自由港麦克莫兰 2025年度报告

Freeport-McMoRan Inc. (FCX or Freeport) is a leading international metals company with the objectiveof being Foremost in Copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived,geographically diverse assets with significant proven and probable mineral reserves of copper, goldand molybdenum. FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, oneof the world’s largest copper and gold deposits and significant operations in the United States (U.S.)and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verdeoperation in Peru. FCX has a strong commitment to safety performance, environmental management and the communitieswhere it operates. As a founding member of the International Council on Mining and Metals (ICMM),FCX is committed to implementing ICMM’s Mining Principles, which serve as a best practice frameworkon sustainable development for the global mining and metals industry. FCX has also achieved theCopper Mark, a comprehensive assurance framework designed to demonstrate the copper industry’sresponsible production practices, at all its copper-producing sites globally. By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world wellbeyond its operational boundaries. Additional information about FCX is available at fcx.com. “Copper at Our Core” reflects the central role copper plays inthe global economy and in Freeport’s strategy. As a leadingglobal copper company, Freeport is focused on deliveringlong-term value by being Foremost in Copper. 2025 FINANCIAL HIGHLIGHTS REVENUES$25.9BILLION NET INCOME$1.52PER SHARE COMMON STOCK DIVIDENDS$0.60PER SHARE OPERATING CASH FLOWS$5.6BILLION NET DEBT$2.3BILLIONExcluding debt for PTFI’s downstreamprocessing facilities. CAPITAL EXPENDITURES$3.9 BILLIONExcluding $0.6 billion to completePT Freeport Indonesia’s (PTFI’s)downstream processing facilities. T A B L EO FC O N T E N T S 4Copper at Our Core6Letter to Shareholders8Operational Overview16Mineral Reserves and Mineral Resources18Financial Performance20Sustainability212026 Focus Areas22Board of Directors and Leadership23Financial and Operating Information106Performance Graph107Stockholder Information Fully Integrated Metals Producer with GeographicallyDiverse Operations GOLD (AU)COPPER (CU)MOLYBDENUM (MO) UPSTREAMUDOWNSTREAMD COPPER AT THE CORE OF GLOBAL PRODUCTION Freeport’s portfolio includes mines that were among thelargest copper producers in the world during 2025. Copper — Metal of ElectrificationOver 65% of the world’s copper is used inapplications that deliver electricity.* Infrastructure •Backbone of construction, urbanization and energy infrastructure•Possesses best electrical and thermal conductivity of any industrial metal Technology •Demand expected to benefit from advances in AI, communications andexpanding connectivity Transportation •Essential material component of hybrid and electric vehicles•Used in electric motors, batteries, inverters, wiring and charging stations *internationalcopper.org The copper we produce is integral to economic progressand required by clean energy applications. Dear Fellow Shareholders We also progressed our organic growth options, allcentered on expanding our copper portfolio. As “America’sCopper Champion,” we are advancing projects withthe potential to increase our U.S. copper productionby approximately 60% by 2030 through the Bagdad 2Xexpansion project and continued scaling of our leachinitiatives. At Safford/Lone Star, we continued work todefine a potentially significant expansion opportunity.In Chile, we advanced preparation of our permittingapplication for a major copper expansion at El Abraand added 17.5 billion pounds of recoverable copper toreserves associated with this potential mill project. InIndonesia, we are advancing the development of the largeKucing Liar deposit and completed studies to expand thefootprint of this highly attractive ore body in the Grasbergminerals district. The theme of this year’s annual report, “Copper at OurCore,” reflects the central role copper plays in the globaleconomy and in Freeport’s strategy. Copper is fundamentalto emerging secular trends in electrification, technologicaladvancement and critical energy infrastructure and haslong been at the heart of our company’s strategy. With adiversified portfolio of long-lived assets, extensive technicalexpertise, and a strong financial foundation, Freeport iswell-positioned to supply copper reliably and responsiblyto a growing market. In 2025, our team demonstrated resilience in overcomingchallenges and achieved meaningful progress on severalinitiatives strengthening our foundation and positioningthe company for a positive long-term future centered onvalue creation. We are saddened by the unprecedentedSeptember 2025 mud rush tragedy at the Grasberg BlockCave where we lost seven of our co-workers. This incidentovershadowed otherwise steady improv