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Charging Ahead Responsibly 2020 ANNUAL REPORT ON SUSTAINABILITY / 3 CHARGING AHEAD RESPONSIBLY. RELIABLY. RELENTLESSLY. 2020 ANNUAL REPORT ON SUSTAINABILITY ABOUT FREEPORT-MCMORAN Freeport-McMoRan Inc. (Freeport-McMoRan, Freeport or FCX) is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia (PT Freeport Indonesia or PT-FI), one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America (Freeport Minerals Corporation or FMC), including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. RECENT AWARDS & RECOGNITION Freeport was named to Fortune magazine’s 2021 World’s Most Admired Companies list and ranked No. 6 in its industry category. Forbes magazine ranked Freeport on its 2020 World’s Best Employers List (No. 338), 2020 America’s Best Employer by State (No. 16) and 2020 Best Employers for Diversity (No. 458). Newsweek named Freeport as one of America’s 300 Most Responsible Companies. Points of Light named Freeport to the 2020 The Civic 50 list, recognizing the 50 most community-minded companies in the U.S. for the eighth year in a row and was selected as the Materials Sector Leader. Freeport was named to Forbes magazine’s 2020 JUST 100 as one of America’s most JUST Companies (first in Basic Resources and No. 43 nationally). Cover Photo: Our El Abra operations in Chile implemented Chile's voluntary gender equality ordinance to support increased representation in the workforce. Learn more on page 40. LETTER TO STAKEHOLDERS April 2021 Dear Stakeholders, I am extremely proud of our global team’s exceptional response and Fundamental to responsible production is addressing climate change. In resolve in the face of the COVID-19 pandemic. During 2020, our global team 2020, we published our inaugural climate report, formalized our climate responded to the challenges, maintained focus and embraced opportunities strategy, established a 2030 greenhouse gas (GHG) emissions reduction to further strengthen and integrate our commitment to sustainability. target for the Americas and committed to aligning our strategy and By protecting our people, we are safeguarding our business, and this has disclosures in the coming years with the recommendations of the Task Force been further emphasized throughout the pandemic. Early in 2020, we on Climate-related Financial Disclosures. We look forward to updating you Richard C. Adkerson on our climate progress and future steps in our climate report later this year. Chairman of the proactively implemented protective health protocols throughout our global Board and Chief operations, following international and local guidelines, and enhanced our We proudly joined the United Nations Global Compact in 2020, and we Executive Officer protocols throughout the year. We also are supporting our host communities continue to embrace the goals of the Compact and seek to operate in a way and indigenous neighbors to help them navigate the pandemic. that supports the 10 universal sustainability principles and report on our We achieved many successes in our health and safety program in an progress annually. Our 2020 Annual Report on Sustainability details our unprecedented and difficult year, including zero workplace fatalities across ongoing commitment to responsibly manage our environmental, social and our Americas business and fewer high-risk incidents and total recordable governance (ESG) performance, and I am pleased that this report also serves incidents globally. Despite this progress, I am deeply saddened by the as our Commitment on Progress report in accordance with the Compact. five fatalities at our PT-FI operations in Indonesia during the year. These In 2020, we rolled out Freeport Edge, which is focused on driving incidents underscore that we must do better in our fatality prevention organizational learning, employee engagement and progress — a process programs. There are intense efforts underway across the company to that requires challenging our own business models and assumptions, enhance our fatality prevention programs, and our Board of Directors asking the right questions, and listening to diverse voices. It is through challenged us to improve performance. our collective intelligence that Freeport is able to continually enhance We are dedicated to enhancing and transparently demonstrating our our resilience, adjust our traditional approaches, embrace change and responsible production practices, and in 2020, we committed to the favorably position ourselves for the future at a time when society stands Copper Mark, a new assurance framework developed to demonstrate the at the edge of significant technological and social change. industry’s responsible production practices and contribution to the United Responsibly produced copper is critically important to support these Nations Sustainable Development Goals on a site-by-site basis. To date, six advancements. As a future-facing metal and core component of of our sites have been awarded the Copper Mark, and we have future plans emerging trends, copper is essential to the global renewable energy to achieve the Copper Mark at all of our copper producing sites. transition and advanced technology. Through our membership in the International Council on Mining and Looking ahead, I am excited about the future for copper, for our business Metals (ICMM), we took an active leadership role in the development and for our people. We are committed to building on our achievements of the Global Industry Standard on Tailings Management, a multi- in ESG and positively contributing to society by supplying the world with stakeholder effort designed to elevate the standard of practice for copper — Responsibly. Reliably. Relentlessly. tailings storage facilities worldwide, and the associated guidance for ICMM member companies. We are committed to implementing the standard throughout the next few years. MESSAGE FROM OUR CORPORATE RESPONSIBILITY COMMITTEE CHAIR April 2021 Dear Stakeholders, On behalf of Freeport’s Corporate Responsibility Committee (CRC), I want and Chief Financial Officer. We also enhanced our tracking and disclosure to thank you for your partnership during an extraordinary 2020. Our Board of various diversity metrics, which we plan to build upon. is deeply committed to supporting the health, safety and well-being of our We recognize robust ESG practices and transparency are integral people, which was further emphasized as the COVID-19 pandemic created components to producing sustainable long-term value for our stakeholders. unprecedented challenges for our workforce and their families, our host During 2020, the CRC supported the company’s work to further enhance communities and indigenous neighbors, our customers and for society at large. its ESG disclosures, including a more comprehensive, data-driven Frances Fragos Despite an outstanding COVID-19 response, we regret to report five sustainability report, an inaugural climate report and water report, and Townsend fatalities at PT-FI in 2020. The CRC is critically focused on improving our first Organisation of Economic Co-operation and Development (OECD) Corporate our safety performance and supports management’s ongoing efforts to Step 5 due diligence report to support responsible sourcing efforts. We Responsibility Committee Chair enhance our fatality prevention programs. also supported management’s adoption of the Sustainability Accounting The pandemic has underscored the importance of environmental, social Standards Board (SASB) framework for the first time in this year’s report. and governance (ESG) matters for our business and stakeholders. In We know that strong ESG practices are foundational to all the work we do. particular, we were reminded that ESG issues are not singular topic areas As a global mining company, Freeport has an obligation to consider our host that can be addressed in silos, but all are interconnected issues, each communities and indigenous neighbors as well as the environmental and social potentially impacting the other. impacts of our operations. The longevity of our mines is measured in decades, At the core of this is people. The pandemic has radically shifted often spanning multiple generations. We must view the relationship with our traditional organizational systems and means of working and our host communities and indigenous neighbors as a long-term partnership collaborating. It has amplified our focus on the need for, and receptivity and recognize that expectations from our partners can change over time. We to, innovation across all facets of our business, particularly in how we encourage management to view social acceptance as a constantly evolving leverage new technologies and communicate and collaborate across our collaboration built on trust, open communication and dialogue. global workforce in a more virtual environment. Understanding and integrating evolving stakeholder perspectives into our As we adjust to shifting workplace dynamics, we must also continue to business decisions is imperative. In 2020, the CRC was pleased to support advance our inclusion and diversity efforts from the Board room to our our Chairman and Chief Executive Officer Richard Adkerson as the newly people on the front line. Inclusive and diverse teams are the backbone elected Chair
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