We are a leading international mining company with headquarters in Phoenix, Arizona. Our company was incorporated under the laws of the state of Delaware on November 10, 1987. We operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum, and wemolybdenum. We are one of the world’s largest publicly traded copper producer.producers. Our 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 the Americas,North America and South America, including the large-scale Morenci minerals district in North AmericaArizona and the Cerro Verde operation in South America.Peru.

Our results for 2023 reflect strong operating performance, including achievement of a number of important initiatives to advance growth options, to position us for the future and aimed at enhancing value. Despite economic uncertainty, including rising costs, we continued to generate positive operating cash flows. We believe the actions we have taken actionsin recent years to restore ourbuild a solid balance sheet strength through a combination of asset sale and capital market transactions, including:

We believe the underlying long-term fundamentals of the copper business remain positive, andthat we have retained a high-quality portfolio of long-lived copper assets that are positioned to generate long-term value. We have commenced a projectvalue, and we remain focused on executing our operating and investment plans. Our underground mining operations at the Grasberg minerals district in Indonesia continue to developperform well, with copper and gold production increasing in each of the Lone Star oxide ores near the Safford operationpast three years, including achievement of multiple operating records during 2023. Furthermore, projects to expand our domestic smelting and refining capacity in eastern Arizona.Indonesia are progressing, with construction progress for these projects measured at over 90% at year-end 2023. We are also pursuing other opportunitiesadvancing a series of initiatives across our North America and South America operations to enhance net present values,incorporate new applications, technologies and data analytics to our leaching processes. In fourth-quarter 2023, we continueachieved our initial run rate target of approximately 200 million pounds of copper per year through these initiatives.

For the year 2023, the London Metal Exchange (LME) copper settlement prices averaged $3.85 per pound, ranging from a high of $4.28 per pound in January to advance studiesa low for the year of $3.54 per pound in May, and closing at $3.84 per pound on December 29, 2023. Current physical market conditions are strong as evidenced by low levels of global exchange stocks. We believe long-term fundamentals for copper are favorable and that future development of our copper resources, the timing of whichdemand will be dependent on market conditions.supported by copper’s role in the global transition to renewable power, electric vehicles and other carbon-reduction initiatives, continued urbanization in developing countries and growing connectivity globally.

Following a framework understanding reached in August 2017,is the parties have been engaged in negotiation and documentationallocation of a special license (IUPK) and accompanying documentation for assurances on legal and fiscal terms to provide PT-FI with long-term rights through 2041. In addition, the IUPK would provide that PT-FI construct a smelter within five years of reaching a definitive agreement and include agreement for the divestment of 51 percent of the project area interests to Indonesian participants at fair market value. The parties continue to negotiate documentation on a comprehensive agreement for PT-FI’s extended operations and to reach agreement on timing, process and governance matters relating to the divestment. The parties have a mutual objective of completing negotiations and the required documentation during the first half of 2018.

In North America, we operate seven copper mines -– Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico, and two molybdenum mines -– Henderson and Climax in Colorado. In addition to copper, certain of our North America copper mines also produce molybdenum concentrate, gold and silver. In South America, we operate two copper mines -– Cerro Verde in Peru and El Abra in Chile. In addition to copper, the Cerro Verde mine also produces molybdenum concentrate and silver. In Indonesia, our subsidiary PT-FI operates in the

Following is a summary of the geographic locationallocation of our consolidated copper, gold and molybdenum production for the year 20172023 by geographic location (refer to “Mining Operations” and MD&A for further information):

FollowingThe following provides a brief discussionsummary of our primary natural resources – copper, gold and molybdenum. ForRefer to MD&A for further discussion of historical and current market prices of these commodities refer to MD&A and Item 1A. “Risk Factors.”Factors” for discussion of factors that can cause price fluctuations.

In general, demand for copper reflects the rate of underlying world economic growth, particularly in industrial production and construction. According to Wood Mackenzie, a widely followed independent metals market consultant, copper’s end-use markets (and their estimated shares of total consumption) are electrical applications (28%), construction (30 percent)(27%), consumer products (24 percent), electrical applications (24 percent)(21%), transportation (12 percent)(13%) and industrial machinery (10 percent)(11%). We believe copper will continue to be essential in these basic uses as well as contribute significantly to new technologies for clean energy, efficiencies, to advance communications and to enhance public health. Examples of areas we

believe will require additional copper in the future include: (i) high efficiency motors, which consume up to 75 percent75% more copper than a standard motor; (ii) electric vehicles, which consume up to four times the amount of copper in terms of weight compared to vehicles of similar size with an internal combustion engine, and require copper-intensive charging station infrastructure to refuel; and (iii) renewable energy

Gold is used for jewelry, coinage and bullion as well as various industrial and electronic applications. Gold can be readily sold on numerous markets throughout the world. Benchmark prices are generally based on London Bullion Market Association (London) quotations. During 2017, the London PM gold price averaged $1,257 per ounce, ranging from a low of $1,151 per ounce to a high of $1,346 per ounce, and was $1,297 per ounce at December 31, 2017.

Substantially all of PT-FI’s copper concentrate sales contracts provide final copper pricing in a specified future month (generally one to four months from the shipment date) primarily based on quoted LME monthly average spotsettlement copper prices. Revenues from PT-FI’s concentrate sales are recorded net of royalties, export duties, treatment charges and allowances for unrecoverable metals. Revenues from PT-FI’s cathode sales are recorded net of royalties.

We produce gold almost exclusively from our mines in the Grasberg minerals district. GoldThe gold we produce is primarily sold as a component of our copper concentrate or in anode slimes, which are a product of the smelting and refining process at Atlantic Copper.process. Gold generally is priced at the average London price for a specified month near the month of shipment. Revenues from gold sold as a component of our copper concentrate are recorded net of treatment charges, royalties, export duties and refining charges.allowances for unrecoverable metals. Revenues from gold sold in anode slimes are recorded net of royalties and refining charges.

