project similar to the large-scale concentrator at Cerro Verde. The project could result in the addition of over 700 million pounds of copper production per year.
We have advanced preparation of our permitting application and plan to submit an environmental impact statement to Chile regulatory authorities in the first half of 2026. Preliminary estimates, which remain under review, indicate that the project economics would be supported using an incentive copper price of less than $4.00 per pound. The decision to proceed with and timing of the potential project will take into account overall copper market conditions, required permitting and other factors.
El Abra is located in a desert environment with rainfall averaging less than one inch per year and is in an active seismic zone. The highest bench elevation is 4,225 meters above sea level and the ultimate pit bottom is expected to be 3,325 meters above sea level. El Abra controls a total of approximately 183,700 acres of mining claims covering the ore deposit, stockpiles, process plant, and water wellfield and pipeline. El Abra also has land surface rights for the road between the processing plant and the mine, the water wellfield, power transmission lines and for the water pipeline from the Salar de Ascotán aquifer.
El Abra receives electrical power generated from renewable sources under a long-term contract with Engie Energía Chile S.A. Water for our El Abra processing operations currently comes from the continued pumping of groundwater from the Salar de Ascotán aquifer pursuant to regulatory approval. We believe El Abra has sufficient water sources to support current operations, although we are evaluating options for water infrastructure alternatives to provide
options to extend existing operations and support a future expansion. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors” for further discussion.
Indonesia
Ownership. PTFI is a limited liability company organized under the laws of the Republic of Indonesia. On December 21, 2018, we completed the transaction with the Indonesia government regarding PTFI’s long-term mining rights and share ownership (the 2018 Transaction). Following the 2018 Transaction, we have a 48.76% share ownership in PTFI and the remaining 51.24% share ownership is collectively held by PT Mineral Industri Indonesia (MIND ID), an Indonesia state-owned enterprise, and PT Indonesia Papua Metal Dan Mineral (formerly known as PT Indocopper Investama), which is expected to be owned by MIND ID and the provincial/regional government in Central Papua, Indonesia.
IUPK. Concurrent with closing the 2018 Transaction, the Indonesia government granted PTFI an IUPK to replace its former contract of work. Under the terms of the IUPK, PTFI has been granted an extension of mining rights through 2031, with rights to extend mining rights through 2041, subject to PTFI completing the construction of additional domestic smelting and refining capacity in Indonesia and fulfilling its defined fiscal obligations to the Indonesia government. The IUPK, and related documentation, contains legal and fiscal terms and is legally enforceable through 2041. In addition, we, as a foreign investor, have rights to resolve investment disputes with the Indonesia government through international arbitration.
Pursuant to regulations issued during 2024, PTFI is eligible to apply for an extension of its mining rights beyond 2041, provided certain conditions are met. The application for extension may be submitted at any time up to one year prior to the expiration of the current IUPK.
With the completion of PTFI’s downstream processing facilities during 2025, we and PTFI have advanced discussions with the Indonesia government for a long-term extension of PTFI’s operating rights beyond the current expiration in 2041. An extension would enable continuity of large-scale operations for the benefit of all stakeholders and provide growth options through additional resource development opportunities in the highly attractive Grasberg minerals district.
PTFI is preparing its application for a long-term extension expected to cover the life of the resource, which is expected to be submitted during 2026. In connection with the extension, PTFI would pursue additional exploration, conduct studies for future additional development and expand its social programs. We expect to maintain our ownership interest in PTFI of approximately 49% through 2041 and hold approximately 37% beginning in 2042, following the transfer of an additional interest to an Indonesia state-owned enterprise. We expect the existing governance agreements would continue over the life of the resource.
Refer to Item 1A. “Risk Factors” and Notes 10 and 11 for discussion of PTFI’s IUPK, export licenses and risks associated with our Indonesia operations.
Grasberg Minerals District Mud Rush Incident*.* On September 8, 2025, PTFI experienced an external mud rush incident that resulted in seven fatalities. Mining operations were temporarily suspended to prioritize the recovery of the seven team members fatally injured and to conduct investigations. Following the incident, PTFI has been engaged in activities to address the incident and advance preparation for a safe and sustainable restart of operations.
In late October 2025, PTFI restarted operations at the unaffected DMLZ and Big Gossan underground mines. Investigations and remedial plans were completed in fourth-quarter 2025 and a phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026.
The plan includes a restart of Production Blocks 2 and 3 in second-quarter 2026 and the potential restart of operations in Production Block 1 during 2027. Based on current estimates, PTFI expects approximately 85% of its total production at normal operating rates to be restored in the second half of 2026. Key milestones required for initiating production in Production Blocks 2 and 3, including mud removal in mine workings, repairs of supporting infrastructure and installation of protective barriers, are progressing on schedule.
Refer to Note 10 for further discussion.
Downstream Processing Facilities*.* PTFI’s smelter and PT Smelting smelt and refine all of the copper concentrate from PTFI, and the PMR processes anode slimes from the smelter and PT Smelting. With the completion of its downstream processing facilities during 2025, PTFI became a fully integrated producer of refined copper and gold. Refer to “Other Smelting Facilities and Mining Properties” below for further discussion of PT Smelting.
During 2024, construction of PTFI’s smelter in Eastern Java, Indonesia, was completed. In October 2024, during start-up activities, a fire occurred that required a temporary suspension of smelting operations to complete repairs. Operations commenced in May 2025 following completion of repairs, and in July 2025, PTFI’s smelter produced its first copper cathode.
Following the September 2025 mud rush incident, smelting operations in Indonesia at both PTFI’s smelter and
PT Smelting were temporarily suspended during fourth-quarter 2025 as a result of limited copper concentrate
availability. PT Smelting restarted operations in late December 2025 and is expected to operate at reduced rates
pending the anticipated second-quarter 2026 restart of mining at the Grasberg Block Cave underground mine. Shipments to PTFI’s smelter are expected to recommence in the second half of 2026, pending the successful ramp up of mining operations.
PTFI’s smelter has a capacity to process approximately 1.7 million metric tons of copper concentrate per year. In 2025, copper anode production from PTFI’s smelter totaled 54,100 metric tons and copper cathode production from its refinery totaled 42,600 metric tons.
As part of start-up activities, PTFI commenced gold production from the PMR in December 2024 and operated on a limited basis during 2025, primarily processing anode slimes from PT Smelting. The PMR has a design capacity to refine anode slimes from PTFI’s smelter as well as from PT Smelting. Anode slimes processed through the PMR totaled 1,900 metric tons in 2025.
Refer to Item 1A. “Risk Factors,” MD&A and Notes 10 and 11 for additional discussion of PTFI’s downstream processing facilities.
Grasberg Minerals District*.* PTFI operates in the remote highlands of the Sudirman Mountain Range in the province of Central Papua, Indonesia, which is on the western half of the island of New Guinea. Since 1967, we and our predecessors have been the only operator of exploration and mining activities in the approximately 24,600-acre operating area. The operating area is accessible by coastal portsite facilities on the Arafura Sea and by the Timika airport. The project site is located at latitude 4.08 degrees south and longitude 137.12 degrees east using the WGS 84 coordinate system. The project area includes a 70-mile main service road from portsite to the mill complex. At December 31, 2025, PTFI’s net PP&E and mine development costs, including the downstream processing facilities, totaled $22.2 billion.
Over a multi-year investment period, PTFI has successfully commissioned three large-scale underground mines in the Grasberg minerals district (Grasberg Block Cave, DMLZ and Big Gossan) and related expansion of the milling facilities. At normal operating rates, PTFI’s underground operations produce approximately 1.7 billion pounds of copper and 1.3 million ounces of gold per year and are among the lowest cost operations in the world. Production from these underground mines is expected to continue through 2041 and an extension of PTFI’s operating rights beyond 2041 would extend the lives of these mines.
PTFI is also conducting exploration in the Grasberg minerals district targeting the potential extension of significant mineralization below the DMLZ underground mine.
Milling rates for ore from these underground mines averaged 138,100 metric tons of ore per day in 2025, 208,400 metric tons of ore per day in 2024 and 198,300 metric tons of ore per day in 2023.
Production from the Grasberg minerals district totaled 1.0 billion pounds of copper and 0.9 million ounces of gold in 2025, 1.8 billion pounds of copper and 1.9 million ounces of gold in 2024, and 1.7 billion pounds of copper and 2.0 million ounces of gold in 2023.
Lower milling rates and production volumes in 2025, compared to 2024 and 2023, reflect the impact of the September 2025 mud rush incident.
Refer to Item 1A. “Risk Factors” for discussion of risks associated with development projects and underground mines.
PTFI plans to transition its existing energy source from coal to natural gas, which would meaningfully reduce PTFI’s greenhouse gas emissions at the Grasberg minerals district. Following the September 2025 mud rush incident, PTFI’s planned investments for a new gas-fired combined cycle facility have been deferred with start-up and commissioning of the new facility scheduled in the second half of 2029. Once complete, PTFI’s dual-fuel power plant and the new gas-fired combined cycle facility will be fueled by natural gas supplied by a floating LNG storage and regassification unit.
A combination of naturally occurring mountain streams and water derived from PTFI’s underground operations provides water for its operations. Our Indonesia operations are in an active seismic zone and experience average annual rainfall of approximately 200 inches.
Grasberg Block Cave Underground Mine
The Grasberg Block Cave ore body is the same ore body historically mined from the surface in the Grasberg open pit. At December 31, 2025, the Grasberg Block Cave underground mine had 470 open drawbells. Undercutting, drawbell construction and ore extraction activities in the Grasberg Block Cave underground mine have been temporarily suspended following the September 2025 mud rush incident. A phased restart and ramp-up of the Grasberg Block Cave underground mine is anticipated to begin in second-quarter 2026.
Ore milled from the Grasberg Block Cave underground mine averaged 78,400 metric tons per day in 2025, 133,800 metric tons per day in 2024 and 117,300 metric tons per day in 2023.
The Grasberg Block Cave fleet consists of approximately 520 pieces of mobile equipment. The primary mining equipment directly associated with production and development includes an available fleet of 66 LHD units and 16 haul trucks. Each production LHD unit typically carries approximately 9 metric tons of ore and transfers ore into the rail haulage system. The Grasberg Block Cave has an automated rail haulage system with 14 locomotives and 160 ore wagons that haul the ore to 3 gyratory crushers located underground. Each ore wagon typically carries 35 metric tons. The crushed ore is conveyed to surface stockpiles for processing.
DMLZ Underground Mine
The DMLZ ore body lies below the depleted Deep Ore Zone underground mine at the 2,590-meter elevation and represents the downward continuation of mineralization in the Ertsberg East Skarn system and neighboring Ertsberg porphyry.
Hydraulic fracturing operations have been effective in managing rock stresses and pre-conditioning the cave following mining-induced seismic activity experienced from time to time. At December 31, 2025, the DMLZ underground mine had 174 open drawbells.
Ore milled from the DMLZ underground mine averaged 54,300 metric tons per day in 2025, 64,900 metric tons per day in 2024 and 75,900 metric tons per day in 2023.
The DMLZ fleet consists of approximately 327 pieces of mobile equipment, which includes 64 LHD units and 33 haul trucks used in production and development activities. Each production LHD unit typically carries approximately 9 metric tons of ore and transfers ore into the truck haulage system. The haul trucks have a capacity of 55 to 60 metric tons and load ore from chutes fed by the LHDs and transfer it to one of two gyratory crushers. The crushed ore is conveyed to surface stockpiles for processing.
Big Gossan Underground Mine
The Big Gossan ore body lies underground and adjacent to the current mill site. It is a tabular, near vertical ore body with approximate dimensions of 1,200 meters along strike and 800 meters down dip with varying thicknesses from 20 meters to 120 meters. The mine utilizes a blasthole stoping method with delayed paste backfill. Stopes of varying sizes are mined and the ore dropped down passes to a truck haulage level. Trucks are chute loaded and transport the ore to a jaw crusher. The crushed ore is then hoisted vertically via a two-skip production shaft to a level where it is loaded onto a conveyor belt. The belt carries the ore to one of the main underground conveyors where the ore is transferred and conveyed to the surface stockpiles for processing.
Ore milled from the Big Gossan underground mine averaged 6,000 metric tons per day in 2025, 8,000 metric tons per day in 2024 and 7,900 metric tons per day in 2023.
