Freeport-McMoRan

In 1881, Phelps Dodge & Company invested $50,000 in the Morenci property in Arizona. Morenci, an open-pit copper mining complex, has been in continuous operation since 1939.⁠[1]

In 1912, the Vanderlip-Swenson-Tilghman Syndicate formed by Eric P. Swenson founded Freeport Sulphur Company, which mined sulfur using the Frasch process.⁠[2]

PT Freeport Indonesia’s (PT-FI) mining rights were first set out in a 1967 Contract of Work, replaced in 1991 by a new one whose initial term ran to December 2021 with two possible 10-year extensions.⁠[3]

In 1969, James R. Moffett and his partners W. K. McWilliams and B. M. Rankin, Jr. founded McMoRan Exploration Co.⁠[4]

In 1981, McMoRan Oil & Gas Company merged with Freeport Minerals Company to form Freeport-McMoRan Inc.⁠[2]

The company was incorporated under the laws of Delaware on November 10, 1987. It is a founding member of the International Council on Mining and Metals (ICMM).⁠[5]

In 1988, PT-FI discovered the Grasberg copper and gold deposit, and FCX listed on the New York Stock Exchange as Freeport-McMoRan Copper Company, Inc. In 1995 FTX spun off the remaining 80 percent of FCX as an independent public company.⁠[6]

In 1996, the company established joint ventures with Rio Tinto plc, giving Rio Tinto, through 2021, a 40 percent interest in certain assets.⁠[3]

Violent incidents at the mine in 1995 and 1996 led to several deaths and scores of injuries. In the mid-1990s the mine discharged tons of tailings into the forest and rivers, causing evident environmental damage.⁠[2]

On December 10, 2003, the company announced that James R. Moffett would serve as Executive Chairman and that Richard C. Adkerson was named Chief Executive Officer while continuing as President. Moffett had become Chairman and CEO of Freeport-McMoRan Inc. in 1984.⁠[4]

On March 19, 2007, FCX, then named Freeport-McMoRan Copper & Gold Inc., completed its acquisition of Phelps Dodge Corporation in a $26 billion transaction, creating the world’s largest publicly traded copper company. Phelps Dodge shareholders received $88 in cash plus 0.67 of an FCX share for each share, equivalent to $128.68.⁠[7]

On March 28, 2007, the company completed $5.76 billion in equity financings, with net proceeds of about $5.6 billion to repay debt incurred for the Phelps Dodge acquisition.⁠[8]

In April 2007, FCX described itself in its quarterly results as a leading international mining company with headquarters in Phoenix, Arizona.⁠[9]

FCX acquired Plains Exploration & Production and McMoRan Exploration Co. in 2013 and was renamed Freeport-McMoRan Inc. in 2014. In 2016 it cut net debt by over $8 billion through sales including Tenke Fungurume and substantially all oil and gas assets.⁠[6]

On December 21, 2018, FCX announced the completion of its transaction with the Government of Indonesia. PT Inalum paid $3.5 billion in cash for Rio Tinto’s interests in its joint venture with PT-FI, after which PT Inalum and provincial and regional governments held about 51.2 percent of PT-FI and FCX about 48.8 percent. PT-FI received a special mining license (IUPK) to operate in the Grasberg district through 2041.⁠[10]

On February 6, 2024, the company announced that President Kathleen L. Quirk would become President and Chief Executive Officer effective at the annual meeting on June 11, with Richard C. Adkerson continuing as Chairman of the Board. Adkerson said: “Serving as CEO of Freeport for over 20 years has been an honor.”⁠[11]

Quirk joined the company in 1989, became Chief Financial Officer in 2003 and President in 2021, and joined the Board in 2023. Adkerson, who also joined in 1989, served as CEO from 2003 to June 2024 and has been Chairman of the Board since February 2021.⁠[12]

PT-FI’s Manyar smelter in Gresik, East Java, has the capacity to process approximately 1.7 million metric tons of copper concentrate per year.⁠[13]

Construction of the smelter was completed in 2024. In October 2024, a fire during start-up activities required a temporary suspension of smelting operations for repairs, and operations commenced in May 2025 after the repairs were completed.⁠[14]

On September 8, 2025, PT-FI experienced an external mud rush incident that resulted in seven fatalities, and operations were temporarily suspended.⁠[15]

At the end of 2025, the company held 48.76 percent of PT-FI, 72 percent of Morenci, 55.08 percent of Cerro Verde in Peru and 51 percent of El Abra in Chile, and wholly owned Atlantic Copper in Spain.⁠[15]

At December 31, 2025, the company 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.⁠[14]

PT-FI uses a controlled riverine tailings management system implemented under methods approved and permitted by the Indonesian government. Tailings travel from the concentrator in the highlands down the Aghawagon/Otomona River to the Modified Ajkwa Deposition Area (ModADA), approximately 1.85 billion metric tons through 2025.⁠[16]

On January 22, 2026, the company announced 2025 revenues of $25.915 billion ($25.455 billion in 2024) and net income attributable to common stock of $2.204 billion, or $1.52 per share ($1.889 billion and $1.30 in 2024). It said a phased restart of the Grasberg Block Cave would begin in the second quarter of 2026.⁠[17]

On February 18, 2026, FCX announced a memorandum of understanding with the Indonesian government under which PT-FI’s IUPK would be amended to extend operating rights for the life of the resource, beyond 2041, and FCX would transfer a 12 percent interest in PT-FI to government interests in 2041 at no cost. The extension is subject to Indonesia’s issuance of an amended IUPK.⁠[18]

On April 23, 2026, the company announced first-quarter revenues of $6.234 billion and net income attributable to common stock of $881 million, or $0.61 per share. A phased restart and ramp-up of the Grasberg Block Cave underground mine began at the end of March 2026.⁠[19]

On October 27, 2026, the company announced third-quarter revenues of $7.546 billion and net income attributable to common stock of $1.174 billion, or $0.81 per share. PT-FI mill throughput averaged 141,000 metric tons of ore per day in the quarter, 67 percent of capacity, and the company expected to reach 80 percent of capacity in mid-2027 and approach full capacity by year-end 2027.⁠[20]