The top 10 producers of copper comprise approximately 45 percent41% of total worldwide mined copper production. We currently rank secondFor the year 2023, we ranked third among those producers, with approximately seven percent6% of estimated total worldwide mined copper production. Ourproduction on an attributable basis. We believe our competitive position is based on the size, quality and grade of our ore bodies and our ability to manage costs compared with other producers. We have a diverse portfolio of mining operations with varying ore grades and cost structures. Our costs are driven by the location, grade and nature of our ore bodies, and the level of input costs, including energy, labor and equipment. The metals markets are cyclical, and we believe our ability to maintain our competitive position over the long term is based on our ability

to acquire and develop quality deposits hire(including the expansion of deposits at our existing mine sites); recruit, retain, develop and retainadvance a skilled workforce,workforce; and to manage our costs.

Following are maps and descriptions of our copper and molybdenum mining operations in North America, (including both copper and molybdenum operations), South America and Indonesia. We consider our material mines, as defined under the disclosure requirements of Subpart 1300 of SEC Regulation S-K, to be the Morenci mine in North America, the Cerro Verde mine in Peru and the Grasberg minerals district in Indonesia. Refer to Exhibits 96.1, 96.2 and 96.3 for the Technical Report Summaries that have been prepared for our material mines.

In the U.S., most of the land occupied by our copper and molybdenum mines, concentrators, SX/EW facilities, smelter, refinery, rod mills, molybdenum roasters and processing facilities is generally owned by us or is located on unpatented mining claims owned by us. Certain portions of our Bagdad, Sierrita, Miami, Chino, Tyrone, Henderson and Climax operations are located on government-owned land and are operated under a Mine Plan of Operations or other use permit. VariousWe hold various federal and state permits or leases on government land are held for purposes incidental to mine operations.

We own a 72 percent72% undivided interest in Morenci, with the remaining 28 percent28% owned by Sumitomo Metal Mining Arizona, Inc. (15 percent)(15%) and SMM Morenci, Inc. (13 percent)(13%). Each partner takes in kind its share of Morenci’s production.

Morenci is an open-pit copper mining complex that has been in continuous operation since 1939 and previously was mined through underground workings. In the 1880s, Phelps Dodge & Company (Phelps Dodge) first invested in the area, and through acquisition, consolidated all mining operations in the area by the 1920s. Phelps Dodge was acquired by FCX in 2007. Morenci is located in Greenlee County, Arizona, approximately 50 miles northeast of Safford on U.S. Highway 191. The property is located at latitude 33.07 degrees north and longitude 109.35 degrees west using the World Geodetic System (WGS) 84 coordinate system. The site is accessible by a paved highway and a railway spur.

The Morenci mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization. The predominant oxide copper mineral is chrysocolla. Chalcocite is the most important secondary copper sulfide mineral, with chalcopyrite as the dominant primary copper sulfide.

The Morenci operation consists of two concentrators capablewith a milling design capacity of milling 115,000132,000 metric tons of ore per day, which produce copper and molybdenum concentrate; a 68,00072,500 metric ton-per-day, crushed-ore leach pad and stacking system; a low-grade run-of-mine (ROM) leaching system; four SX plants; and three EW tank houses that produce copper cathode. Total EW tank house capacity is approximately 900 million pounds of copper per year. During second-quarter 2015, Morenci’s concentrate leach, direct-electrowinning facility (which was placed on care-and-maintenance status in early 2009) resumed operation. Morenci’s available mining fleet consists of one hundred and eleven 236-metric tonforty-one 235-metric-ton haul trucks loaded by 13 electric shovels with bucket sizes ranging from 47 to 57 cubic meters, which aremeters. Morenci’s mining fleet is capable of moving an average of 815,000785,000 metric tons of material per day. Our share of Morenci’s net property, plant, equipment (PP&E) and mine development costs at December 31, 2023, totaled $2.2 billion.

Morenci is located in a desert environment with rainfall averaging 13 inches per year. The highest bench elevation is 2,0001,900 meters above sea level and the ultimate pit bottom is expected to have an elevation of 840760 meters above sea level. The Morenci operation encompasses approximately 68,35561,700 acres, comprising 51,16551,300 acres of patented

The Morenci operation’s electrical power is primarily sourced from Tucsonsupplied by our wholly owned subsidiary, The Morenci Water & Electric Power Company Arizona Public Service Company and(MW&E). MW&E sources its generation services through our wholly owned subsidiary, Freeport-McMoRan Copper & Gold Energy Services LLC, through capacity rights at the Luna Energy facilityFacility in Deming, New Mexico.Mexico, and other power purchase agreements. Although we believe the Morenci operation has sufficient water sources to support current operations, we are a party to litigation that may impact our water rightsright claims or rights to continued use of currently available water supplies, which could adversely affect our water supply for the Morenci operation. Refer to “Governmental Regulations” above, Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” for further discussion.

Our wholly owned Bagdad mine is an open-pit copper and molybdenum mining complex that has been in continuous operations since 1945 and prior mining was conducted through underground workings. Bagdad is located in Yavapai County in west-central Arizona. It isArizona, approximately 60 miles west of Prescott and 100 miles northwest of Phoenix. The property can be reached by U.S. Highway 93 to State Route 97 or Arizona Highway 96, which ends at the town of Bagdad. The closest railroad is at Hillside, Arizona, approximately 24 miles southeast on Arizona Highway 96. The open-pit mining operation has been ongoing since 1945, and prior mining was conducted through underground workings.

The Bagdad mine is a porphyry copper deposit containing both sulfide and oxide mineralization. Chalcopyrite and molybdenite are the dominant primary sulfides and are the primary economic minerals in the mine. Chalcocite is the most common secondary copper sulfide mineral, and the predominant oxide copper minerals are chrysocolla, malachite and azurite.

The Bagdad operation consists of a 75,000concentrator with a milling design capacity of 77,100 metric ton-per-day concentratortons of ore per day that produces copper and molybdenum concentrate, ana SX/EW plant that can produce up to 32approximately 9 million pounds per year of copper cathode from solution generated by low-grade stockpile leaching, and a pressure-leach plant to process molybdenum concentrate. The available mining fleet consists of thirty 235-metric tonthirty-five 235-metric-ton haul trucks loaded by five8 electric shovels with bucket sizes ranging from 30 to 48 cubic meters, which are capable of moving an average of 250,000236,000 metric tons of material per day. In 2023, we announced a project to convert Bagdad’s fleet of haul trucks to become fully autonomous over the next three years. Bagdad’s net PP&E and mine development costs at December 31, 2023, totaled $0.8 billion.