The Big Gossan fleet consists of approximately 73 pieces of mobile equipment, which includes 11 LHD units and 8 haul trucks used in development and production activities.
Kucing Liar Underground Mine
Since 2022, PTFI has conducted long-term mine development activities at its Kucing Liar deposit in the Grasberg minerals district. During 2025, PTFI completed studies to evaluate the potential to expand the footprint of the deposit which was previously designed to operate at a long-term rate of 90,000 metric tons of ore per day. The studies identified a low-cost expansion opportunity to increase Kucing Liar’s design capacity to 130,000 metric tons of ore per day and increase Kucing Liar’s reserves by approximately 20%. At December 31, 2025, PTFI’s preliminary estimates of Kucing Liar reserves approximate 8 billion pounds of copper and 8 million ounces of gold to be recovered through 2041, an increase from previous estimates of 7 billion pounds of copper and 6 million ounces of gold. Under the new design, average Kucing Liar production at full rates would approximate 750 million pounds of copper and 735 thousand ounces of gold (an increase of more than 35% from prior estimates). The economic studies took into account an approximate 10% increase in Kucing Liar capital ($0.5 billion), impact to operating rates at the Grasberg Block Cave underground mine and reduction of capital expenditures associated with PTFI’s mine operations in connection with the processing of higher pyrite ore.
At December 31, 2025, PTFI had incurred approximately $1.1 billion for Kucing Liar, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year). Initial production is expected to commence ramping up in the 2030 timeframe.
Description of Indonesia Ore Bodies*.* Our Indonesia ore bodies are located within and around two main igneous intrusions, the Grasberg monzodiorite and the Ertsberg diorite. The host rocks of these ore bodies include both carbonate and clastic rocks that form the ridge crests and upper flanks of the Sudirman Range, and the igneous rocks of monzonitic to dioritic composition that intrude them. The igneous-hosted ore bodies (the Grasberg Block Cave and portions of the DMLZ) occur as vein stockworks and disseminations of copper sulfides, dominated by chalcopyrite and, to a lesser extent, bornite. The sedimentary-rock hosted ore bodies (portions of the DMLZ and Kucing Liar and all of the Big Gossan) occur as “magnetite-rich, calcium/magnesian skarn” replacements, whose location and orientation are strongly influenced by major faults and by the chemistry of the carbonate rocks along the margins of the intrusions.
The copper mineralization in these skarn deposits is dominated by chalcopyrite, but higher bornite concentrations are common. Moreover, gold occurs in significant concentrations in all of the district’s ore bodies, though rarely visible to the naked eye. These gold concentrations usually occur as inclusions within the copper sulfide minerals, though, in some deposits, these concentrations can also be strongly associated with pyrite.
The following diagram indicates the relative elevations (in meters) of our reported Indonesia ore bodies.
The following map, which encompasses an area of 42 square kilometers, indicates the relative positions and sizes of our reported Indonesia ore bodies and their locations.
Other Smelting Facilities and Mining Properties
PT Smelting*.* PT Smelting is PTFI’s 66%-owned (39.5%-owned prior to June 30, 2024) smelter and refinery in Gresik, Indonesia. PT Smelting has a capacity to process approximately 1.3 million metric tons of copper concentrate per year. As discussed in Note 2, PTFI accounts for its investment in PT Smelting under the equity method.
PTFI has a tolling arrangement with PT Smelting. Under the arrangement, PTFI pays PT Smelting a tolling fee (which PTFI records as production costs in the consolidated statements of income) to smelt and refine its copper concentrate and PTFI retains title to all products for sale to unaffiliated third parties (i.e., there are no further sales to PT Smelting). Refer to MD&A and Note 2 for further discussion.
PT Smelting’s copper anode production from its smelter totaled 230,300 metric tons in 2025, 398,200 metric tons in 2024 and 251,300 metric tons in 2023. Copper cathode production from its refinery totaled 207,200 metric tons in 2025, 335,200 metric tons in 2024 and 212,000 metric tons in 2023. Lower production volumes in 2025, compared to 2024 and 2023, reflect the timing of the September 2025 mud rush incident at PTFI.
PT Smelting’s major scheduled maintenance turnarounds (which approximate 30 days to complete) are expected to occur every two years, with short-term maintenance turnarounds in the interim. In July 2023, PT Smelting completed a 72-day shutdown associated with its expansion project and in November 2023, a 7-day shutdown to complete final tie-in of the expansion project. In July 2025, PT Smelting completed a 30-day planned major maintenance turnaround. However, operational challenges with a third-party oxygen plant caused a delay in the restart of operations until September 2025.
Atlantic Copper. Our wholly owned Atlantic Copper smelter and refinery is located on land concessions from the Huelva, Spain, port authorities, which are scheduled to expire in 2038.
The smelter has a design capacity to produce approximately 300,000 metric tons of copper per year, and the refinery has a capacity to produce 286,000 metric tons of copper per year. Atlantic Copper’s copper anode production from its smelter totaled 249,300 metric tons in 2025, 247,600 metric tons in 2024 and 261,900 metric tons in 2023. Copper cathode production from its refinery totaled 249,600 metric tons in 2025, 254,400 metric tons in 2024 and 260,300 metric tons in 2023.
During 2025, Atlantic Copper purchased 77% of its copper concentrate from third parties, 21% from our South America operations and 2% from our U.S. copper mines.
Atlantic Copper’s major maintenance turnarounds typically occur approximately every eight years, with shorter-term maintenance turnarounds in the interim. In 2024, Atlantic Copper completed a 17-day maintenance turnaround.
Atlantic Copper is developing an e-material recycling project as a result of the significant and continued
growth in electronic waste material. Atlantic Copper’s existing smelting and refining facilities provide synergies to recycle this type of material. The project, which is expected to commence operations in 2026, would include an addition of a smelting furnace and associated equipment to recover copper, gold, silver, palladium, tin, nickel and platinum from electronic materials. Atlantic Copper estimates that the initial project capital will approximate $560 million.
Miami Smelter*.* We own and operate a smelter at our Miami mining operation in Arizona. The smelter has been operating for more than 100 years and has been upgraded numerous times during that period to implement new technologies, improve production and comply with air quality requirements.
The Miami smelter processes copper concentrate primarily from our U.S. copper mines. Concentrate processed through the smelter totaled 821,200 metric tons in 2025, 840,600 metric tons in 2024 and 810,900 metric tons in 2023, and copper anode production from the smelter totaled 209,300 metric tons in 2025, 214,000 metric tons in 2024 and 222,000 metric tons in 2023. In addition, because sulfuric acid is a by-product of smelting concentrate, the Miami smelter is also the most significant source of sulfuric acid for our U.S. leaching operations.
Major maintenance turnarounds are anticipated to occur approximately every three to four years for the Miami smelter. In 2025, the Miami smelter performed a major maintenance turnaround and incurred maintenance charges and idle facility costs totaling $73 million.
U.S. Rod & Refining Operations*.* Our U.S. Rod & Refining operations consist of conversion facilities that include a refinery in El Paso, Texas, and rod mills in El Paso, Texas and Miami, Arizona. We refine our copper anode production from our Miami smelter at our El Paso refinery. Our El Paso refinery also produces nickel carbonate, copper telluride and autoclaved slimes material containing gold, silver, platinum and palladium.
The El Paso refinery has the potential to operate at an annual production capacity of approximately 410,000 metric tons of copper cathode, which is sufficient to refine all of the copper anode we produce at our Miami smelter. Copper cathode production from the El Paso refinery totaled 204,900 metric tons in 2025, 221,300 metric tons in 2024 and 217,800 metric tons in 2023.
We manufacture continuous cast copper rod at our U.S. rod facilities primarily using copper produced at our U.S. copper mines and processing facilities. Rod production from these facilities approximated one billion pounds for each of the last three years.
Molybdenum Conversion Facilities. We process molybdenum concentrate at our conversion plants in the U.S. and Europe into such products as technical-grade molybdic oxide, ferromolybdenum, pure molybdic oxide, ammonium molybdates and molybdenum disulfide. We operate molybdenum roasters in Sierrita, Arizona; Fort Madison, Iowa; and Rotterdam, the Netherlands, and we operate a molybdenum pressure-leach plant in Bagdad, Arizona. We also produce ferromolybdenum for customers worldwide at our conversion plant located in Stowmarket, United Kingdom.
Other U.S. Copper Mines*.* We have five non-operating copper mines – Ajo, Bisbee, Tohono, Twin Buttes and Christmas, which are located in Arizona – that have been on care and maintenance status for several years and would require new or updated environmental studies, new permits, and additional capital investment, which could be significant, to return them to operating status.
MINING DEVELOPMENT PROJECTS AND EXPLORATION ACTIVITIES
In 2025, capital expenditures totaled $4.5 billion (including $2.3 billion for major mining projects – primarily for underground development activities in the Grasberg minerals district – and $0.6 billion for PTFI’s downstream processing facilities).
We have several projects and potential opportunities to expand production volumes, extend mine lives and develop large-scale underground ore bodies. As further discussed in MD&A, our near-term major development projects will focus on the underground development activities in the Grasberg minerals district as well discretionary growth projects for the development of Kucing Liar and at the Bagdad mine. Considering the long-term nature and large size of our development projects, actual costs and timing could vary from estimates. We continue to review our mine development and processing plans to maximize the value of our mineral reserves. Specifically, we are carefully managing operating costs and near-term capital expenditures in connection with revised operating plans at the Grasberg minerals district to manage cash flow and liquidity during the phased ramp-up period after the September 2025 mud rush incident.
Based on the current reserve life through 2041, full development of PTFI’s underground mineral reserves at the Grasberg minerals district is expected to require approximately $1 billion (most of which is expected to be incurred over the next 5 years) of capital expenditures primarily associated with its processing facilities to optimize the handling of underground ore from the Grasberg Block Cave, DMLZ and Kucing Liar deposits. This estimate incorporates a $3 billion reduction in previously expected capital expenditures associated with the processing of higher pyrite ore resulting from mine plan changes related to the expansion of the Kucing Liar to 130,000 metric tons of ore per day. Increases in power loads at these processing facilities and the underground mines are expected to require additional power generation and as such, PTFI is planning investments in a new gas-fired combined cycle facility. PTFI’s dual-fuel power plant and the new gas-fired combined cycle facility are expected to be fueled by natural gas, supplied by a floating LNG storage and regassification unit. Refer to “Operations – Indonesia” above for further discussion.
In 2025, exploration spending associated with our mining operations totaled $143 million. Our mining exploration activities are primarily associated with our existing mines, focusing on opportunities to expand mineral reserves and resources to support development of additional future production capacity. Exploration results continue to indicate opportunities for significant future potential reserve additions at our existing properties.
Additionally, in connection with a long-term extension of PTFI’s mining rights beyond 2041, PTFI would pursue additional exploration and conduct studies for future additional development.
Refer to Item 1A. “Risk Factors” for further discussion of risks associated with mine development projects and exploration activities, and PTFI’s IUPK.
SOURCES AND AVAILABILITY OF ENERGY, NATURAL RESOURCES AND RAW MATERIALS
Our copper mining operations require significant amounts of energy, principally diesel, electricity, coal and natural gas, most of which is obtained from third parties under long-term contracts. In 2025, energy represented 15% of our copper mine site operating costs, including purchases of approximately 275 million gallons of diesel fuel; approximately 8,600 gigawatt hours of electricity at our U.S. and South America copper mining operations (we generate all of our power at our Indonesia mining operation); approximately 550 thousand metric tons of coal for our coal power plant in Indonesia; and approximately 3 million MMBtu (million British thermal units) of natural gas at certain of our U.S. mines. Based on current cost estimates, energy is expected to approximate 17% of our copper mine site operating costs for the year 2026.
Our mining operations also require secure water supplies for mining, ore processing and related support facilities. The loss of water rights for any of our mines, in whole or in part, or shortages of water to which we have rights, could require us to curtail or shut down mining operations. For a further discussion of risks and legal proceedings associated with the availability of water, refer to “Governmental Regulations” above, Item 1A. “Risk Factors” and Item 3. “Legal Proceedings.”
Sulfuric acid is used in the SX/EW process and is produced as a by-product of the smelting process at our smelters and from our sulfur burners at the Safford mine. Sulfuric acid needs in excess of the sulfuric acid produced by our operations are purchased from third parties.
