Freeport-McMoRan Inc. (NYSE:FCX) Q3 2021 Earnings Conference Call October 21, 2021 10:00 AM ET Company Participants Richard Adkerson – Chairman of the Board and Chief Executive Office Kathleen Quirk – President and Chief Financial Officer Mark Johnson – Chief Operating Officer Mike Kendrick – President of Climax Molybdenum Josh Olmsted – President and Chief Operating Officer-Americas Conference Call Participants Michael Glick – JPMorgan Emily Chang – Goldman Sachs David Gagliano – BMO Capital Markets Chris ...

Freeport-McMoRan Inc. Conference Call Summary Company Overview - **Company**: Freeport-McMoRan Inc. (NYSE: FCX) - **Industry**: Mining, specifically copper production Key Points and Arguments Grasberg Project Updates - The Block Cave projects at Grasberg are progressing well, with significant derisking completed [2][3] - The transition from open pit to underground mining was a major undertaking, completed in late 2019 [3] - COVID-19 impacted operations, but protocols allowed continued mining with a workforce of nearly 30,000 in Papua [4][5] - Vaccination rates among employees reached approximately 75-80% [5] - Current mine rates are close to 100% of targets, with infrastructure and equipment in place for future expansions [5][6] Political and Economic Environment - The political climate in Chile and Peru is evolving, with tax and royalty risks becoming more pronounced [9][10] - Chile produces 25% of the world's copper and has a strong mining industry, but faces challenges related to income inequality [10][11] - Freeport has a significant presence in Peru with the Cerro Verde mine, which has a long operational history and stability agreements [13][14] - Engagement with local governments is crucial for addressing community needs and ensuring support for mining operations [15][16] U.S. Operations and Future Projects - Freeport's U.S. operations benefit from a favorable tax regime and community support [19][20] - The Lone Star project is highlighted as a significant opportunity, with potential to rival the Morenci mine in scale [21][22] - Plans to double mill capacity at the Baghdad mine are underway, with water resources secured for expansion [24] Supply and Demand Dynamics - The global copper market faces supply challenges, with new projects not being sanctioned and lead times increasing [26][28] - The demand for copper is expected to rise due to its critical role in renewable energy and electric vehicles [31][32] - Freeport is exploring new technologies for copper recovery from waste, with significant potential identified [39] Strategic Positioning - Freeport is in a strong position to capitalize on market opportunities, having resolved many past risks and improved its balance sheet [34][38] - The company is focused on organic growth and community engagement, with plans to extend operating rights in Indonesia beyond 2041 [38][40] - The management team is committed to sustainability and addressing environmental, social, and governance (ESG) issues [41] Future Outlook - The company is optimistic about its long-term prospects, with a solid foundation of resources and community support [42][47] - The strategic focus will remain on maximizing existing assets while being open to new opportunities as they arise [40][43] Additional Important Insights - The transition to electric vehicles and renewable energy is expected to significantly increase copper demand, with electric vehicles requiring four times more copper than traditional vehicles [31][32] - The company is actively involved in industry initiatives to reduce carbon emissions and improve sustainability practices [30][31] - Freeport's historical challenges have been largely addressed, positioning the company for future growth and capital returns [34][43]

Freeport-McMoRan Inc. (NYSE:FCX) Morgan Stanley Virtual 9th Annual Laguna Conference September 15, 2021 12:45 PM ET Company Participants Kathleen Quirk - President and CFO Conference Call Participants Carlos De Alba - Morgan Stanley Carlos De Alba Hello. Good afternoon, everyone. Thank you for joining us in the 2021 Laguna Conference. My name is Carlos De Alba, I cover metals and mining here at Morgan Stanley. It's a pleasure for me to host today Kathleen Quirk, President as well as CFO of Freeport-McMoRan. ...

Freeport-McMoRan Inc. (NYSE:FCX) Q2 2021 Earnings Conference Call July 22, 2021 10:00 AM ET Company Participants Kathleen Quirk – President and Chief Financial Officer Richard Adkerson – Chairman and Chief Executive Officer Mark Johnson – Chief Operating Officer-Indonesia Josh Olmsted – Chief Operating Officer-Americas Mike Kendrick – President-Climax Molybdenum Co. Conference Call Participants Emily Chieng – Goldman Sachs David Gagliano – BMO Capital Markets Chris LaFemina – Jefferies Alex Hacking – Citi C ...

Freeport-McMoRan Inc. (NYSE:FCX) Q1 2021 Earnings Conference Call April 22, 2021 10:00 AM ET Company Participants Kathleen Quirk - EVP and CFO Richard Adkerson - Vice Chairman, President and CEO Mark Johnson - Director, EVP and COO, Freeport Indonesia Josh Olmsted - President and COO, Americas, Freeport-McMoRan Mike Kendrick - Lead, Molybdenum Steve Higgins - Commercial Activities & Chief Administrative Officer Rick Coleman - Project Development Activities Conference Call Participants Emily Chieng - Goldman ...

Freeport-McMoRan, Inc. Conference Call Summary Company Overview - Freeport-McMoRan, Inc. (NYSE: FCX) is the largest publicly traded copper producer globally and a significant gold producer [2][4] Key Industry Insights - 2021 is identified as a critical execution year for Freeport, particularly regarding the underground expansion at Grasberg, which is expected to yield: - Copper volume growth of nearly 20% in 2021 and an additional 10% in 2022 - Gold volume growth of over 50% in 2021 and another 20% in 2022 [2][4] Copper Market Outlook - Richard Adkerson, CEO, expresses a positive outlook on copper prices, citing: - A long-term bullish sentiment on copper, supported by growing demand from various sectors, including: - Infrastructure build-out - 5G networks - Carbon reduction initiatives - Artificial intelligence [9][10] - The company is well-positioned with a strong asset base and experienced technical team [10] Management Changes - Richard Adkerson has taken on the role of Chairman of the Board in addition to his CEO responsibilities, while Kathleen Quirk has become President alongside her CFO role [11][12] - The company aims to build a sustainable board and management team, focusing on internal promotions and addressing ESG issues [13][14] U.S. Operations and Expansion Plans - Freeport is exploring expansion opportunities in the U.S., particularly in: - Bagdad operation in Northwest Arizona - Lone Star project, which is crucial for the company's future [19][20] - The company has favorable tax positions and strong community relationships, particularly with Native American groups [19] Financial Strategy - The Board has adopted a shareholder-friendly financial policy, indicating a commitment to returning cash to shareholders through dividends and potential stock buybacks [22] - The company anticipates significant cash flow generation, with debt expected to be around $2 billion by year-end [22] M&A Strategy - Freeport does not have a defined M&A strategy but remains open to opportunities that may arise [36][38] - The focus remains on the quality of assets and long-term growth rather than pursuing acquisitions for growth's sake [36][38] ESG Considerations - The company is actively engaged in ESG initiatives, having published its first climate report and addressing sustainability challenges in various regions [33][34] - Richard Adkerson emphasizes the importance of managing ESG risks and the evolving landscape of stakeholder expectations [31][32] Conclusion - Freeport-McMoRan is positioned for growth in the copper market, with a focus on execution, community relationships, and shareholder returns while navigating the complexities of ESG and potential M&A opportunities [10][22][36]