Bagdad is located in a desert environment with rainfall averaging 15 inches per year. The highest bench elevation is 1,2001,250 meters above sea level and the ultimate pit bottom is expected to be 310120 meters above sea level. The Bagdad operation encompasses approximately 21,75051,200 acres, comprising 21,15040,000 acres of patented mining claims and other fee lands and 60011,200 acres of unpatented mining claims.claims held on public mineral estate and numerous state or federal permits, easements and rights-of-ways.

Bagdad receives electrical power from Arizona Public Service Company. We believe the Bagdad operation has sufficient water sources to support current operations.

Our wholly owned Safford mine has been in operation since 2007 and is an open-pit copper mining complex that has been in operation since 2007. Safford is located in Graham County, Arizona, approximately 8 miles north of the town of Safford and 170 miles east of Phoenix. The site is accessible by a paved county road off U.S. Highway 70.

The Safford mine includes twothree copper deposits that have oxide mineralization overlaying primary copper sulfide mineralization. The predominant oxide copper minerals are chrysocolla and copper-bearing iron oxides with the predominant copper sulfide material being chalcopyrite. The only Safford deposit currently being mined is Lone Star, which began leaching operations in the second half of 2020 and production from oxide ores averaged 265 million pounds of copper per year over the past three years. We continue to advance plans to increase volumes to achieve 300 million pounds of copper per year from oxide ores, which reflects a continuing expansion of the initial design capacity of 200 million pounds of copper per year. Positive drilling conducted in recent years indicates opportunities to expand production to include sulfide ores in the future. We are completing metallurgical testing and mine development planning and expect to commence pre-feasibility studies during 2024 for a potential significant expansion.

The propertySafford is a mine-for-leach project andoperation that produces copper cathode. The operation consists of twothree open pits, of which only Lone Star is currently being mined, feeding a crushing facility with a design capacity of 103,000103,500 metric tons of ore per day. The crushed ore is delivered to a leach padspad by a series of overland and portable conveyors. Leach solutions feed a SX/EW facility with a capacity of 240305 million pounds of copper per year. A sulfur burner plant is also in operation at Safford, providing a cost-effective source of sulphuricsulfuric acid used in SX/EW operations. The available mining fleet consists of sixteen 235-metric tonfifty-nine 235-metric-ton haul trucks loaded by four7 electric shovels with bucket sizes ranging from 3134 to 3447 cubic meters, which are capable of moving an average of 225,000408,000 metric tons of material per day. Safford’s net PP&E and mine development costs at December 31, 2023, totaled $1.4 billion.

Safford is located in a desert environment with rainfall averaging 10 inches per year. The highest bench elevation is 1,2501,783 meters above sea level and the ultimate pit bottom is expected to have an elevation of 750716 meters above sea level. The Safford operation encompasses approximately 25,00078,300 acres, comprising 21,00037,700 acres of patentedfee lands 3,950and 40,600 acres of unpatented lands and 50 acres of landclaims held by federal permit.on public mineral estate.

The Safford operation’s electrical power is primarily sourced from Tucson Electric Power Company, Arizona Public Service Company and the Luna Energy facility. Although we believe the Safford operation has sufficient water sources to support current operations, we are a party to litigation that may impact our water right claims or rights to continued use of currently available water supplies, which could adversely affect our water supply for the Safford operation. Refer to “Governmental Regulations” above, Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” for further discussion.

Our wholly owned Sierrita mine has been in operation since 1959 and is an open-pit copper and molybdenum mining complex that has been in operation since 1959. Sierrita is located in Pima County, Arizona, approximately 20 miles southwest of Tucson and 7 miles west of the town of Green Valley and Interstate Highway 19. The site is accessible by a paved highway and by rail.

The Sierrita mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization. The predominant oxide copper minerals are malachite, azurite and chrysocolla. Chalcocite is the most important secondary copper sulfide mineral, and chalcopyrite and molybdenite are the dominant primary sulfides.

The Sierrita operation includes a concentrator with a milling design capacity of 100,000 metric ton-per-day concentratortons of ore per day that produces copper and molybdenum concentrate. Sierrita also produces copper from a ROM oxide-leaching system. Cathode copper is plated at the Twin Buttes EW facility, which has a design capacity of approximately 50 million pounds of copper per year. The Sierrita operation also has molybdenum facilities consisting of a leaching circuit, two molybdenum roasters and a packaging facility. The molybdenum facilities process molybdenum concentrate produced by Sierrita, from our other mines and from third-party sources. The available mining fleet consists of twenty-two 235-metric tontwenty-four 235-metric-ton haul trucks loaded by three4 electric shovels with bucket sizes ranging from 34 to 56 cubic meters, which are capable of moving an average of 175,000200,000 metric tons of material per day. Sierrita’s net PP&E and mine development costs at December 31, 2023, totaled $0.8 billion.

Sierrita is located in a desert environment with rainfall averaging 1214 inches per year. The highest bench elevation is 1,1601,387 meters above sea level and the ultimate pit bottom is expected to be 440427 meters above sea level. The Sierrita operation, including the adjacent Twin Buttes site, (refer to “Smelting Facilities and Other Mining Properties” for further discussion), encompasses approximately 37,65047,700 acres, comprising 13,30038,700 acres of patentedfee lands including split estate lands and 9,000 acres of unpatented mining claims and 24,350 acres of split-estate lands.held on public mineral estate.

Sierrita receives electrical power through long-term contracts with the Tucson Electric Power Company. Although we believe the Sierrita operation has sufficient water sources to support current operations, we are a party to litigation that may impact our water rights claims or rights to continued use of currently available water supplies, which could adversely affect our water supply for the Sierrita operation. Refer to “Governmental Regulations” above, Item 1A. “Risk Factors” and Item 3. “Legal Proceedings” for further discussion.

Our wholly owned Miami mine is an open-pit copper mining complex located in Gila County, Arizona, approximately 90 miles east of Phoenix and 6 miles west of the city of Globe on U.S. Highway 60. The site is accessible by a paved highway and by rail.

The Miami mine is a porphyry copper deposit that has leachable oxide and secondary sulfide mineralization. The predominant oxide copper minerals are chrysocolla, copper-bearing clays, malachite and azurite. Chalcocite and covellite are the most important secondary copper sulfide minerals.