For further discussion of risks associated with various input costs, refer to Item 1A. “Risk Factors.”
HUMAN CAPITAL
We are committed to promoting the health, safety and well-being of our workforce and striving to further strengthen our commitment to promoting an inclusive workplace. We believe our global workforce is the foundation of our success. Our Board of Directors (Board) oversees our policies and implementation programs governing our approach to human capital management, with the Corporate Responsibility Committee (CRC) overseeing health and safety matters and the Compensation Committee overseeing other human capital matters.
Workforce
At December 31, 2025, we had approximately 29,000 employees (13,900 in the U.S., 7,300 in South America, 6,600 in Indonesia and 1,200 in Europe and other locations). We also had contractors employing personnel at many of our operations at various times throughout 2025, including approximately 27,700 in Indonesia (approximately 3,400 at PTFI’s downstream processing facilities and approximately 24,300 at the Grasberg minerals district), 18,300 in the U.S., 17,400 at our South America mining operations and 2,100 in Europe and other locations. Certain of these contractors work on projects temporary in nature and that fluctuate from year to year.
Approximately 28% of our global employee population is covered by collective labor agreements (CLAs). In the U.S., our employees are not covered by a CLA. Rather, our non-exempt, full-time employees at our active U.S. sites choose to work directly with management using our Guiding Principles, which outline how we work together to achieve our collective goals within the values of the company.
We prioritize open engagement with our employees and, where applicable, union leadership to negotiate and uphold labor agreements effectively. Prolonged strikes and other work stoppages can adversely affect our business, our employees and regional stakeholders. In December 2025, a group of employees who are members of one of the unions at our Cerro Verde operations participated in a three-day strike action that was declared unfounded by the Peruvian Labor Ministry. Our Cerro Verde operations continued without significant disruption during the strike. We cannot predict whether additional labor disruptions will occur in the future.
A summary of employees covered by CLAs on December 31, 2025, including the number of employees covered and the expiration date of the applicable CLA, follows:
| Location | Number of Unions | Number of Employees Covered by a CLA | Expiration Date | ||||||||||||||
| PTFI – Indonesia | 3 | 2,711 | March 2026 | ||||||||||||||
| Cerro Verde – Peru | 2 | 3,604 | August 2028 and August 2029 | ||||||||||||||
| El Abra – Chile | 2 | 1,093 | April 2029 | ||||||||||||||
| Atlantic Copper – Spain | 3 | 571 | December 2026 | ||||||||||||||
| Stowmarket – United Kingdom | 1 | 38 | May 2026 |
Health and Safety
Our highest priority is the health, safety and well-being of our workforce. We also work to promote safety values with our suppliers and in the communities where we operate. We believe health and safety considerations are integral to, and fundamental for, all other functions in our organization, and we understand the health and safety of our workforce is critical to our operational efficiency and long-term success. Our global health and safety strategy, “Safe Production Matters,” is focused on fatality prevention, eliminating systemic root causes of incidents and continuous improvement through robust management systems, which are supported by leaders empowering our teams to work safely. Our global safety strategy across all levels of the organization is captured in our Fatal Risk Management (FRM) program. The goal of our FRM program is to achieve zero workplace fatalities by strengthening preventive measures and raising awareness to fatal risks and the measures necessary to mitigate them.
We further seek to prevent fatalities and high-risk incidents by leveraging technology to support safe work practices in the field and data analytics to identify opportunities for improvement. Our framework for managing risks and compliance obligations is certified company-wide in accordance with the ISO 45001 Health and Safety Management System (ISO 45001). ISO 45001 requires third-party site-level verification of requirements, with an overall goal of preventing fatalities and reducing safety incidents.
As part of our commitment to providing a healthy and safe workplace, we strive to provide the training, tools and resources needed so our workforce can identify risks and consistently apply effective controls. We share information and key learnings about potential fatal events (PFEs), high-risk incidents and best practices throughout the company, and we engage with industry peers and professional organizations to share best practices and continuously improve our health and safety program. Our corporate team communicates safety performance to executive management regularly, including reviews of high-risk, potential fatal and fatal incidents. The CRC provides oversight of our health and safety programs and receives reports on incident investigations, safety statistics and trends from management at every meeting. In the event of a fatal incident, executive management and the Chair of the CRC are notified immediately, and we review and discuss all fatal incident investigations with the CRC and the Board.
Our objective is to achieve zero workplace fatalities and to decrease injuries and occupational illnesses. We measure our safety performance through regularly established benchmarks, including the industry-established Total Recordable Incident Rate (TRIR), and our company-established PFEs, both of which include employees and contractors company-wide. Regrettably, in 2025, we had three separate fatal incidents resulting in nine work-related fatalities, seven of which were related to the September 2025 mud rush incident in Indonesia. In 2024, we had two work-related fatalities. We had 20 PFEs in 2025 and 30 PFEs in 2024. Our TRIR per 200,000 man-hours worked was 0.55 in 2025 and 0.53 in 2024.
Employee Engagement, Training and Development
We aim to recruit and retain talented employees with diverse perspectives by offering, among other things, competitive compensation and benefits and pathways for career advancement. In support of a highly engaged, agile workforce we prioritize physical and psychological safety and promote the overall well-being of our workforce through access to health and wellness programs, and, where practicable, flexible work opportunities. We further invest in training and development to support internal talent and strengthen our management pipeline reflecting our commitment to our people and our business.
We continued to face challenges in 2025 with a competitive and tight labor market, specifically in the U.S., and we remain committed to assessing our recruitment and training and development programs to adapt to the changing labor market and our company’s and employees’ needs. We continue to focus our training and development on the skills required for safe production and to build a more agile workforce with the ability to respond to evolving business needs.
Additional information regarding our workforce can be found in our Annual Report on Sustainability, which is available on our website and updated annually.
Refer to Item 1A. “Risk Factors” for further discussion on human capital matters.
COMMUNITY AND HUMAN RIGHTS
We have adopted policies that govern our working relationships with the communities where we operate and that are designed to guide our practices and programs in a manner that respects human rights and the culture of the local people impacted by our operations. In addition, global regulations with regard to human rights and environmental due diligence in supply chains require us to identify, and to prevent, or at least mitigate, adverse impacts on human rights and the environment.
We continue to make significant expenditures on community development, health, education, training and cultural programs, which include:
-
comprehensive job training programs
-
clean water and sanitation projects
-
public health programs, including malaria control
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agricultural assistance programs
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small and medium enterprise development programs
-
basic education programs
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advanced education scholarships
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cultural resources promotion and preservation programs
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community infrastructure development
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charitable donations
In 2000, we endorsed the joint U.S. State Department-British Foreign Office Voluntary Principles on Security and Human Rights (Voluntary Principles). We participated in developing these Voluntary Principles with other major natural resource companies and international human rights organizations and they are incorporated into our Human Rights Policy. The Voluntary Principles provide guidelines for our security programs, including interaction with host-government security personnel, private security contractors and our internal security employees.
Our Human Rights Policy reflects our commitment to implementing the United Nations Guiding Principles on Business and Human Rights. We conduct site-level human rights impact assessments (HRIAs) at our global operations, which help us to embed human rights considerations into our business practices. We completed HRIAs at PTFI’s downstream processing facilities and our Colorado operations in 2025, Cerro Verde in 2024, our PTFI Grasberg operations in 2023, Arizona operations in 2022, El Abra in 2021 and New Mexico operations in 2018. We plan to initiate HRIAs at our Fort Madison and El Paso downstream sites in 2026. We continue to participate in a multi-industry human rights working group to gain insight from peer companies and experts in the field to learn how best practices are evolving.
We believe that our social and economic development programs are responsive to the issues raised by the local communities near our areas of operation and help us maintain good relations with the surrounding communities and avoid disruptions of mining operations. As part of our ongoing commitment to our community stakeholders, we have made and expect to continue making investments in certain social programs, including in-kind support and administration, across our global operations from time to time. Over the last three years, charges for these investments have averaged approximately $200 million per year. Nevertheless, social and political instability in the areas of our operations may adversely impact our mining operations. Refer to Item 1A. “Risk Factors” for further discussion.
South America. Cerro Verde has provided a variety of community support projects over the years. Following engagements with regional and local governments, civic leaders and development agencies, Cerro Verde constructed a potable water treatment plant to serve Arequipa. In addition, the development of a water storage network was financed by Cerro Verde and a distribution network was financed by the Cerro Verde Civil Association.
In 2015, Cerro Verde completed construction of a wastewater treatment plant for the city of Arequipa, which, in addition to supplementing existing water supplies to support Cerro Verde’s concentrator expansion, also improves the local water quality, enhances agriculture products grown in the area and reduces the risk of waterborne illnesses. In December 2025, Cerro Verde entered into an agreement with SEDAPAR, the municipal water and sanitation services provider in the Arequipa region, to expand the existing wastewater treatment plant and complete additional infrastructure projects, for the benefit of Arequipa’s population. The agreement provides Cerro Verde with preferential rights to a portion of the treated water and secures long-term access to water to support its operations. Refer to Note 11 for further discussion.
In addition to these projects, Cerro Verde annually makes significant community development investments in the Arequipa region.
Security Matters. Consistent with our operating permits in Peru and our commitment to protect our employees and property, we have taken steps to provide a safe and secure working environment. As part of its security program, Cerro Verde maintains its own internal security department. Both employees and contractors perform functions such as protecting company facilities, monitoring shipments of supplies and products, assisting in traffic control and aiding in emergency response operations. The security department receives human rights and Voluntary Principles training annually.
Cerro Verde, like all businesses and residents of Peru, relies on the Peru government for the maintenance of public order, upholding the rule of law and the protection of personnel and property. The Peru government is responsible for employing police personnel and directing their operations. Cerro Verde has limited public security forces in support of its operation, with the arrangement defined through an Inter-institutional Cooperation Agreement with the Peru National Police. Refer to Item 1A. “Risk Factors” for further discussion of security risks in Peru.
Indonesia. PTFI provides funding and technical assistance to support various community development programs in areas such as health, education, economic development and local infrastructure. In 1996, PTFI established a social investment fund with the aim of contributing to social and economic development in the Mimika Regency. Prior to 2019, the fund was mainly managed by the Amungme and Kamoro Community Development Organization, a community-led institution. In 2019, a foundation, the Amungme and Kamoro Community Empowerment Foundation (Yayasan Pemberdayaan Masyarakat Amungme dan Kamoro, or YPMAK), was established, and in 2020, PTFI appointed YPMAK to assist in distributing a significant portion of PTFI’s funding to support the development and empowerment of the local Indigenous Papuan people. YPMAK is governed by a Board of Governors consisting of seven representatives, including four from PTFI.
In addition, since 2001, PTFI has voluntarily established and contributed to land rights trust funds administered by Amungme and Kamoro representatives that focus on socioeconomic initiatives, human rights and environmental issues.
PTFI is committed to the continued funding of YPMAK programs and the land rights trust funds, as well as other local-community development initiatives, making annual investments in public health, education, and local economic development. PTFI recorded charges totaling $118 million in 2025, $141 million in 2024 and $123 million in 2023 to production and delivery costs for social and economic development programs in Indonesia.
Security Matters. Consistent with our ongoing commitment to protect our employees and property, we have taken steps to provide a safe and secure working environment. As part of its security program, PTFI maintains its own internal civilian security department. Both employees and contractors perform functions such as protecting company facilities, monitoring shipments of supplies and products, assisting in traffic control and aiding in emergency response operations. The security department receives human rights training annually.
PTFI, like all businesses and residents of Indonesia, relies on the Indonesia government for the maintenance of public order, upholding the rule of law and protection of personnel and property. The Grasberg minerals district has been designated by the Indonesia government as one of Indonesia’s national vital objects. This designation results in the police and, to a lesser extent, the military playing a significant role in protecting the area of our operations.
The Indonesia government is responsible for employing police and military personnel and directing their operations. As part of pre-deployment, all military and police personnel receive human rights training.
