Summary of Freeport-McMoRan Inc. Conference Call Company Overview - **Company**: Freeport-McMoRan Inc. (NYSE: FCX) - **Participants**: Kathleen Quirk (President), Lawson Winder (Bank of America), Daniel Lungo (Bank of America), Peter Schmitz (Anglo American) [1][2] Industry Insights - **Copper Market Dynamics**: - Anticipation of new copper supply in the second half of 2022 and into 2023, but limited projects expected to come online [3][4] - Structural deficit in copper supply due to challenges in bringing new supplies online and increasing demand driven by infrastructure development and decarbonization [5][6] - Short-term price declines in copper may occur but are expected to be temporary due to underlying supply deficits [6] Company Strategy and Position - **Operational Strengths**: - Freeport is now essentially debt-free and generating strong cash flows, with a focus on copper production [10][11] - Successful transition of the Grasberg mine to a low-cost underground operation, with a net cash cost of $0.06 per pound [10] - Strong reserve base with over 25 years of resources and significant undeveloped resources [11] - **Geographic Focus**: - Strong presence in the U.S., Peru, and Indonesia, with plans for further development in Chile [12] - Emphasis on community relations and environmental management as key components of operational success [15] Future Growth and Technology - **Smelting Capacity Needs**: - Discussion on the need for increased smelting capacity in the U.S. due to more concentrate production than smelting capacity [17][18] - Exploration of new technologies, including concentrate leach technology, to enhance production without the need for new smelters [19][20] - **Leach Technology Development**: - Potential to recover 100 million to 200 million pounds of copper per annum from existing leach pads through new technologies [22] - Collaboration with various technology partners to enhance leach recovery processes [24][25] Financial Strategy - **Balance Sheet Management**: - Focus on maintaining a strong balance sheet with a leverage policy well below 1x EBITDA [28][29] - Commitment to returning half of free cash flow to shareholders while investing in long-term growth [29] Market Position and Competitive Landscape - **Industry Collaboration**: - Freeport's historical operations and leach stockpiles position it favorably in the industry for technology advancements [32] - Potential for shared technologies across the industry once breakthroughs are achieved [33] Investor Concerns - **Grasberg Economic Interest**: - Explanation of the reduction in economic interest in Grasberg, with a transition from 81% cash flow to 49% due to legacy partnership arrangements [35] This summary encapsulates the key points discussed during the Freeport-McMoRan conference call, highlighting the company's strategic focus, market dynamics, and future growth opportunities.

Freeport-McMoRan, Inc. (NYSE:FCX) Q1 2022 Earnings Conference Call April 21, 2022 10:00 AM ET Company Participants Kathleen Quirk - President Richard Adkerson - Chairman & CEO Mark Johnson - President, Freeport-McMoRan Indonesia Joshua Olmsted - President & COO, Americas Conference Call Participants Christopher LaFemina - Jefferies Emily Chieng - Goldman Sachs Group Orest Wowkodaw - Scotiabank Alex Hacking - Citigroup Lawson Winder - Bank of America Merrill Lynch Abhinandan Agarwal - Deutsche Bank Carlos De ...

Freeport-McMoRan, Inc. (NYSE:FCX) Q4 2021 Earnings Conference Call January 26, 2022 10:00 AM ET Company Participants Kathleen Quirk - President and Chief Financial Officer Richard Adkerson - Chairman of the Board and Chief Executive Officer Joshua Olmsted - President and Chief Operating Officer-Americas, Freeport-McMoRan Michael Kendrick - President, Climax Molybdenum Co. Cory Stevens - President, Freeport-McMoRan Mining Services Conference Call Participants Emily Chieng - Goldman Sachs Lawson Langer - Bank ...

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]