Miami is located in a desert environment with rainfall averaging 18 inches per year. The highest bench elevation is 1,390 meters above sea level and mining advanced the pit bottom hasto an elevation of 810 meters above sea level. Subsequent sloughing of material into the pit has filled it back to an elevation estimated to be 900 meters above sea level. The Miami operation encompasses approximately 9,10014,800 acres, comprising 8,75010,400 acres of patented mining claims and other fee lands and 3504,400 acres of unpatented mining claims.claims held on public mineral estate.

Miami receives electrical power through long-term contracts with the Salt River Project and natural gas through long-term contracts with El Paso Natural Gas as the transporter. We believe the Miami operation has sufficient water sources to support current operations. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors” for further discussion.

The Chino mine is a porphyry copper deposit with adjacent copper skarn deposits. There is leachable oxide, secondary sulfide and millable primary sulfide mineralization. The predominant oxide copper mineral is chrysocolla. Chalcocite is the most important secondary copper sulfide mineral, and chalcopyrite and molybdenite the dominant primary sulfides.

The Chino operation consists of a concentrator with a milling design capacity of 36,000 metric ton-per-day concentratortons of ore per day that produces copper and molybdenum concentrate, and a 150 million pound-per-year SX/EW plant that produces copper cathode from solution generated by ROM leaching. The available mining fleet consists of thirty-seven 240-metric tonnineteen 240-metric-ton haul trucks loaded by four3 electric shovels with bucket sizes ranging from 4231 to 48 cubic meters, which are capable of moving an average of 235,000180,000 metric tons of material per day. Chino’s net PP&E and mine development costs at December 31, 2023, totaled $0.5 billion.

Chino is located in a desert environment with rainfall averaging 16 inches per year. The highest bench elevation is 2,250 meters above sea level and the ultimate pit bottom is expected to be 1,5001,508 meters above sea level. The Chino operation encompasses approximately 118,600127,800 acres, comprising 113,200110,000 acres of patented mining claims and other fee lands and 5,40017,800 acres of unpatented mining claims.claims held on public mineral estate.

The Tyrone mine is a porphyry copper deposit. Mineralization is predominantly secondary sulfide consisting of chalcocite, with leachable oxide mineralization consisting of chrysocolla.

Copper processing facilities consist of a SX/EW operation with a maximum capacity of approximately 100 million pounds of copper cathode per year. The available mining fleet consists of seven 240-metric tonnine 240-metric-ton haul trucks loaded by one1 electric shovel with a bucket size of 47 cubic meters, which is capable of moving an average of 49,000108,000 metric tons of material per day. Tyrone’s net PP&E and mine development costs at December 31, 2023, totaled $0.1 billion.

Tyrone is located in a desert environment with rainfall averaging 16 inches per year. The highest bench elevation is 2,0002,070 meters above sea level and the ultimate pit bottom is expected to have an elevation of 1,5001,475 meters above sea level. The Tyrone operation encompasses approximately 35,20080,700 acres, comprising 18,75067,700 acres of patented mining claims and other fee lands and 16,45013,000 acres of unpatented mining claims.claims held on public mineral estate.

The Climax ore body is a porphyry molybdenum deposit, with molybdenite as the primary sulfide mineral.

The Climax open-pit mine includes a 25,000 metric ton-per-daytons of ore per day mill facility. Climax has the capacity to produce approximately 30 million pounds of molybdenum per year. The available mining fleet consists of nine 177-metric toneleven 177-metric-ton haul trucks loaded by two2 hydraulic shovels with bucket sizes of 34 cubic meters, which are capable of moving an average of 90,000 metric tons of material per day. Climax’s net PP&E and mine development costs at December 31, 2023, totaled $1.3 billion.

The Climax mine is located in a mountainous region. The highest bench elevation is approximately 4,050 meters above sea level and the ultimate pit bottom is expected to have an elevation of approximately 3,100 meters above sea level. This region experiences significant snowfall during the winter months. The Climax operation encompasses approximately 15,100 acres, comprising 14,300 of privately owned land and 800 acres of federal claims.

At our operations in South America, mine properties and facilities are controlled through mining claims or concessions under the general mining laws of the relevant country. The claims or concessions are owned or controlled by the operating companies in which we or our subsidiaries have a controlling ownership interest. Roads, power lines and aqueducts are controlled by easements.

We have a 53.56 percent53.56% ownership interest in Cerro Verde, with the remaining 46.44 percent46.44% held by SMM Cerro Verde Netherlands B.V. (21.0 percent)(21.0%), Compañia de Minas Buenaventura S.A.A. (19.58 percent)(19.58%) and other stockholders whose Cerro Verde shares are publicly traded on the Lima Stock Exchange (5.86 percent)(5.86%).

Cerro Verde is an open-pit copper and molybdenum mining complex that has been in operation since 1976 and1976. Cerro Verde is located 20 miles southwest of Arequipa, Peru. Prior to being acquired in 1994 by a predecessor of Phelps Dodge, the mine was previously operated by the Peru government. The property is located at latitude 16.53 degrees south and longitude 71.58 degrees west using the WGS 84 coordinate system. The site is accessible by paved highway.highways. Cerro Verde’s copper cathode and concentrate production that is not sold locally is transported approximately 70 miles by truck and by rail to the Port of Matarani for shipment to international markets. Molybdenum concentrate is transported by truck to either the Ports of Callao or Matarani for shipment.

The Cerro Verde mine is a porphyry copper deposit that has oxide, secondary sulfide and primary sulfide mineralization. The predominant oxide copper minerals are brochantite, chrysocolla, malachite and copper “pitch.” Chalcocite and covellite are the most important secondary copper sulfide minerals. Chalcopyrite and molybdenite are the dominant primary sulfides.

Cerro Verde’s operation consistsincludes 2 concentrating facilities with an annual average permitted milling capacity of an open-pit copper mine,409,500 metric tons of ore per day (and the ability to annually treat up to 5% more for a 360,000total of 430,000 metric ton-per-day concentrator andtons of ore per day). As a result of several efficiency initiatives implemented over the past several years, in 2023, Cerro Verde’s 2 concentrators were able to achieve a combined average milling rate of 417,400 metric tons of ore per day in 2023. Cerro Verde also operates SX/EW leaching facilities. Leach copperfacilities, which have a production is derived from a 39,000 metric ton-per-day crushed leach facility and a ROM leach system. This SX/EW leaching operation has a capacity of approximately 200 million pounds of copper per year.