From the outset of PTFI’s operations, the Indonesia government has looked to PTFI to provide logistical and infrastructure support and assistance for these necessary services because of the limited resources of the Indonesia government and the remote location of and lack of development in the province of Central Papua. PTFI’s financial support of the Indonesia government security institutions assigned to PTFI’s operations area represents a prudent response to PTFI’s requirements and commitments to protect its workforce and property, better ensuring that personnel are properly fed and lodged and have the logistical resources to patrol PTFI’s roads and secure its area of operations. In addition, the provision of such support is consistent with our philosophy of responsible corporate citizenship and reflects our commitment to pursue practices that protect and respect human rights.
PTFI pays support costs for government-provided security, including various infrastructure and other costs, including food, housing, fuel, travel, vehicle repairs, allowances to cover incidental and administrative costs, and community assistance programs conducted by the military and police. Refer to Item 1A. “Risk Factors” for further discussion of security risks in Indonesia.
MINING PRODUCTION AND SALES DATA
| Years Ended December 31, | ||||||||||||||||||||||||||||||||||||||
| Production | Sales | |||||||||||||||||||||||||||||||||||||
| COPPER (millions of recoverable pounds) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||||||||||||||
| U.S. | ||||||||||||||||||||||||||||||||||||||
| Morenci (72%)a | 497 | 505 | 575 | 496 | 517 | 578 | ||||||||||||||||||||||||||||||||
| Safford (100%) | 287 | 249 | 245 | 282 | 246 | 250 | ||||||||||||||||||||||||||||||||
| Sierrita (100%) | 184 | 165 | 185 | 184 | 167 | 183 | ||||||||||||||||||||||||||||||||
| Chino (100%) | 150 | 133 | 141 | 147 | 133 | 143 | ||||||||||||||||||||||||||||||||
| Bagdad (100%) | 149 | 146 | 146 | 150 | 146 | 148 | ||||||||||||||||||||||||||||||||
| Tyrone (100%) | 32 | 43 | 51 | 33 | 44 | 53 | ||||||||||||||||||||||||||||||||
| Miami (100%) | 9 | 9 | 12 | 9 | 10 | 12 | ||||||||||||||||||||||||||||||||
| Other (100%) | (4) | (4) | (5) | (5) | (6) | (6) | ||||||||||||||||||||||||||||||||
| Total U.S. | 1,304 | 1,246 | 1,350 | 1,296 | 1,257 | 1,361 | ||||||||||||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||||||||||
| Cerro Verde (55.08%)b | 863 | 949 | 985 | 865 | 958 | 988 | ||||||||||||||||||||||||||||||||
| El Abra (51%) | 201 | 219 | 217 | 208 | 219 | 212 | ||||||||||||||||||||||||||||||||
| Total South America | 1,064 | 1,168 | 1,202 | 1,073 | 1,177 | 1,200 | ||||||||||||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||||||||||||||
| Grasberg minerals district (48.76%) | 1,015 | 1,800 | 1,660 | 1,205 | 1,632 | 1,525 | ||||||||||||||||||||||||||||||||
| Consolidated | 3,383 | 4,214 | 4,212 | 3,574 | c | 4,066 | c | 4,086 | c | |||||||||||||||||||||||||||||
| Less noncontrolling interests | 1,007 | 1,465 | 1,414 | 1,107 | 1,384 | 1,344 | ||||||||||||||||||||||||||||||||
| Net | 2,376 | 2,749 | 2,798 | 2,467 | 2,682 | 2,742 | ||||||||||||||||||||||||||||||||
| Average realized price per pound | $ | 4.75 | $ | 4.21 | $ | 3.85 | ||||||||||||||||||||||||||||||||
| GOLD (thousands of recoverable ounces) | ||||||||||||||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||||||||||||||
| U.S. (100%) | 19 | 19 | 15 | 16 | 20 | 16 | ||||||||||||||||||||||||||||||||
| Indonesia (48.76%) | 937 | 1,861 | 1,978 | 1,050 | 1,817 | 1,697 | ||||||||||||||||||||||||||||||||
| Consolidated | 956 | 1,880 | 1,993 | 1,066 | 1,837 | 1,713 | ||||||||||||||||||||||||||||||||
| Less noncontrolling interests | 480 | 953 | 952 | 538 | 931 | 808 | ||||||||||||||||||||||||||||||||
| Net | 476 | 927 | 1,041 | 528 | 906 | 905 | ||||||||||||||||||||||||||||||||
| Average realized price per ounce | $ | 3,423 | $ | 2,418 | $ | 1,972 | ||||||||||||||||||||||||||||||||
| MOLYBDENUM (millions of recoverable pounds) | ||||||||||||||||||||||||||||||||||||||
| (FCX’s net interest in %) | ||||||||||||||||||||||||||||||||||||||
| Climax (100%) | 24 | 18 | 17 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Henderson (100%) | 13 | 12 | 13 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| U.S. copper mines (100%)a | 34 | 30 | 30 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Cerro Verde (55.08%)b | 21 | 20 | 22 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
| Consolidated | 92 | 80 | 82 | 83 | 78 | 81 | ||||||||||||||||||||||||||||||||
| Less noncontrolling interest | 10 | 9 | 10 | 9 | 9 | 10 | ||||||||||||||||||||||||||||||||
| Net | 82 | 71 | 72 | 74 | 69 | 71 | ||||||||||||||||||||||||||||||||
| Average realized price per pound | $ | 22.63 | $ | 21.77 | $ | 24.64 |
a.Amounts are net of Morenci’s joint venture partners’ undivided interest.
b.Our economic interest in Cerro Verde is 55.08%, and prior to September 2024 it was 53.56%.
c.Consolidated sales volumes exclude purchased copper of 127 million pounds in 2025, 158 million pounds in 2024 and 103 million pounds in 2023.
SELECTED OPERATING DATA
| Years Ended December 31, | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||
| CONSOLIDATED MINING | ||||||||||||||||||||||||||||||||
| Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||||||||
| Production | 3,383 | 4,214 | 4,212 | 4,210 | 3,843 | |||||||||||||||||||||||||||
| Sales, excluding purchases | 3,574 | 4,066 | 4,086 | 4,213 | 3,807 | |||||||||||||||||||||||||||
| Average realized price per pound | $ | 4.75 | $ | 4.21 | $ | 3.85 | $ | 3.90 | $ | 4.33 | ||||||||||||||||||||||
| Gold (thousands of recoverable ounces) | ||||||||||||||||||||||||||||||||
| Production | 956 | 1,880 | 1,993 | 1,811 | 1,381 | |||||||||||||||||||||||||||
| Sales, excluding purchases | 1,066 | 1,837 | 1,713 | 1,823 | 1,360 | |||||||||||||||||||||||||||
| Average realized price per ounce | $ | 3,423 | $ | 2,418 | $ | 1,972 | $ | 1,787 | $ | 1,796 | ||||||||||||||||||||||
| Molybdenum (millions of recoverable pounds) | ||||||||||||||||||||||||||||||||
| Production | 92 | 80 | 82 | 85 | 85 | |||||||||||||||||||||||||||
| Sales, excluding purchases | 83 | 78 | 81 | 75 | 82 | |||||||||||||||||||||||||||
| Average realized price per pound | $ | 22.63 | $ | 21.77 | $ | 24.64 | $ | 18.71 | $ | 15.56 | ||||||||||||||||||||||
| U.S. COPPER MINES | ||||||||||||||||||||||||||||||||
| Operating Data, Net of Joint Venture Interests****a | ||||||||||||||||||||||||||||||||
| Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||||||||
| Production | 1,304 | 1,246 | 1,350 | 1,467 | 1,460 | |||||||||||||||||||||||||||
| Sales, excluding purchases | 1,296 | 1,257 | 1,361 | 1,469 | 1,436 | |||||||||||||||||||||||||||
| Average realized price per pound | $ | 4.91 | $ | 4.29 | $ | 3.93 | $ | 4.08 | $ | 4.30 | ||||||||||||||||||||||
| Molybdenum (millions of recoverable pounds) | ||||||||||||||||||||||||||||||||
| Production | 34 | 30 | 30 | 29 | 34 | |||||||||||||||||||||||||||
| 100% Operating Data | ||||||||||||||||||||||||||||||||
| Leach operations | ||||||||||||||||||||||||||||||||
| Leach ore placed in stockpiles (metric tons per day) | 617,500 | 609,400 | 692,000 | 676,400 | 665,900 | |||||||||||||||||||||||||||
| Average copper ore grade (%) | 0.21 | 0.20 | 0.23 | 0.29 | 0.29 | |||||||||||||||||||||||||||
| Copper production (millions of recoverable pounds) | 832 | 842 | 941 | 1,019 | 1,056 | |||||||||||||||||||||||||||
| Mill operations | ||||||||||||||||||||||||||||||||
| Ore milled (metric tons per day) | 326,300 | 311,700 | 308,500 | 294,200 | 269,500 | |||||||||||||||||||||||||||
| Average ore grade (%): | ||||||||||||||||||||||||||||||||
| Copper | 0.31 | 0.30 | 0.32 | 0.37 | 0.38 | |||||||||||||||||||||||||||
| Molybdenum | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | |||||||||||||||||||||||||||
| Copper recovery rate (%) | 83.6 | 83.2 | 81.8 | 81.8 | 81.2 | |||||||||||||||||||||||||||
| Copper production (millions of recoverable pounds) | 665 | 601 | 633 | 695 | 649 | |||||||||||||||||||||||||||
| SOUTH AMERICA OPERATIONS | ||||||||||||||||||||||||||||||||
| Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||||||||
| Production | 1,064 | 1,168 | 1,202 | 1,176 | 1,047 | |||||||||||||||||||||||||||
| Sales | 1,073 | 1,177 | 1,200 | 1,162 | 1,055 | |||||||||||||||||||||||||||
| Average realized price per pound | $ | 4.79 | $ | 4.16 | $ | 3.82 | $ | 3.80 | $ | 4.34 | ||||||||||||||||||||||
| Molybdenum (millions of recoverable pounds) | ||||||||||||||||||||||||||||||||
| Production | 21 | 20 | 22 | 23 | 21 | |||||||||||||||||||||||||||
| Leach operations | ||||||||||||||||||||||||||||||||
| Leach ore placed in stockpiles (metric tons per day) | 148,700 | 164,300 | 191,200 | 163,000 | 163,900 | |||||||||||||||||||||||||||
| Average copper ore grade (%) | 0.41 | 0.42 | 0.35 | 0.35 | 0.32 | |||||||||||||||||||||||||||
| Copper production (millions of recoverable pounds) | 263 | 295 | 317 | 302 | 256 | |||||||||||||||||||||||||||
| Mill operations | ||||||||||||||||||||||||||||||||
| Ore milled (metric tons per day) | 407,900 | 415,500 | 417,400 | 409,200 | 380,300 | |||||||||||||||||||||||||||
| Average ore grade (%): | ||||||||||||||||||||||||||||||||
| Copper | 0.30 | 0.33 | 0.34 | 0.32 | 0.31 | |||||||||||||||||||||||||||
| Molybdenum | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |||||||||||||||||||||||||||
| Copper recovery rate (%) | 84.3 | 83.6 | 81.3 | 85.3 | 87.3 | |||||||||||||||||||||||||||
| Copper production (millions of recoverable pounds) | 801 | 873 | 885 | 874 | 791 |
a.Amounts are net of Morenci’s joint venture partners’ undivided interest.
