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Freeport-Mcmoran 2016 AR DRIVEN BY VALUE 1653-Cvr-R5.indd 2 4/6/17 1:15 PM Freeport-McMoRan Inc. (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 is the world’s largest publicly traded copper producer. FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits, and significant mining operations in North and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. FCX has a strong commitment to safety performance, environmental management and the local communities where it operates. FCX is a founding member of the International Council on Mining and Metals (ICMM) and is committed to implementation of the ICMM Sustainable Development Framework. Additional information about FCX is available at fcx.com. SUMMARY FINANCIAL HIGHLIGHTS 2016 2015 2014 2013 2012 Years ended December 31, (In millions, except per share amounts) Revenues $ 14,830 $ 14,607 $ 20,001 $ 19,331 $ 16,661 Operating (loss) income (2,792)* (13,512)* (298)* 4,820 5,299 Net (loss) income attributable to FCX common stockholders (4,154)* (12,236)* (1, 308)* 2,658 3,041 Diluted net (loss) income per common share (3.16)* (11.31)* (1. 26)* 2.65 3.20 Dividends declared per common share – 0.2605 1.25 2.25 1.25 Operating cash flows 3,729 3,220 5,631 6,139 3,774 Capital expenditures 2,813 6,353 7,215 5,286 3,494 At December 31: Cash and cash equivalents 4,245 177 298 1,864 3,567 Total assets 37,317 46,577 58,674 63,385 35,421 Total debt, including current portion 16,027 20,324 18,741 20,476 3,340 Total stockholders’ equity 6,051 7,828 18,287 20,934 17,543 * Includes net charges to reduce the carrying value of oil and gas properties pursuant to full cost accounting rules totaling $4.3 billion ($4.3 billion to net loss attributable to common stockholders or $3.28 per share) in 2016, $13.1 billion ($11.6 billion to net loss attributable to common stockholders or $10.72 per share) in 2015 and $3.7 billion ($2.3 billion to net loss attributable to common stockholders or $2.24 per share) in 2014. Cathodes from the El Abra mine in Chile 1653-Cvr-R4.indd 3 4/5/17 10:03 AM D R I V E N B Y VVALUE A L U E Freeport-McMoRan’s mineral resources are the building blocks of infrastructure and critical elements of progress. In 2017, our theme “Driven by Value” highlights our firm resolve to generate value for shareholders from our geographically diverse portfolio of high-quality, long- lived copper resources. TABLE OF CONTENTS 2 Mining Operations 4 Letter to Our Shareholders 6 Operational Overview 14 Financial Performance 15 Mining Reserves and Mineralized Material 15 Sustainable Development 16 Board of Directors and Management 17 Financial and Operating Information 134 Performance Graph 135 Stockholder Information 2016 Annual Report 1 1653-Narr-R4.indd 1 4/4/17 12:33 PM MININGMINING OPERATIONS OPERATIONS CopperCopper (Cu) (Cu) GoldGold (Au) (Au) Morenci,Morenci, Arizona Arizona MolybdenumMolybdenum (Mo) (Mo) Bagdad,Bagdad, Arizona Arizona Sierrita,Sierrita, Arizona Arizona Henderson,Henderson, Colorado Colorado Safford,Safford, Arizona Arizona Climax,Climax, Colorado Colorado Miami,Miami, Arizona Arizona Chino,Chino, New New Mexico Mexico Tyrone,Tyrone, New New Mexico Mexico Grasberg,Grasberg, Indonesia Indonesia CerroCerro Verde, Verde, Peru Peru El Abra,El Abra, Chile Chile CONSOLIDATED TOTALS NORTH AMERICA SOUTH AMERICA INDONESIA (Continuing Operations) Reserves Cu 30.4 billion lbs Cu 29.5 billion lbs Cu 26.9 billion lbs Cu 86.8 billion lbs at 12/31/16 Au 0.3 million ozs Au 25.8 million ozs Au 26.1 million ozs Mo 2.31 billion lbs Mo 0.64 billion lbs Mo 2.95 billion lbs 2016 Sales Cu 1.8 billion lbs Cu 1.3 billion lbs Cu 1.1 billion lbs Cu 4.2 billion lbs Au 1.1 million ozs Au 1.1 million ozs Mo 74 million lbs* Mo 74 million lbs * Includes sales of molybdenum produced at FCX’s North and South America copper mines. Note: lbs=pounds; ozs=ounces. 2 FREEPORT-MCMORAN 1653-Narr-R4.indd 2 4/4/17 12:33 PM MININGMINING OPERATIONS OPERATIONS CopperCopper (Cu) (Cu) GoldGold (Au) (Au) Morenci,Morenci, Arizona Arizona MolybdenumMolybdenum (Mo) (Mo) Bagdad,Bagdad, Arizona Arizona Sierrita,Sierrita, Arizona Arizona Henderson,Henderson, Colorado Colorado Safford,Safford, Arizona Arizona Climax,Climax, Colorado Colorado Miami,Miami, Arizona Arizona Chino,Chino, New New Mexico Mexico Tyrone,Tyrone, New New Mexico Mexico Grasberg,Grasberg, Indonesia Indonesia CerroCerro Verde, Verde, Peru Peru El Abra,El Abra, Chile Chile 2016 Annual Report 3 1653-Narr-R4.indd 3 4/4/17 12:33 PM TO OUR SHAREHOLDERS Our global team came together to “Prove our Mettle” during 2016. We successfully executed our plan to strengthen our balance sheet, and we refocused our business on our leading position in the global copper industry. Through