The available fleet consists of twenty 290-metric tonfifty-four 300-metric-ton haul trucks (1 of which is currently on standby), ninety-three 250-metric-ton haul trucks (10 of which are currently on standby) and ninety-three 230-metric ton7 leased 380-metric-ton haul trucks loaded by ten13 electric shovels with bucket sizes ranging in size from 33 to 57 cubic meters and two hydraulic shovels with a bucket size of 21 cubic meters. This fleet is capable of moving an average of approximately 910,0001,000,000 metric tons of material per day. Cerro Verde’s net PP&E and mine development costs at December 31, 2023, totaled $5.9 billion.

Cerro Verde is located in a desert environment with rainfall averaging 1.5less than two inches per year and is in an active seismic zone. The highest bench elevation is 2,7502,768 meters above sea level and the ultimate pit bottom is expected to be 1,5701,538 meters above sea level. The PeruvianPeru general mining law and Cerro Verde’s mining stability agreement grant the surface rights of mining concessions located on government land. Additional governmentGovernment land if obtained after 1997 must be leased or purchased. Cerro Verde has a mining concession covering approximately 178,000175,000 acres, including 62,000 acres of surface rights and access to 14,50014,600 acres granted through an easement from the Regional Government of Arequipa,Peru National Assets Office, plus 212151 acres of owned property, and 3671,151 acres of rights-of-way outside the mining concession area.area leased from both government agencies and private parties.

Cerro Verde currently receives electrical power, including hydro-generated power, under long-term contracts with Kallpa Generación SA, ElectroPeru and Engie Energia Peru S.A. During 2023, Cerro Verde entered into a new power purchase agreement that is expected to transition its electric power to fully renewable energy sources in 2026.

Water for our Cerro Verde processing operations comes from renewable sources through a series of storage reservoirs on the RioRío Chili watershed that collect water primarily from seasonal precipitation. In 2015, Cerro Verde completedprecipitation and from wastewater collected from the constructioncity of Arequipa and treated at a wastewater treatment plant that intercepts raw sewage that would otherwise be discharged into the Rio Chili and processes it for both use at theoperated by Cerro Verde mine and for recharge of treated water into the Rio Chili.Verde. We believe the Cerro Verde operation has sufficient water resourcessources to support current operations. For further discussion of risks associated with the availability of water, seeoperations, but we are closely monitoring ongoing El Niño weather patterns. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors.”Factors” for further discussion.

We ownhave a 51 percent51% ownership interest in El Abra, and the remaining 49 percent49% interest is held by the state-owned copper enterprise Corporación Nacional del Cobre de Chile (CODELCO).Chile.

El Abra is an open-pit copper mining complex that has been in operation since 1996 and1996. El Abra is located 47 miles north of Calama in Chile’s El Loa province Region II.of the northern Chilean region of Antofagasta. The site is accessible by paved highwayhighways and by rail.

The El Abra mine is a porphyry copper deposit that has sulfide and oxide mineralization. The predominant primary sulfide copper minerals are bornite and chalcopyrite. There is a minor amount of secondary sulfide mineralization

The El Abra operation consists of an open-pit copper mine and a SX/EW facility with a capacity of 500 million pounds of copper cathode per year from a 125,000 metric ton-per-day125,000-metric-ton-per-day crushed leach circuit and a similar-sized ROM leaching operation. The available fleet consists of twenty-two 266-metric tontwenty-three 242-metric-ton haul trucks loaded by four4 electric shovels with buckets ranging in size from 29 to 41 cubic meters, which are capable of moving an average of 214,000217,000 metric tons of material per day. El Abra’s net PP&E and mine development costs at December 31, 2023, totaled $0.8 billion.

We have identified a significantlarge sulfide resource which could potentiallythat would support a potential major mill project similar to facilities recently constructedthe large-scale concentrator at Cerro Verde. Future investments willTechnical and economic studies continue to be dependent on technical studies, whichevaluated to determine the optimal scope and timing for the sulfide project. Capital cost requirements are being advanced,updated to reflect current market conditions. We are evaluating water infrastructure alternatives to provide options to extend existing operations and support a future expansion, while continuing to monitor Chile’s regulatory and fiscal matters, as well as trends in capital costs for similar projects. In parallel, as part of the permitting process for the potential expansion, we are planning for a potential submission of an environmental impact statement during 2025, subject to ongoing stakeholder engagement and economic factors and market conditions.evaluations.

El Abra is located in a desert environment with rainfall averaging less than one inch per year and is in an active seismic zone. The highest bench elevation is 4,1804,225 meters above sea level and the ultimate pit bottom is expected to be 3,4303,385 meters above sea level. El Abra controls a total of approximately 151,300183,900 acres of mining claims covering the ore deposit, stockpiles, process plant, and water wellfield and pipeline. In addition, El Abra has land surface rights for the road between the processing plant and the mine, the water wellfield, power transmission lines and for the water pipeline from the Salar de Ascotán aquifer.

El Abra currently receives electrical power under a long-term contract with Engie Energia Chile S.A. Water for our El Abra processing operations currently comes from the continued pumping of groundwater from the Salar de Ascotán aquifer pursuant to regulatory approval. We believe El Abra has sufficient water rights and regulatory approvalssources to support current operations. Foroperations, although we are evaluating options for water infrastructure alternatives to provide options to extend existing operations and support a discussion of risks associated with the availability of water, referfuture expansion. Refer to “Governmental Regulations” above and Item 1A. “Risk Factors.”Factors” for further discussion.

Given the long-term nature of planning for mining investments, the Indonesia government is updating regulations that would provide thatenable PT-FI construct a smelter within five years of reaching a definitive agreement and include agreementto apply for the divestment of 51 percent of the project area interests to Indonesian participants at fair market value. The parties continue to negotiate documentation on a comprehensive agreement for PT-FI’s extended operations and to reach agreement on timing, process and governance matters relating to the divestment, with a mutual objective of completing negotiations and the required documentation during the first half of 2018.

airport. The project site is located at latitude 4.08 degrees south and longitude 137.12 degrees east using the WGS 84 coordinate system. The project area includes a 70-mile main service road from portsite to the mill complex. PT-FI’s net PP&E and mine development costs at December 31, 2023, totaled $19.1 billion.