SELECTED OPERATING DATA (Continued)
| Years Ended December 31, | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||
| INDONESIA OPERATIONS | ||||||||||||||||||||||||||||||||
| Copper (millions of recoverable pounds) | ||||||||||||||||||||||||||||||||
| Production | 1,015 | 1,800 | 1,660 | 1,567 | 1,336 | |||||||||||||||||||||||||||
| Sales | 1,205 | 1,632 | 1,525 | 1,582 | 1,316 | |||||||||||||||||||||||||||
| Average realized price per pound | $ | 4.53 | $ | 4.19 | $ | 3.81 | $ | 3.80 | $ | 4.34 | ||||||||||||||||||||||
| Gold (thousands of recoverable ounces) | ||||||||||||||||||||||||||||||||
| Production | 937 | 1,861 | 1,978 | 1,798 | 1,370 | |||||||||||||||||||||||||||
| Sales | 1,050 | 1,817 | 1,697 | 1,811 | 1,349 | |||||||||||||||||||||||||||
| Average realized price per ounce | $ | 3,418 | $ | 2,418 | $ | 1,972 | $ | 1,787 | $ | 1,796 | ||||||||||||||||||||||
| Mill operations | ||||||||||||||||||||||||||||||||
| Ore milled (metric tons per day) | 138,100 | 208,400 | 198,300 | 192,600 | 151,600 | |||||||||||||||||||||||||||
| Average ore grade: | ||||||||||||||||||||||||||||||||
| Copper (%) | 1.10 | 1.27 | 1.22 | 1.19 | 1.30 | |||||||||||||||||||||||||||
| Gold (grams per metric ton) | 0.77 | 1.00 | 1.12 | 1.05 | 1.04 | |||||||||||||||||||||||||||
| Recovery rates (%): | ||||||||||||||||||||||||||||||||
| Copper | 87.9 | 88.4 | 89.7 | 90.0 | 89.8 | |||||||||||||||||||||||||||
| Gold | 75.7 | 76.9 | 77.9 | 77.7 | 77.0 | |||||||||||||||||||||||||||
| MOLYBDENUM MINES | ||||||||||||||||||||||||||||||||
| Ore milled (metric tons per day) | 33,500 | 28,000 | 27,900 | 26,100 | 21,800 | |||||||||||||||||||||||||||
| Average molybdenum ore grade (%) | 0.16 | 0.16 | 0.15 | 0.18 | 0.19 | |||||||||||||||||||||||||||
| Molybdenum production (millions of recoverable pounds) | 37 | 30 | 30 | 33 | 30 | |||||||||||||||||||||||||||
MINERAL RESERVES
Our estimates of mineral reserves have been prepared using industry accepted practice and conform to the disclosure requirements of Subpart 1300 of SEC Regulation S-K. Proven and probable mineral reserves were determined from the application of relevant modifying factors to geological data to establish an operational, economically viable mine plan. The estimates are based on mapping, drilling, sampling, assaying and evaluation methods generally applied in the mining industry. Mineral reserves, as used in the mineral reserve data presented here, means the economically mineable part of a measured or indicated resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. Proven mineral reserves mean the economically mineable part of a measured mineral resource, from geological evidence revealed in outcrops, trenches, workings or drill holes with grades and/or quality estimates from detailed, closely spaced sampling, and geologic characterization that defines the size, shape, depth and mineral content to a high degree of confidence. Probable mineral reserves means the economically mineable part of an indicated mineral resource, for which quantity and grade are estimated from information similar to that used for measured mineral resources where the samples are farther apart, and the geological characterization is adequate. Probable mineral reserves can also include remaining portions of a measured mineral resource. The degree of assurance, although lower than that for proven mineral reserves, is high enough to assume continuity between points of observation.
Our estimates of recoverable proven and probable mineral reserves are prepared by and are the responsibility of our employees. These estimates are reviewed and verified regularly by independent experts in mining, geology and reserve determination. Our mineral reserve estimates are based on the latest available geological and geotechnical studies. We conduct ongoing studies of our ore bodies to evaluate economic values and to manage risk. We revise our mine plans and estimates of recoverable proven and probable mineral reserves as required in accordance with the latest available studies. Refer to Item 1A. “Risk Factors” for discussion of risks associated with our estimates of proven and probable mineral reserves.
Estimated recoverable proven and probable mineral reserves at December 31, 2025, were determined using metal price assumptions of $3.25 per pound for copper, $1,600 per ounce for gold and $14.00 per pound for molybdenum. For the three-year period ended December 31, 2025, LME copper settlement prices averaged $4.17 per pound, London PM gold prices averaged $2,588 per ounce and the weekly average price for molybdenum quoted by Platts Metals Daily averaged $22.51 per pound.
The estimated recoverable proven and probable mineral reserves presented in the table below represent the estimated metal quantities from which we expect to be paid after application of estimated metallurgical recoveries and smelter recoveries, where applicable.
| Estimated Recoverable Proven and Probable Mineral Reserves at December 31, 2025 | ||||||||||||||||||||
| Copper****a (billion pounds) | Gold (million ounces) | Molybdenum (billion pounds) | ||||||||||||||||||
| U.S. | 42.5 | 0.6 | 2.6 | |||||||||||||||||
| South America | 45.6 | b | 0.1 | 0.9 | ||||||||||||||||
| Indonesiac | 24.2 | 20.0 | — | |||||||||||||||||
| Consolidated basis****d,e | 112.3 | 20.6 | 3.5 | |||||||||||||||||
| Net equity interest****f | 78.6 | 10.4 | 3.1 |
a.Estimated consolidated recoverable copper reserves include 1.4 billion pounds in leach stockpiles and 0.2 billion pounds in mill stockpiles (refer to “Mill and Leach Stockpiles” for further discussion).
b.Includes 17.5 billion pounds of recoverable copper associated with a potential mill project at El Abra (refer to “Operations – El Abra” for further discussion).
c.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through the life of PTFI’s IUPK, which extends through 2041. We believe an extension would provide additional material reserves. Refer to Note 11 for discussion of PTFI’s IUPK.
d.Consolidated mineral reserves represent estimated metal quantities after reduction for joint venture partner interests at the Morenci mine in the U.S. (refer to Note 2 for further discussion of our Morenci joint venture). Excluded from the table above are our estimated recoverable proven and probable silver reserves of 351 million ounces, which were determined using a silver price assumption of $20 per ounce.
e.May not foot because of rounding.
f.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries). Excluded from the table above are our estimated recoverable proven and probable silver reserves of 230 million ounces, which were determined using a silver price assumption of $20 per ounce.
| Estimated Recoverable Proven and Probable Mineral Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| at December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven Mineral Reserves | Probable Mineral Reserves | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Million Metric Tons | Average Ore Grade | Million Metric Tons | Average Ore Grade | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FCX’s | Processing | FCX’s | 100% | Copper | Gold | Moly | Silver | FCX’s | 100% | Copper | Gold | Moly | Silver | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest | Method | Interest | Basis | % | g/t | % | g/t | Interest | Basis | % | g/t | % | g/t | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morenci | 72% | Mill | 604 | 838 | 0.31 | — | 0.02 | — | 94 | 131 | 0.30 | — | 0.03 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crushed leach | 80 | 112 | 0.45 | — | — | — | — | a | 1 | 0.49 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 1,551 | 2,154 | 0.18 | — | — | — | 247 | 343 | 0.15 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bagdad | 100% | Mill | 2,129 | 2,129 | 0.34 | — | a | 0.02 | 1.41 | 439 | 439 | 0.31 | — | a | 0.02 | 1.27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 11 | 11 | 0.33 | — | — | — | 8 | 8 | 0.24 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Safford, including Lone Star | 100% | Crushed leach | 513 | 513 | 0.45 | — | — | — | 138 | 138 | 0.41 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 194 | 194 | 0.31 | — | — | — | 79 | 79 | 0.26 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sierrita | 100% | Mill | 1,798 | 1,798 | 0.23 | — | a | 0.03 | 1.09 | 381 | 381 | 0.25 | — | a | 0.03 | 1.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chino, including Cobre | 100% | Mill | 170 | 170 | 0.50 | 0.05 | — | 0.94 | 106 | 106 | 0.51 | 0.05 | — | 0.97 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 42 | 42 | 0.26 | — | — | — | 5 | 5 | 0.23 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tyrone | 100% | ROM leach | 52 | 52 | 0.19 | — | — | — | 6 | 6 | 0.22 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Henderson | 100% | Mill | 29 | 29 | — | — | 0.16 | — | 12 | 12 | — | — | 0.16 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Climax | 100% | Mill | 131 | 131 | — | — | 0.15 | — | 15 | 15 | — | — | 0.10 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7,302 | 8,172 | 1,530 | 1,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Verde | 55.08% | Mill | 400 | 726 | 0.36 | — | 0.02 | 1.88 | 1,685 | 3,059 | 0.34 | — | 0.01 | 1.79 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 9 | 17 | 0.34 | — | — | — | 32 | 58 | 0.17 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| El Abra | 51% | Millb | 617 | 1,209 | 0.44 | 0.02 | 0.01 | 1.43 | 549 | 1,077 | 0.37 | 0.02 | 0.01 | 1.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crushed leach | 206 | 403 | 0.36 | — | — | — | 66 | 130 | 0.32 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 5 | 10 | 0.18 | — | — | — | 2 | 3 | 0.18 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1,237 | 2,365 | 2,334 | 4,327 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grasberg Block Cave | 48.76% | Mill | 55 | 114 | 1.26 | 0.65 | — | 3.02 | 175 | 358 | 0.97 | 0.66 | — | 2.95 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DMLZ | 48.76% | Mill | 36 | 75 | 0.91 | 0.72 | — | 4.06 | 134 | 276 | 0.65 | 0.48 | — | 3.43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Big Gossan | 48.76% | Mill | 10 | 20 | 2.40 | 1.03 | — | 15.14 | 13 | 27 | 2.10 | 0.88 | — | 12.63 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kucing Liarc | 48.76% | Mill | 66 | 136 | 1.07 | 0.94 | — | 5.62 | 162 | 333 | 1.01 | 0.86 | — | 5.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 168 | 344 | 485 | 994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – 100% Basis | 10,881 | 6,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – Consolidated basis****d | 10,012 | 6,851 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – Net equity interest****e | 8,707 | 4,349 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note: Totals may not foot because of rounding.
a.Amounts not shown because of rounding.
b.El Abra has advanced preliminary feasibility studies for the development of a potential mill project, which would require significant additional capital investment to bring the associated copper to production (refer to “Operations – El Abra” for further discussion).
c.PTFI has commenced long-term mine development activities for the Kucing Liar deposit. See “Operations – Indonesia” for discussion of Kucing Liar capital investments.
d.Consolidated reserves represent estimated quantities after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion).
e.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries).
The reserve table above and the tables on the following pages utilize the abbreviations described below:
-
g/t – grams per metric ton
-
Moly – Molybdenum
| Estimated Recoverable Proven and Probable Mineral Reserves | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| at December 31, 2025 (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Proven and Probable | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Million Metric Tons | Average Ore Grade | Recoveries****a | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FCX’s | Processing | FCX’s | 100% | Copper | Gold | Moly | Silver | Copper | Gold | Moly | Silver | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest | Method | Interest | Basis | % | g/t | % | g/t | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morenci | 72% | Mill | 698 | 969 | 0.31 | — | 0.02 | — | 82.8 | — | 46.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crushed leach | 81 | 112 | 0.45 | — | — | — | 82.9 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 1,798 | 2,497 | 0.18 | — | — | — | 51.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bagdad | 100% | Mill | 2,567 | 2,567 | 0.34 | — | b | 0.02 | 1.39 | 84.0 | 59.1 | 76.6 | 49.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 19 | 19 | 0.29 | — | — | — | 43.9 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Safford, including Lone Star | 100% | Crushed leach | 651 | 651 | 0.44 | — | — | — | 73.9 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 273 | 273 | 0.30 | — | — | — | 35.9 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sierrita | 100% | Mill | 2,179 | 2,179 | 0.23 | — | b | 0.03 | 1.10 | 81.2 | 59.1 | 78.2 | 49.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chino, including Cobre | 100% | Mill | 276 | 276 | 0.51 | 0.05 | — | 0.95 | 80.1 | 77.9 | — | 78.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 46 | 46 | 0.25 | — | — | — | 37.4 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tyrone | 100% | ROM leach | 59 | 59 | 0.19 | — | — | — | 56.6 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Henderson | 100% | Mill | 40 | 40 | — | — | 0.16 | — | — | — | 86.7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Climax | 100% | Mill | 146 | 146 | — | — | 0.14 | — | — | — | 88.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 8,833 | 9,835 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Verde | 55.08% | Mill | 2,085 | 3,785 | 0.34 | — | 0.01 | 1.81 | 85.4 | — | 54.4 | 44.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 41 | 75 | 0.21 | — | — | — | 48.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| El Abra | 51% | Millc | 1,166 | 2,286 | 0.41 | 0.02 | 0.01 | 1.28 | 88.5 | 6.1 | 49.3 | 50.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Crushed leach | 272 | 533 | 0.35 | — | — | — | 52.2 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ROM leach | 7 | 13 | 0.18 | — | — | — | 50.0 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 3,571 | 6,693 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grasberg Block Cave | 48.76% | Mill | 230 | 472 | 1.04 | 0.66 | — | 2.97 | 84.6 | 68.6 | — | 63.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DMLZ | 48.76% | Mill | 171 | 350 | 0.71 | 0.53 | — | 3.57 | 84.0 | 76.7 | — | 64.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Big Gossan | 48.76% | Mill | 23 | 47 | 2.23 | 0.94 | — | 13.69 | 91.1 | 67.6 | — | 63.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Kucing Liard | 48.76% | Mill | 229 | 469 | 1.03 | 0.88 | — | 5.26 | 79.1 | 57.0 | — | 45.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 652 | 1,338 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – 100% Basis | 17,865 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – Consolidated basis****e | 16,863 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – Net equity interest****f | 13,056 |
Note: Amounts may not equal the sum of proven and probable mineral reserves as presented on the previous page because of rounding. In addition, totals may not foot because of rounding.
