Freeport-McMoRan Inc.
Freeport-McMoRan Inc. engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile. The company was formerly known as Freeport-McMoRan Copper & Gold Inc. and changed its name to Freeport-McMoRan Inc. in July 2014. The company was incorporated in 1987 and is headquartered in Phoenix, Arizona.
What does it do?
Freeport-McMoRan is one of the world's largest copper mining companies. Think of them as a massive earth-moving operation — they dig up copper ore from giant open-pit mines across the US, South America, and Indonesia, then process it into pure copper that gets sold to manufacturers. Their biggest mine, Grasberg in Indonesia, is one of the largest copper and gold deposits on the planet. The copper they produce ends up in everything from electrical wiring and iPhones to electric vehicles and solar panels.
Copper is often called 'the metal of the future' because it's essential to the green energy transition — you need enormous amounts of it to build EVs, wind turbines, and electrical grids. Freeport controls a huge slice of global copper supply at a moment when demand is accelerating and new mines take over a decade to build. That supply-demand squeeze is why investors are paying close attention to this company right now.
How does it make money?
Freeport makes money by mining and selling copper, gold, and molybdenum (a metal used in steel). Copper is by far the biggest driver, typically accounting for over 75% of revenue. The company brought in $25.9 billion in revenue in its latest fiscal year, up from $25.5 billion the year before. Their profitability swings heavily with copper prices — when copper goes up even a little, their earnings jump significantly because their mining costs stay relatively fixed.
Why do investors care?
The core investor bet here is simple: the world needs a lot more copper, and Freeport is one of the few companies big enough to supply it. Electric vehicles use roughly four times more copper than gas-powered cars, and governments worldwide are spending trillions on grid upgrades and clean energy. Freeport is also expanding output at their Indonesian and US operations. For this story to pay off, copper prices need to stay strong and their big expansion projects need to deliver on schedule.
Deep Dive
MemberA full investor briefing on Freeport-McMoRan Inc. — history, leadership, risks, and outlook.