Production from the Grasberg minerals district totaled 1.7 billion pounds of copper and 2.0 million ounces of gold in 2023, 1.6 billion pounds of copper and 1.8 million ounces of gold in 2022, and 1.3 billion pounds of copper and 1.4 million ounces of gold in 2021.

Over a multi-year investment period, PT-FI has successfully commissioned three operatinglarge-scale underground mines in the Grasberg open pit, the Deep Ore Zone (DOZ) underground mine and the Big Gossan underground mine. In September 2015, PT-FI initiated pre-commercial production, which represents ore extracted during the development phase for the purpose of obtaining access to the ore body, at theminerals district (Grasberg Block Cave, Deep Mill Level Zone (DMLZ) and Big Gossan), which provided 100% of production volumes. Milling rates for ore from these underground mine.mines averaged 198,300 metric tons of ore per day in 2023, an approximate 3% increase from 192,600 metric tons of ore per day in 2022, and an approximate 31% increase from 151,600 metric tons of ore per day in 2021. PT-FI set a number of annual operating records during 2023, including total underground ore mined (and milled) and volume of concentrate produced. Production from these underground mines is expected to continue through 2041 and an extension of PT-FI’s operating rights beyond 2041 would extend the lives of these mines. Refer to Item 1A. “Risk Factors” for discussion of risks associated with development projects and underground mines.

Our principal source of power for all our IndonesianIndonesia operations is a coal-fired power plant that we built in 1998. Diesel generators supply peaking and backup electrical power generating capacity. In 2023, PT-FI commissioned a dual-fuel power plant to support increased power requirements and diversify its energy sources. PT-FI is advancing plans to transition its existing energy source from coal to liquefied natural gas, which is expected to meaningfully reduce PT-FI’s Scope 1 GHG emissions at the Grasberg minerals district. The project includes investments in a new gas-fired combined cycle facility. Capital expenditures for the new facilities, to be incurred over the next four years, approximate $1 billion representing an incremental cost of $0.4 billion compared to previously planned investments to refurbish the existing coal units.

A combination of naturally occurring mountain streams and water derived from our underground operations provides water for our operations. Our IndonesianIndonesia operations are in an active seismic zone and experience average annual rainfall of approximately 200 inches.

PT-FI began open-pit mining of theThe Grasberg Block Cave ore body in 1990 and is currently mining the final phase ofsame ore body historically mined from the surface in the Grasberg open pit, which contains high copperpit. Undercutting, drawbell construction and gold ore grades. PT-FI expects to mine high-grade ore over the next several quarters prior to transitioning toextraction activities in the Grasberg Block Cave underground mine incontinue to track expectations. As of December 31, 2023, the first half of 2019. ProductionGrasberg Block Cave underground mine had 425 open drawbells.

Ore milled from the ore stockpiles, which are located outside of the pit limits, is expected to continue through the end of 2019. Production in the open pit is currently at the 3,200- to 3,400-meter elevation level and totaled 37 millionGrasberg Block Cave underground mine averaged 117,300 metric tons of oreper day in 2017, which provided 72 percent of PT-FI’s 2017 mill feed.2023, 103,300 metric tons per day in 2022 and 70,600 metric tons per day in 2021.

The current open-pit equipmentGrasberg Block Cave fleet consists of over 500 units.approximately 870 pieces of mobile equipment. The largerprimary mining equipment directly associated with production and development includes an available fleet of 9998 LHD units and 22 haul trucks. Each production LHD unit typically carries approximately 11 metric tons of ore and transfers ore into the rail haulage system. The Grasberg Block Cave has a rail haulage system currently operating with 13 locomotives and 143 ore wagons that haul the ore to 3 gyratory crushers located underground via an automated rail system. Each ore wagon typically carries 35 metric tons. The crushed ore is conveyed to surface stockpiles for processing.

The DMLZ fleet consists of 425 pieces of mobile equipment, which includes 60 LHD units and 33 haul trucks with payloadsused in production and development activities. Each production LHD unit typically carries approximately 9 metric tons of 218ore and transfers ore into the truck haulage system. The haul trucks have a capacity of 55 to 60 metric tons and 15 shovelsload ore from chutes fed by the LHDs and transfer it to one of two gyratory crushers. The crushed ore is conveyed to surface stockpiles for processing.

The Big Gossan ore body lies underground and adjacent to the current mill site. It is a tabular, near vertical ore body with bucketapproximate dimensions of 1,200 meters along strike and 800 meters down dip with varying thicknesses from 20 meters to 120 meters. The mine utilizes a blasthole stoping method with delayed paste backfill. Stopes of varying sizes rangingare mined and the ore dropped down passes to a truck haulage level. Trucks are chute loaded and transport the ore to a jaw crusher. The crushed ore is then hoisted vertically via a two-skip production shaft to a level where it is loaded onto a conveyor belt. The belt carries the ore to one of the main underground conveyors where the ore is transferred and conveyed to the surface stockpiles for processing.

Ore milled from 17 to 42 cubic meters, which are capable of moving an average of 340,000the Big Gossan underground mine averaged 7,900 metric tons per day in 2023, 7,600 metric tons per day in 2022 and 7,500 metric tons per day in 2021.

The Big Gossan fleet consists of material per day.79 pieces of mobile equipment, which include 10 LHD units and 8 haul trucks used in development and production activities.

Long-term mine development activities are integral toongoing for PT-FI’s Kucing Liar deposit in the Grasberg mineminerals district, which is expected to produce over 7 billion pounds of copper and provide6 million ounces of gold between 2029 and the capacityend of 2041. An extension of PT-FI’s operating rights beyond 2041 would extend the life of the project. Pre-production development activities commenced in 2022 and are expected to transport more than 250,000continue over an approximate 10-year timeframe. Capital investments are estimated to average approximately $400 million per year over this period. At full operating rates of approximately 90,000 metric tons of ore per day. Ore milledday, annual production from the Grasberg open pit averaged 101,800 metric tons per dayKucing Liar is expected to approximate 560 million pounds of copper and 520 thousand ounces of gold, providing PT-FI with sustained long-term, large-scale and low-cost production. Kucing Liar will benefit from substantial shared infrastructure and PT-FI’s experience and long-term success in 2017, 119,700 metric tons per day in 2016 and 115,900 metric tons per day in 2015.block-cave mining.