a.Recoveries are net of estimated mill and smelter losses.
b.Amounts not shown because of rounding.
c.El Abra has advanced preliminary feasibility studies for the development of a potential mill project, which would require significant additional capital investment to bring the associated copper to production (refer to “Operations – El Abra” for further discussion).
d.PTFI has commenced long-term mine development activities for the Kucing Liar deposit. See “Operations – Indonesia” for discussion of Kucing Liar capital investments.
e.Consolidated reserves represent estimated quantities after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion).
f.Net equity interest represents estimated consolidated quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries).
| Estimated Recoverable Proven and Probable Mineral Reserves | ||||||||||||||||||||||||||||||||||||||
| at December 31, 2025 (continued) | ||||||||||||||||||||||||||||||||||||||
| Recoverable Mineral Reserves | ||||||||||||||||||||||||||||||||||||||
| Copper | Gold | Moly | Silver | |||||||||||||||||||||||||||||||||||
| FCX’s | Processing | billion | million | billion | million | |||||||||||||||||||||||||||||||||
| Interest | Method | lbs. | ozs. | lbs. | ozs. | |||||||||||||||||||||||||||||||||
| U.S. | ||||||||||||||||||||||||||||||||||||||
| Morenci | 72% | Mill | 5.4 | — | 0.2 | — | ||||||||||||||||||||||||||||||||
| Crushed leach | 0.9 | — | — | — | ||||||||||||||||||||||||||||||||||
| ROM leach | 5.1 | — | — | — | ||||||||||||||||||||||||||||||||||
| Bagdad | 100% | Mill | 16.1 | 0.2 | 0.9 | 56.5 | ||||||||||||||||||||||||||||||||
| ROM leach | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||
| Safford, including Lone Star | 100% | Crushed leach | 4.7 | — | — | — | ||||||||||||||||||||||||||||||||
| ROM leach | 0.6 | — | — | — | ||||||||||||||||||||||||||||||||||
| Sierrita | 100% | Mill | 9.1 | 0.1 | 1.0 | 38.1 | ||||||||||||||||||||||||||||||||
| Chino, including Cobre | 100% | Mill | 2.5 | 0.3 | — | 6.6 | ||||||||||||||||||||||||||||||||
| ROM leach | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||||
| Tyrone | 100% | ROM leach | 0.1 | — | — | — | ||||||||||||||||||||||||||||||||
| Climax | 100% | Mill | — | — | 0.4 | — | ||||||||||||||||||||||||||||||||
| Henderson | 100% | Mill | — | — | 0.1 | — | ||||||||||||||||||||||||||||||||
| 44.7 | 0.6 | 2.6 | 101.3 | |||||||||||||||||||||||||||||||||||
| Recoverable metal in stockpilesa | 1.1 | — | b | — | b | 0.2 | ||||||||||||||||||||||||||||||||
| 100% operations | 45.8 | 0.6 | 2.6 | 101.5 | ||||||||||||||||||||||||||||||||||
| Consolidated | 42.5 | 0.6 | 2.6 | 101.5 | ||||||||||||||||||||||||||||||||||
| Net equity interest | 42.5 | 0.6 | 2.6 | 101.5 | ||||||||||||||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||||||||||
| Cerro Verde | 55.08% | Mill | 24.4 | — | 0.7 | 98.6 | ||||||||||||||||||||||||||||||||
| ROM leach | 0.2 | — | — | — | ||||||||||||||||||||||||||||||||||
| El Abrac | 51% | Mill | 18.2 | 0.1 | 0.2 | 47.0 | ||||||||||||||||||||||||||||||||
| Crushed leach | 2.2 | — | — | — | ||||||||||||||||||||||||||||||||||
| ROM leach | — | b | — | — | — | |||||||||||||||||||||||||||||||||
| 45.0 | 0.1 | 0.9 | 145.6 | |||||||||||||||||||||||||||||||||||
| Recoverable metal in stockpilesa | 0.6 | — | — | b | 0.4 | |||||||||||||||||||||||||||||||||
| 100% operations | 45.6 | 0.1 | 0.9 | 146.0 | ||||||||||||||||||||||||||||||||||
| Consolidated | 45.6 | 0.1 | 0.9 | 146.0 | ||||||||||||||||||||||||||||||||||
| Net equity interest | 24.2 | — | b | 0.5 | 78.5 | |||||||||||||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||||||||||||||
| Grasberg Block Cave | 48.76% | Mill | 9.2 | 6.8 | — | 28.6 | ||||||||||||||||||||||||||||||||
| DMLZ | 48.76% | Mill | 4.6 | 4.6 | — | 25.9 | ||||||||||||||||||||||||||||||||
| Big Gossan | 48.76% | Mill | 2.1 | 1.0 | — | 13.0 | ||||||||||||||||||||||||||||||||
| Kucing Liard | 48.76% | Mill | 8.4 | 7.6 | — | 35.9 | ||||||||||||||||||||||||||||||||
| 100% operations | 24.2 | 20.0 | — | 103.5 | ||||||||||||||||||||||||||||||||||
| Consolidated | 24.2 | 20.0 | — | 103.5 | ||||||||||||||||||||||||||||||||||
| Net equity interest | 11.8 | 9.7 | — | 50.5 | ||||||||||||||||||||||||||||||||||
| Total FCX – 100% basis | 115.6 | 20.6 | 3.5 | 351.0 | ||||||||||||||||||||||||||||||||||
| Total FCX – Consolidated basis****e | 112.3 | 20.6 | 3.5 | 351.0 | ||||||||||||||||||||||||||||||||||
| Total FCX – Net equity interest****f | 78.6 | 10.4 | 3.1 | 230.4 |
Note: Totals may not foot because of rounding.
a.Refer to “Mill and Leach Stockpiles” for further discussion.
b.Amounts not shown because of rounding.
c.Includes 17.5 billion pounds of copper associated with the potential mill project. El Abra has advanced preliminary feasibility studies for the development of this project, which would require significant additional capital investment to bring the associated copper to production (refer to “Operations – El Abra” for further discussion).
d.PTFI is conducting long-term mine development activities for the Kucing Liar deposit. See “Operations – Indonesia” for discussion of Kucing Liar capital investments.
e.Consolidated mineral reserves represent estimated metal quantities after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion).
f.Net equity interest mineral reserves represent estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries).
The table below summarizes changes in estimated recoverable copper, gold and molybdenum in mineral reserves between December 31, 2024 and 2025, for our material properties:
| Estimated Recoverable Mineral Reserves at 100% Basis | ||||||||||||||||||||||||||||||||||||||
| Copper (billion lbs.) | Gold (million ozs.) | Molybdenum (billion lbs.) | ||||||||||||||||||||||||||||||||||||
| Morenci | Cerro Verde | Grasberg minerals district | Grasberg minerals district | Morenci | Cerro Verde | |||||||||||||||||||||||||||||||||
| Mineral reserves as of December 31, 2024a | 11.1 | 25.2 | 27.0 | 22.4 | 0.2 | 0.7 | ||||||||||||||||||||||||||||||||
| Production | (0.7) | (0.9) | (1.0) | (0.9) | — | b | — | b | ||||||||||||||||||||||||||||||
| Adjustmentsc | 1.4 | 0.5 | (1.8) | (1.5) | 0.1 | — | b | |||||||||||||||||||||||||||||||
| Mineral reserves as of December 31, 2025a | 11.8 | 24.9 | 24.2 | 20.0 | 0.2 | 0.7 | ||||||||||||||||||||||||||||||||
| Year-over-year percentage change | 7 | % | (1) | % | (10) | % | (11) | % | 37 | % | — | % |
| Estimated Recoverable Mineral Reserves at Net Equity Basis | ||||||||||||||||||||||||||||||||||||||
| Copper (billion lbs.) | Gold (million ozs.) | Molybdenum (billion lbs.) | ||||||||||||||||||||||||||||||||||||
| Morenci | Cerro Verde | Grasberg minerals district | Grasberg minerals district | Morenci | Cerro Verde | |||||||||||||||||||||||||||||||||
| 72% | 55.08% | 48.76% | 48.76% | 72% | 55.08% | |||||||||||||||||||||||||||||||||
| Mineral reserves as of December 31, 2024a | 8.0 | 13.9 | 13.2 | 10.9 | 0.1 | 0.4 | ||||||||||||||||||||||||||||||||
| Production | (0.5) | (0.5) | (0.5) | (0.5) | — | b | — | b | ||||||||||||||||||||||||||||||
| Adjustmentsc | 1.0 | 0.3 | (0.9) | (0.7) | — | b | — | b | ||||||||||||||||||||||||||||||
| Mineral reserves as of December 31, 2025a | 8.5 | 13.7 | 11.8 | 9.7 | 0.2 | 0.4 | ||||||||||||||||||||||||||||||||
| Year-over-year percentage change | 7 | % | (1) | % | (10) | % | (11) | % | 37 | % | — | % |
Note: Totals may not foot because of rounding.
a.Includes estimated recoverable metals contained in stockpiles. Refer to “Mill and Leach Stockpiles” for further discussion.
b.Amounts not shown because of rounding.
c.Increases at Morenci are primarily the result of revised mine designs and mine plan changes, and increases at Cerro Verde are primarily the result of updated geologic modeling. Decreases at the Grasberg minerals district are primarily the result of mine plan changes.
After accounting for production, changes to the estimates of mineral reserves and mineral resources for the Cerro Verde mine and Grasberg minerals district were not material as compared to the previously filed Technical Report Summary (TRS) for each of these properties. After accounting for production, changes to the estimate of mineral reserves for the Morenci mine were not material as compared to the previously filed TRS as of December 31, 2023; however, Morenci did have a material change to its estimate of mineral resources (refer to “Mineral Resources” below). Accordingly, see the 2025 Technical Report Summary of Mineral Reserves and Resources for the Morenci mine dated December 31, 2025, filed as Exhibit 96.3 to this Form 10-K.
In defining our open-pit mineral reserves, we apply an “operational cutoff grade” strategy, wherein multiple processing options, throughput constraints, mine development and ore availability are given consideration to maximize the value of our operations. In defining our open-pit mineral resources, internal cutoff grades are applied. The internal cutoff grade is defined for a metric ton of ore as that equivalent copper grade, once produced and sold, that generates sufficient revenue to cover estimated processing and administrative costs. We use “break-even cutoff grades” to define the in-situ mineral reserves and resources for our underground ore bodies. The break-even cutoff grade is defined for a metric ton of ore as that equivalent copper grade, once produced and sold, that generates sufficient revenue to cover all estimated operating and administrative costs associated with our production.
Our copper mines may contain other commercially recoverable metals, such as gold, molybdenum and silver. We value all commercially recoverable metals in terms of a copper equivalent percentage to determine a single cutoff grade. Copper equivalent percentage is used to express the relative value of multi-metal ores in terms of one metal. The calculation expresses the relative value of the ore using estimates of contained metal quantities, metals prices as used for reserve or resource determination, recovery rates, treatment charges and royalties. Our molybdenum properties use a molybdenum cutoff grade.