a series of transactions, we generated cash proceeds to reduce our net debt by over $8 billion during 2016. Despite challenging market conditions, we achieved valuations that demonstrated the attractiveness of our copper mining assets. We are now positioned to build long-term values from our portfolio of mineral resources. We completed a major expansion at our Cerro Verde mine in Peru to establish an industry-leading, large-scale operation as a strong cash flow generator for decades to come. Our team’s execution of the challenging Cerro Verde expansion project was exceptional and noteworthy. We successfully executed our operating plans during 2016. We focused on production efficiencies, cost reduction and maintaining a rigorous approach to capital allocation to generate cash flows to reduce debt and generate value for shareholders. These initiatives contributed to a 19 percent reduction in our consolidated copper unit site production and delivery costs and a 56 percent decrease in our capital expenditures compared with the prior year. Through a series of transactions, we generated cash proceeds In 2017, our theme “Driven by Value” to reduce our net debt by over highlights our firm resolve to generate $8 billion during 2016. Despite value for shareholders from our challenging market conditions, geographically diverse portfolio we achieved valuations that of high-quality, long-lived copper demonstrate the attractiveness resources. of our copper mining assets and We are focused on securing our long- are now positioned to build long- term rights for our Grasberg operations term values in our high-quality in Indonesia by negotiating in good portfolio of assets. faith with the Government of Indonesia for the benefit of all stakeholders while protecting the interests of our company’s shareholders. Our current operations at Grasberg are being adversely affected by new Government of Indonesia regulations that restrict exports of copper concentrate. We are working with Indonesian government officials to reach agreement on a stable framework to enable us to produce the resources that our company has developed over its many years of operations in the Indonesian Province of Papua and to support our long-term investment program to provide production volumes for the future. This would enable us to generate large financial benefits to be shared mutually by the Republic of Indonesia, our workforce and their families, the local communities in Papua, Indonesian suppliers and our company’s shareholders. We remain optimistic about the market outlook for copper. The current market reflects improvements in global economic conditions and limited supplies. Falling production from aging mines, an absence of major new projects and ongoing supply disruptions are contributing to tightening market conditions. Our company is strongly positioned to benefit from a positive market place for copper in the coming years. 4 FREEPORT-MCMORAN 1653-Narr-R5.indd 4 4/5/17 9:16 AM While we continue to focus on managing costs and capital spending, our large portfolio of brownfield development projects provides opportunities for future growth. Preliminary planning for these Americas-based projects are under way to be advanced when market conditions warrant. At the core of our business is an extraordinary workforce. Their safety remains our top priority. Regrettably, we lost six employees and contractors to fatal injuries during 2016, including four at our Grasberg operations in Indonesia, one at our Safford mine in Arizona and one at our El Abra operation in Chile. In early 2017, two workers at our Cerro Verde mine in Peru suffered fatal accidents. Our management team places the utmost importance on fatality prevention. We are emphasizing training, technologies and supervisory oversight to avoid accidents and to mitigate operating risks inherent in our business. Our team’s dedication and positive spirit were instrumental in successfully repositioning our company in 2016. Our primary focus during 2017 will be to improve our safety performance, reach a resolution to the complex issues in Indonesia and continue to exercise capital and cost discipline to achieve our balance sheet objectives. We thank our Board of Directors for their support and wise counsel during this challenging period. We are collectively “Driven by Value” and focused on building value for our shareholders. Respectfully, GERALD J. FORD RICHARD C. ADKERSON Non-Executive Chairman Vice Chairman of the Board, of the Board President and Chief Executive Officer March 31, 2017 COPPER PRICE CHART $ per lb $3.00 $2.50 $2.00 $1.50 Jan Mar Jun Sep Dec 2016 2016 Morenci is the largest copper mine in North America.
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