The DOZ ore body lies vertically below the now depleted Intermediate Ore Zone. PT-FI began production from the DOZ ore body in 1989 using open-stopeand the ore body was depleted at the end of 2021.

PT-FI began open-pit mining methods, but suspended production in 1991 in favor of production from the Grasberg open pit. Production resumedore body in September 2000 using1990 and the block-cave method and is at the 3,110-meter elevation level.

The copper mineralization in these skarn deposits is dominated by chalcopyrite, but higher bornite concentrations are common. Moreover, gold occurs in significant concentrations in all of the district’s ore bodies, though rarely visible to the naked eye. These gold concentrations usually occur as inclusions within the copper sulfide minerals, though, in some deposits, these concentrations can also be strongly associated with pyrite.

The following diagram indicates the relative elevations (in meters) of our reported Indonesia ore bodies.

The following map, which encompasses an area of approximately 42 square kilometers, (approximately 16 square miles), indicates the relative positions and sizes of our reported Indonesia ore bodies and their locations.

The design capacity of the smelter is approximately 295,000300,000 metric tons of copper per year, and the refinery has a capacity of 285,000286,000 metric tons of copper per year. Atlantic Copper produced 283,100Copper’s anode production from its smelter totaled 261,900 metric tons of copper anodein 2023, 215,000 metric tons in 2022 and 278,600 metric tons in 2021. Copper cathode production from its smelter and 271,400refinery totaled 260,300 metric tons of copper cathode from its refinery in 2017; 296,9002023, 218,400 metric tons of copper anode from its smelterin 2022 and 285,800277,000 metric tons in 2021.

During 2023, Atlantic Copper purchased 40% of copper cathodeits concentrate from its refinery in 2016; and 293,100 metric tons of copper anode from its smelter and 284,800 metric tons of copper cathode from its refinery in 2015.

Atlantic Copper completedis developing an e-material recycling project as a 68-day major maintenance turnaroundresult of the significant and continued

growth in 2013electronic waste material. Atlantic Copper’s existing smelting and a 27-day maintenance turnaround in 2017. The next 14-day maintenance turnaround is scheduled for 2019.

PT-FI’s contractIn November 2021, PT-FI completed agreements with MMC to implement the expansion of PT Smelting requires PT-FISmelting’s capacity by 30% to supply 100 percent of the copper concentrate requirements (at market rates subject to a minimum or maximum treatment charge rate) necessary for PT Smelting to produce 205,0001.3 million metric tons of copper annuallyconcentrate per year. In December 2023, the project was successfully completed on a priority basis.time and within budget. The project was funded by PT-FI may also sellwith borrowings that are expected to convert to equity in 2024, increasing PT-FI’s ownership in PT Smelting to approximately 65%. Refer to Note 3 for further discussion.

PT Smelting’s anode production from its smelter totaled 251,300 metric tons of copper annually. PT-FI supplied 93 percent of PT Smelting’s concentrate requirements in 2017, 88 percent2023, 316,700 metric tons in 20162022 and 80 percent280,400 metric tons in 2015.

PT Smelting’s major scheduled maintenance turnarounds (which range from two weeksapproximate 30 days to a month to complete) typically are expected to occur approximately every two years, with short-term maintenance turnarounds in the interim. PT Smelting completed a 25-dayan 18-day maintenance turnaround during 2016,October 2022, a 72-day shutdown in July 2023 associated with its expansion

project and a 7-day shutdown in November 2023 to complete final tie-in of the expansion project. The next major maintenance turnaround is scheduled for third-quarter 2018.mid-year 2025.

The Miami smelter processes copper concentrate primarily from our North America copper mines. Concentrate processed through the smelter totaled 612,600810,900 metric tons in 2017, 673,3002023, 781,000 metric tons in 20162022 and 686,700674,000 metric tons in 2015.2021, and copper anode production from the smelter totaled 222,000 metric tons in 2023, 202,000 metric tons in 2022 and 194,000 metric tons in 2021. In addition, because sulphuricsulfuric acid is a by-product of smelting concentrate, the Miami smelter is also the most significant source of sulphuricsulfuric acid for our North America leaching operations.

In 2023, capital expenditures for mining operations totaled $1.4$4.8 billion (including $0.9$1.8 billion for major projects) in 2017, $1.6 billion (including $1.2 billionmining projects – primarily for major projects) in 2016 and $3.3 billion (including $2.4 billion for major projects) in 2015. Capital expenditures for major projects during the three years ended December 31, 2017, were primarily associated with the Cerro Verde expansion project and ongoing underground development activities at Grasberg. Refer to MD&Ain the Grasberg minerals district – and $1.7 billion for projected capital expenditures for the year 2018. If PT-FI is unable to reach a definitive agreement with the Indonesian government on its long-term mining rights, we intend to reduce or defer investments significantly in underground development projects and will pursue dispute resolution procedures under PT-FI’s COW.Indonesia smelter projects).

We have several projects and potential opportunities to expand production volumes, extend mine lives and develop large-scale underground ore bodies. As further discussed in MD&A, our near-term major development projects primarily includewill focus on the underground development activities in the Grasberg minerals district and development of the Lone Star oxide project.district. Considering the long-term nature and large size of our development projects, actual costs and timing could vary from estimates. Additionally, in response to market conditions, and Indonesian regulatory

We also have an additional long-termAdditionally, full development of PT-FI’s underground mine development project inmineral reserves at the Grasberg minerals district for the Kucing Liar ore body, which lies on the southern flank of and underneath the southern portion of the Grasberg open pit at the 2,605-meter elevation level. We expect to mine the Kucing Liar ore body using the block-cave method; aggregate capital cost estimates for development of the Kucing Liar ore body are projected to approximate $2.6 billion (which areis expected to require approximately $6 billion (most will be made between 2019 and 2031). Additionally, our current mine development plans include approximately $5.7 billionincurred over the next 11 years) of capital expenditures at our processing facilities to optimize the handling of underground ore types oncefrom the Grasberg open-pit operations cease. We expect substantially all ofBlock Cave, DMLZ and Kucing Liar deposits. Increases in power loads at these processing facilities and the underground mines are expected to require additional power generation and as such, PT-FI is planning investments in a new gas-fired combined cycle facility. Capital expenditures for the new power generation facilities, to be made between 2019 and 2034. The timing and developmentincurred over the next four years,

In 2023, exploration spending associated with our mining operations totaled $112 million. Our mining exploration activities are generallyprimarily associated with our existing mines, focusing on opportunities to expand mineral reserves and resources to support development of additional future production capacity. Exploration results continue to indicate opportunities for significant future potential reserve additions at our existing properties in North America and South America. Exploration spending

Refer to Item 1A. “Risk Factors” for further discussion of risks associated with mining operations totaled $72 million in 2017, $44 million in 2016mine development projects and $82 million in 2015. Exploration spending is expected to approximate $65 million for the year 2018.exploration activities, and PT-FI’s IUPK.