The table below shows the minimum cutoff grade for mineral reserves by process for each of our existing ore bodies as of December 31, 2025:
| Copper Equivalent Cutoff Grade (%) | Molybdenum Cutoff Grade (%) | ||||||||||||||||||||||
| Mill | Crushed Leach | ROM Leach | Mill | ||||||||||||||||||||
| U.S. | |||||||||||||||||||||||
| Morenci | 0.17 | 0.20 | 0.03 | — | |||||||||||||||||||
| Bagdad | 0.16 | — | 0.07 | — | |||||||||||||||||||
| Safford, including Lone Star | — | 0.17 | 0.12 | — | |||||||||||||||||||
| Sierrita | 0.18 | — | — | — | |||||||||||||||||||
| Chino, including Cobre | 0.22 | — | 0.09 | — | |||||||||||||||||||
| Tyrone | — | — | 0.05 | — | |||||||||||||||||||
| Henderson | — | — | — | 0.13 | |||||||||||||||||||
| Climax | — | — | — | 0.06 | |||||||||||||||||||
| South America | |||||||||||||||||||||||
| Cerro Verde | 0.13 | — | 0.08 | — | |||||||||||||||||||
| El Abra | 0.12 | 0.12 | 0.12 | — | |||||||||||||||||||
| Indonesia | |||||||||||||||||||||||
| Grasberg Block Cave | 0.54 | — | — | — | |||||||||||||||||||
| DMLZ | 0.64 | — | — | — | |||||||||||||||||||
| Big Gossan | 1.70 | — | — | — | |||||||||||||||||||
| Kucing Liar | 0.63 | — | — | — |
Production Sequencing
The following chart illustrates our current plans for sequencing and producing our proven and probable mineral reserves at each of our ore bodies and the years in which we currently expect production from each ore body and related stockpiles. Our proven and probable mineral reserves in Indonesia reflect estimates of minerals that can be recovered through the end of 2041 (refer to Item 1A. “Risk Factors” and Note 11 for further discussion). We develop our mine plans based on maximizing the net present value from the ore bodies. Significant additional capital expenditures will be required at many of these mines in order to achieve the life-of-mine plans reflected below.
a.The ultimate timing of the start of production at Kucing Liar is dependent upon a number of factors and may vary from the date shown here. Refer to "Operations – Indonesia" for further discussion.
b.The current mine plan and planned operations are based on the assumption that PTFI will comply with its obligations under the IUPK and receive the 10-year extension from 2031 through 2041 (refer to Item 1A. “Risk Factors” and Note 11 for further discussion). This does not reflect a potential long-term extension expected to cover the life of the resource, which is expected to be submitted in 2026. Refer to "Operations – Indonesia" for further discussion.
Mill and Leach Stockpiles
Mill and leach stockpiles generally contain lower grade ores that have been extracted from an ore body and are available for metal recovery. Mill stockpiles contain sulfide ores and recovery of metal is through milling, concentrating, smelting and refining or, alternatively, by concentrate leaching. Leach stockpiles contain oxide ores and certain secondary sulfide ores and recovery of metal is through exposure to acidic solutions that dissolve contained copper and deliver it in solution to extraction processing facilities.
Because it is impracticable to determine copper contained in mill and leach stockpiles by physical count, reasonable estimation methods are employed. The quantity of material delivered to mill and leach stockpiles is based on
surveyed volumes of mined material and daily production records. Sampling and assaying of blasthole cuttings determine the estimated copper grades of material delivered to mill and leach stockpiles.
Expected copper recoveries for mill stockpiles are determined by metallurgical testing. The recoverable copper in mill stockpiles, once entered into the production process, can be produced into copper concentrate almost immediately.
Expected copper recoveries for leach stockpiles are determined using small-scale laboratory tests, small- to large-scale column testing (which simulates the production process), historical trends and other factors, including mineralogy of the ore and rock type. Total copper recovery in leach stockpiles can vary significantly from a low percentage to more than 80% depending on several variables, including processing methodology, processing variables, mineralogy and particle size of the rock. For newly placed material on active stockpiles, as much as 80% of total copper recovery may be extracted during the first year, and the remaining copper may be recovered over many years. Processes and copper recoveries for mill and leach stockpiles are monitored regularly, and recovery estimates are adjusted annually based on new information and as related technology and processing methods change. Based on our annual review of mill and leach stockpiles, we increased our estimated consolidated recoverable copper in certain leach stockpiles, net of joint venture interests, by 207 million pounds in 2025, primarily associated with Morenci leach stockpiles.
Following are our stockpiles and the estimated recoverable copper contained within those stockpiles as of December 31, 2025:
| Recoverable | ||||||||||||||||||||||||||||||||||||||
| FCX’s | Million Metric Tons | Average | Recoveries | Copper | ||||||||||||||||||||||||||||||||||
| Interest | FCX’s Interest | 100% Basis | Ore Grade (%) | (%) | (billion lbs.) | |||||||||||||||||||||||||||||||||
| Mill stockpiles | ||||||||||||||||||||||||||||||||||||||
| Cerro Verde | 55.08% | 16 | 29 | 0.25 | 67.3 | 0.1 | ||||||||||||||||||||||||||||||||
| U.S. copper mines | a | 12 | 12 | 0.29 | 77.8 | 0.1 | ||||||||||||||||||||||||||||||||
| 28 | 41 | 0.2 | ||||||||||||||||||||||||||||||||||||
| Leach stockpiles | ||||||||||||||||||||||||||||||||||||||
| Morenci | 72% | 5,734 | 7,969 | 0.24 | 0.9 | 0.4 | ||||||||||||||||||||||||||||||||
| Bagdad | 100% | 506 | 506 | 0.25 | 0.4 | — | b | |||||||||||||||||||||||||||||||
| Safford, including Lone Star | 100% | 535 | 535 | 0.43 | 3.4 | 0.2 | ||||||||||||||||||||||||||||||||
| Sierrita | 100% | 650 | 650 | 0.15 | 6.9 | 0.2 | ||||||||||||||||||||||||||||||||
| Miami | 100% | 498 | 498 | 0.39 | 1.1 | — | b | |||||||||||||||||||||||||||||||
| Chino, including Cobre | 100% | 1,809 | 1,809 | 0.25 | 2.0 | 0.2 | ||||||||||||||||||||||||||||||||
| Tyrone | 100% | 1,229 | 1,229 | 0.28 | 1.2 | 0.1 | ||||||||||||||||||||||||||||||||
| Cerro Verde | 55.08% | 352 | 639 | 0.43 | 3.4 | 0.2 | ||||||||||||||||||||||||||||||||
| El Abra | 51% | 519 | 1,018 | 0.43 | 2.8 | 0.3 | ||||||||||||||||||||||||||||||||
| 11,832 | 14,853 | 1.5 | ||||||||||||||||||||||||||||||||||||
| Total FCX – 100% basis | 1.7 | |||||||||||||||||||||||||||||||||||||
| Total FCX – Consolidated basis****c | 1.6 | |||||||||||||||||||||||||||||||||||||
| Total FCX – Net equity interest****d | 1.3 | |||||||||||||||||||||||||||||||||||||
Note: Totals may not foot because of rounding.
a.Our net equity interest in all U.S. copper mines is 100% except for Morenci, which is 72%.
b.Rounds to less than 0.1 billion pounds of recoverable copper.
c.Consolidated stockpiles represent estimated metal quantities after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion).
d.Net equity interest represents estimated consolidated metal quantities further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries).
Mineral Resources
In addition to mineral reserves, our properties contain mineral resources that we believe could be brought into production should market conditions warrant. However, permitting and significant capital expenditures may be required before mining of these resources could commence at these properties. A mineral resource is a concentration or occurrence of material of economic interest in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. Such a deposit cannot qualify as recoverable proven and probable mineral reserves until engineering, legal and economic feasibility are confirmed based upon a comprehensive evaluation of development and operating costs, grades, recoveries and other material factors. Mineral resources include measured, indicated and inferred mineral classifications.
-
A measured mineral resource is a resource for which the quantity and grade are estimated from detailed, closely spaced sampling, and geologic characterization that defines the size, shape, depth and mineral content to a high degree of confidence.
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An indicated mineral resource is a resource for which quantity and grade are estimated from information similar to that used for measured mineral resources where the samples are farther apart, and the geological characterization is adequate.
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An inferred mineral resource is a resource for which quantity and grade are estimated from information similar to that used for measured and indicated mineral resources, but with limited geological evidence and sampling. Inferred mineral resource grade and mineralization continuity have a lower degree of confidence.
Our estimates of mineral resources have been prepared in accordance with the disclosure requirements of Subpart 1300 of SEC Regulation S-K. No assurance can be given that the estimated mineral resources not included in mineral reserves will become proven and probable mineral reserves.
Estimated mineral resources as presented on the following pages were assessed using prices of $3.75 per pound for copper, $1,700 per ounce for gold, $17 per pound for molybdenum and $20 per ounce for silver. Cutoff grade strategy and expected recoveries used to evaluate mineral resources are consistent with those for mineral reserves but would require additional work to substantiate. Refer to Item 1A. “Risk Factors” for discussion of risks associated with our estimates of mineral resources.
| Estimated Mineral Resources | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| at December 31, 2025****a | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured | Indicated | Inferred | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Million Metric Tons | Average Ore Grade | Million Metric Tons | Average Ore Grade | Million Metric Tons | Average Ore Grade | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FCX’s | Processing | FCX’s | 100% | Copper | Gold | Moly | Silver | FCX’s | 100% | Copper | Gold | Moly | Silver | FCX’s | 100% | Copper | Gold | Moly | Silver | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest | Method | Interest | Basis | % | g/t | % | g/t | Interest | Basis | % | g/t | % | g/t | Interest | Basis | % | g/t | % | g/t | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morenci | 72% | Milling | 590 | 819 | 0.27 | — | 0.02 | — | 524 | 727 | 0.30 | — | 0.03 | — | 281 | 391 | 0.31 | — | 0.03 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 945 | 1,313 | 0.17 | — | — | — | 589 | 818 | 0.14 | — | — | — | 320 | 445 | 0.13 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bagdad | 100% | Milling | 313 | 313 | 0.29 | — | b | 0.02 | 1.20 | 341 | 341 | 0.23 | — | b | 0.02 | 0.96 | 392 | 392 | 0.17 | — | b | 0.02 | 0.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 1 | 1 | 0.15 | — | — | — | 5 | 5 | 0.12 | — | — | — | 5 | 5 | 0.12 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Safford, including Lone Star | 100% | Milling | 1,829 | 1,829 | 0.36 | 0.02 | 0.01 | 1.14 | 2,141 | 2,141 | 0.30 | 0.01 | 0.01 | 0.93 | 648 | 648 | 0.23 | 0.01 | — | b | 0.84 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 444 | 444 | 0.28 | — | — | — | 480 | 480 | 0.28 | — | — | — | 280 | 280 | 0.26 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sierrita | 100% | Milling | 750 | 750 | 0.18 | — | b | 0.02 | 0.82 | 300 | 300 | 0.20 | — | b | 0.02 | 0.93 | 23 | 23 | 0.19 | — | b | 0.02 | 0.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chino, including Cobre | 100% | Milling | 93 | 93 | 0.46 | 0.04 | 0.02 | 0.76 | 82 | 82 | 0.50 | 0.04 | 0.01 | 0.79 | 20 | 20 | 0.45 | 0.04 | 0.01 | 0.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 7 | 7 | 0.27 | — | — | — | 3 | 3 | 0.41 | — | — | — | 1 | 1 | 0.29 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tyrone | 100% | Leaching | 33 | 33 | 0.29 | — | — | — | 6 | 6 | 0.21 | — | — | — | 2 | 2 | 0.23 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Henderson | 100% | Milling | 78 | 78 | — | — | 0.14 | — | 27 | 27 | — | — | 0.12 | — | — | b | — | b | — | — | 0.03 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Climax | 100% | Milling | 313 | 313 | — | — | 0.17 | — | 60 | 60 | — | — | 0.10 | — | 7 | 7 | — | — | 0.07 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ajo | 100% | Milling | 487 | 487 | 0.39 | 0.07 | 0.01 | 0.94 | 237 | 237 | 0.32 | 0.05 | — | b | 0.70 | 18 | 18 | 0.33 | 0.04 | — | b | 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cochise/Bisbee | 100% | Leaching | 143 | 143 | 0.49 | — | — | — | 117 | 117 | 0.41 | — | — | — | 20 | 20 | 0.38 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sanchez | 100% | Leaching | 77 | 77 | 0.35 | — | — | — | 65 | 65 | 0.24 | — | — | — | 7 | 7 | 0.20 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tohono | 100% | Milling | 278 | 278 | 0.63 | 0.09 | 0.01 | 1.90 | 31 | 31 | 0.67 | 0.09 | 0.01 | 1.72 | 4 | 4 | 0.65 | 0.06 | — | b | 1.44 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 251 | 251 | 0.68 | — | — | — | 49 | 49 | 0.52 | — | — | — | 25 | 25 | 0.48 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Twin Buttes | 100% | Milling | 126 | 126 | 0.67 | 0.01 | 0.04 | 6.79 | 9 | 9 | 0.65 | 0.01 | 0.03 | 6.54 | 5 | 5 | 0.81 | 0.01 | 0.02 | 8.74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 55 | 55 | 0.24 | — | — | — | 14 | 14 | 0.21 | — | — | — | 7 | 7 | 0.25 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christmas | 100% | Milling | 68 | 68 | 0.53 | 0.06 | — | b | 1.55 | 236 | 236 | 0.37 | 0.06 | — | b | 0.92 | 42 | 42 | 0.40 | 0.06 | — | b | 0.94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Verde | 55.08% | Milling | 59 | 107 | 0.28 | — | 0.01 | 1.47 | 896 | 1,626 | 0.33 | — | 0.01 | 1.74 | 225 | 408 | 0.33 | — | 0.01 | 1.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 2 | 4 | 0.35 | — | — | — | 6 | 11 | 0.30 | — | — | — | 5 | 8 | 0.35 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| El Abra | 51% | Milling | 64 | 126 | 0.55 | 0.04 | 0.01 | 2.02 | 286 | 561 | 0.39 | 0.02 | 0.01 | 1.33 | 543 | 1,065 | 0.29 | 0.01 | — | b | 0.92 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 7 | 14 | 0.28 | — | — | — | 4 | 8 | 0.24 | — | — | — | 5 | 9 | 0.27 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indonesia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grasberg minerals district | 48.76% | Milling | 189 | 388 | 0.77 | 0.64 | — | 4.08 | 1,198 | 2,457 | 0.66 | 0.55 | — | 3.80 | 155 | 318 | 0.43 | 0.33 | — | 2.51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – 100% basis | 8,118 | 10,410 | 4,149 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – Consolidated basis****c | 7,520 | 9,978 | 3,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – Net equity interest****d | 7,203 | 7,705 | 3,039 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note: Totals may not foot because of rounding.
a.Mineral resources are exclusive of mineral reserves.
b.Amounts not shown because of rounding.
c.Consolidated basis represents estimated mineral resources after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion).
d.Net equity interest represents estimated consolidated mineral resources further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries).
| Estimated Mineral Resources | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| at December 31, 2025****a (continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Measured + Indicated | Total Mineral Resources | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Million Metric Tons | Million Metric Tons | Average Ore Grade | Contained Metalb | Cutoff Gradec | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FCX’s | Processing | FCX’s | 100% | FCX’s | 100% | Copper | Gold | Moly | Silver | Copper | Gold | Moly | Silver | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest | Method | Interest | Basis | Interest | Basis | % | g/t | % | g/t | billion lbs. | million ozs. | billion lbs. | million ozs. | Grade % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morenci | 72% | Milling | 1,113 | 1,546 | 1,395 | 1,937 | 0.29 | — | 0.02 | — | 12.4 | — | 1.0 | — | 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 1,534 | 2,131 | 1,854 | 2,576 | 0.15 | — | — | — | 8.7 | — | — | — | 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bagdad | 100% | Milling | 654 | 654 | 1,046 | 1,046 | 0.23 | — | d | 0.02 | 0.93 | 5.2 | 0.1 | 0.4 | 31.3 | 0.12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 6 | 6 | 11 | 11 | 0.12 | — | — | — | — | d | — | — | — | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Safford, including Lone Star | 100% | Milling | 3,970 | 3,970 | 4,617 | 4,617 | 0.31 | 0.01 | 0.01 | 1.00 | 32.0 | 2.2 | 0.5 | 148.4 | 0.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 924 | 924 | 1,204 | 1,204 | 0.28 | — | — | — | 7.4 | — | — | — | 0.08 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sierrita | 100% | Milling | 1,050 | 1,050 | 1,073 | 1,073 | 0.18 | — | d | 0.02 | 0.85 | 4.3 | 0.1 | 0.5 | 29.5 | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Chino, including Cobre | 100% | Milling | 175 | 175 | 195 | 195 | 0.47 | 0.04 | 0.01 | 0.77 | 2.0 | 0.2 | — | d | 4.8 | 0.19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 10 | 10 | 11 | 11 | 0.31 | — | — | — | 0.1 | — | — | — | 0.07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tyrone | 100% | Leaching | 39 | 39 | 40 | 40 | 0.28 | — | — | — | 0.2 | — | — | — | 0.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Henderson | 100% | Milling | 105 | 105 | 105 | 105 | — | — | 0.14 | — | — | — | 0.3 | — | 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Climax | 100% | Milling | 373 | 373 | 381 | 381 | — | — | 0.16 | — | — | — | 1.3 | — | 0.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ajo | 100% | Milling | 724 | 724 | 742 | 742 | 0.36 | 0.06 | 0.01 | 0.87 | 5.9 | 1.5 | 0.1 | 20.7 | 0.15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cochise/Bisbee | 100% | Leaching | 260 | 260 | 280 | 280 | 0.45 | — | — | — | 2.8 | — | — | — | 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sanchez | 100% | Leaching | 141 | 141 | 148 | 148 | 0.30 | — | — | — | 1.0 | — | — | — | 0.09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tohono | 100% | Milling | 309 | 309 | 312 | 312 | 0.64 | 0.09 | 0.01 | 1.88 | 4.4 | 0.9 | — | d | 18.9 | 0.18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 300 | 300 | 325 | 325 | 0.64 | — | — | — | 4.6 | — | — | — | 0.14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Twin Buttes | 100% | Milling | 135 | 135 | 140 | 140 | 0.67 | 0.01 | 0.04 | 6.84 | 2.1 | — | d | 0.1 | 30.7 | 0.21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 69 | 69 | 75 | 75 | 0.24 | — | — | — | 0.4 | — | — | — | 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Christmas | 100% | Milling | 304 | 304 | 346 | 346 | 0.40 | 0.06 | — | d | 1.05 | 3.1 | 0.7 | — | d | 11.7 | 0.21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| South America | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cerro Verde | 55.08% | Milling | 955 | 1,733 | 1,179 | 2,141 | 0.33 | — | 0.01 | 1.73 | 15.4 | — | 0.6 | 119.3 | 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 9 | 15 | 13 | 24 | 0.33 | — | — | — | 0.2 | — | — | — | 0.09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| El Abra | 51% | Milling | 350 | 687 | 893 | 1,751 | 0.34 | 0.02 | 0.01 | 1.13 | 13.1 | 0.9 | 0.3 | 63.8 | 0.13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leaching | 11 | 22 | 16 | 31 | 0.27 | — | — | — | 0.2 | — | — | — | 0.11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Indonesia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Grasberg minerals district | 48.76% | Milling | 1,387 | 2,845 | 1,543 | 3,164 | 0.65 | 0.54 | — | 3.70 | 45.6 | 54.9 | — | 376.4 | 0.52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – 100% basis | 18,528 | 22,677 | 171.0 | 61.5 | 5.3 | 855.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – Consolidated basis****e | 17,498 | 21,413 | 165.1 | 61.5 | 5.0 | 855.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total FCX – Net equity interest****f | 14,907 | 17,946 | 128.3 | 32.9 | 4.6 | 577.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Note: Totals may not foot because of rounding. In addition, amounts for “Measured + Indicated” and “Total Mineral Resources” may not equal the sum of measured, indicated and inferred (as presented on the prior page) because of rounding.
a.Mineral resources are exclusive of mineral reserves.
b.Estimated recoveries are consistent with those for mineral reserves but would require additional work to substantiate.
c.All sites report a % equivalent copper grade except for Climax and Henderson, which report a % molybdenum grade. Our underground mines report a breakeven cutoff grade, and our open-pit mines report an internal cutoff grade.
d.Amounts not shown because of rounding.
e.Consolidated basis represents estimated mineral resources after reduction for Morenci’s joint venture partner interests (refer to Note 2 for further discussion).
f.Net equity interest represents estimated consolidated mineral resources further reduced for noncontrolling interest ownership (refer to Note 2 for further discussion of our ownership in subsidiaries).
The table below summarizes changes in estimated contained copper, gold and molybdenum in mineral resources between December 31, 2024 and 2025, for our material properties:
| Estimated Contained Mineral Resources at 100% Basis | |||||||||||||||||||||||||||||||||||
| Copper (billion lbs.) | Gold (million ozs.) | Molybdenum (billion lbs.) | |||||||||||||||||||||||||||||||||
| Morenci | Cerro Verde | Grasberg minerals district | Grasberg minerals district | Morenci | Cerro Verde | ||||||||||||||||||||||||||||||
| Mineral resources as of December 31, 2024 | 25.5 | 17.5 | 48.1 | 58.3 | 1.0 | 0.6 | |||||||||||||||||||||||||||||
| Adjustmentsa | (4.3) | (1.9) | (2.5) | (3.4) | — | b | (0.1) | ||||||||||||||||||||||||||||
| Mineral resources as of December 31, 2025 | 21.1 | 15.6 | 45.6 | 54.9 | 1.0 | 0.6 | |||||||||||||||||||||||||||||
| Year-over-year percentage change | (17) | % | (11) | % | (5) | % | (6) | % | 4 | % | (12) | % |
| Estimated Contained Mineral Resources at Net Equity Basis | ||||||||||||||||||||||||||||||||||||||
| Copper (billion lbs.) | Gold (million ozs.) | Molybdenum (billion lbs.) | ||||||||||||||||||||||||||||||||||||
| Morenci | Cerro Verde | Grasberg minerals district | Grasberg minerals district | Morenci | Cerro Verde | |||||||||||||||||||||||||||||||||
| 72% | 55.08% | 48.76% | 48.76% | 72% | 55.08% | |||||||||||||||||||||||||||||||||
| Mineral resources as of December 31, 2024 | 18.3 | 9.6 | 23.5 | 28.4 | 0.7 | 0.3 | ||||||||||||||||||||||||||||||||
| Adjustmentsa | (3.1) | (1.0) | (1.2) | (1.6) | — | b | — | b | ||||||||||||||||||||||||||||||
| Mineral resources as of December 31, 2025 | 15.2 | 8.6 | 22.2 | 26.8 | 0.7 | 0.3 | ||||||||||||||||||||||||||||||||
| Year-over-year percentage change | (17) | % | (11) | % | (5) | % | (6) | % | 4 | % | (12) | % |
Note: Totals may not foot because of rounding
a.Decreases at Morenci are primarily the result of updated inventories from higher cost assumptions, geologic modeling updates, and converting material from mineral resources to mineral reserves in revised mine designs; decreases at Cerro Verde are primarily the result of higher cost assumptions and geologic modeling updates; and decreases at Grasberg minerals district are primarily the result of reassessment of future mineability.
b.Amounts not shown because of rounding.
Internal Controls over the Mineral Reserves and Mineral Resources Estimation Process
We have internal controls over the mineral reserves and mineral resources estimation processes that result in reasonable and reliable estimates aligned with industry practice and reporting regulations. Annually, qualified persons and other employees review the estimates of mineral reserves and mineral resources, the supporting documentation, and compliance with the internal controls and, based on their review of such information, recommend approval to use the mineral reserve and mineral resource estimates to our senior management. Our controls utilize management systems including but not limited to, formal quality assurance and quality control protocols, standardized procedures, workflow processes, supervision and management approval, internal and external reviews and audits, reconciliations, and data security covering record keeping, chain of custody and data storage.
Our systems cover exploration activities, sample preparation and analysis, data verification, mineral processing, metallurgical testing, recovery estimation, mine design and sequencing, and mineral reserve and resource evaluations, with environmental, social and regulatory considerations. Our quality assurance and control protocols over sampling and assaying of drill hole samples include insertion of blind samples consisting of standards, blanks, and duplicates in the primary sample streams, as well as selective sample validation at secondary laboratories.
These controls and other methods help to validate the reasonableness of the estimates. The effectiveness of the controls is reviewed periodically to address changes in conditions and the degree of compliance with policies and procedures. Refer to Item 1A. “Risk Factors” for discussion of risks associated with our estimates of mineral reserves and mineral resources.