Our mining operations also require significant quantities of water for mining, ore processing and related support facilities. The loss of water rights for any of our mines, in whole or in part, or shortages of water to which we have rights, could require us to curtail or shut down mining operations. For a further discussion of risks and legal proceedings associated with the availability of water, refer to “Governmental Regulations” above, Item 1A. “Risk Factors” and Item 3. “Legal Proceedings.”

SulphuricSulfuric acid is used in the SX/EW process and is produced as a by-product of the smelting process at our smelters and from our sulfur burners at the Safford mine. SulphuricSulfuric acid needs in excess of the sulphuricsulfuric acid produced by our operations are purchased from third parties.

We are committed to promoting the health, safety and Human Rightswell-being of our workforce and striving to further strengthen our commitment to promoting an inclusive, diverse and agile workplace. We believe our global workforce is the foundation of our success. Our Board of Directors (Board) oversees our policies and implementation programs that govern our approach to management of our human capital, with the Corporate Responsibility Committee (CRC) having oversight of health and safety matters and the Compensation Committee having oversight of other human capital matters, including those relating to workforce recruitment, retention and development, pay equity and inclusion and diversity.

We continue to make significant expenditures on community development, health, education, training and cultural programs, which include:

In December 2000, we endorsed the joint U.S. State Department-British Foreign Office Voluntary Principles on Security and Human Rights and Security (Voluntary Principles). We participated in developing these Voluntary Principles with other major natural resource companies and international human rights organizations and they are incorporated into our human rights policy.Human Rights Policy. The Voluntary Principles provide guidelines for our security programs, including interaction with host-government security personnel, private security contractors and our internal security employees.

In February 2015, we updatedOur Human Rights Policy reflects our human rights policycommitment to align our due diligence practices withimplementing the United Nations Guiding Principles on Business and Human Rights (UN Guiding Principles), and in August 2017, we updated our human rights policy to reflect our full commitment to the UN Guiding Principles.Rights. We have embarked on a program to plan and conduct site-level human rights impact assessments (HRIA)(HRIAs) at our global operations, with higher potential risks. HRIAswhich help us to embed human rights considerations into our business practices, including site-level sustaintable development risk registers.practices. We completed HRIAs at our PT-FI Grasberg operations in 2023, Arizona operations in 2022, El Abra in 2021, New Mexico operations in 2018 and Cerro Verde in 2017. In 2017,2023, we completedinitiated a second HRIA at our Cerro Verde, operationwhich is expected to be completed later in Peru.2024, and we initiated the planning phase for HRIAs at the Manyar smelter and our Colorado operations. We alsocontinue to participate in a multi-industry human rights working group to gain insight from peer companies.companies and experts in the field to learn how best practices are evolving.

We believe that our social and economic development programs are responsive to the issues raised by the local communities near our areas of operation and help us maintain good relations with the surrounding communities and avoid disruptions of mining operations. As part of our ongoing commitment to sustainableour community development,stakeholders, we make significanthave made and expect to continue making investments in certain social programs, including in-kind support and administration, across our global operations.operations from time to time. Over the last fivethree years, these investments have averaged $166$170 million per year. Nevertheless, social and political instability in the areas of our operations may adversely impact our mining operations. Refer to Item 1A. “Risk Factors” for further discussion.

Cerro Verde reached an agreement with the Regional Government of Arequipa, the National Government, SEDAPAR and other local institutions to allow it to finance, engineer and constructconstructed a wastewater treatment plant for the city of Arequipa, which was completed in 2015. The wastewater treatment plant supplements existing water supplies to support Cerro Verde’s concentrator expansion and also improves the local water quality, enhances agriculture products grown in the area and reduces the risk of waterborne illnesses. In addition to these projects, Cerro Verde annually makes significant community development investments in the Arequipa region.

Cerro Verde, like all businesses and residents of Peru, relies on the PeruvianPeru government for the maintenance of public order, upholding the rule of law and the protection of personnel and property. The PeruvianPeru government is responsible for employing police personnel and directing their operations. Cerro Verde has limited public security forces in support of its operation, with the arrangement defined through an MOUInter-institutional Cooperation Agreement with the PeruvianPeru National Police. Cerro Verde’s share of support costs for government-provided security approximated $1 million in each of the years 2017, 20162023, 2022 and 2015.2021. Refer to Item 1A. “Risk Factors” for further discussion of security risks in Peru.

PT-FI, andlike all businesses and residents of Indonesia, relyrelies on the IndonesianIndonesia government for the maintenance of public order, upholding the rule of law and the protection of personnel and property. The Grasberg minerals district has been designated by the IndonesianIndonesia government as one of Indonesia’s vital national assets. This designation results in the police and, to a lesser extent, the military playing a significant role in protecting the area of our operations. The IndonesianIndonesia government is responsible for employing police and military personnel and directing their operations.

From the outset of PT-FI’s operations, the IndonesianIndonesia government has looked to PT-FI to provide logistical and infrastructure support and assistance for these necessary services because of the limited resources of the IndonesianIndonesia government and the remote location of and lack of development in Central Papua. PT-FI’s financial support forof the IndonesianIndonesia government security institutions assigned to thePT-FI’s operations area represents a prudent response to itsPT-FI’s requirements and commitments to protect its workforce and property better ensuring that personnel are properly fed and lodged and have the logistical resources to patrol PT-FI’s roads and secure its operating area.area of operations. In addition, the provision of such support is consistent with PT-FI’s obligations under the COW, reflects our philosophy of responsible corporate citizenship and is in keeping withreflects our commitment to pursue practices that will promoteprotect and respect human rights.