Freeport Reports Third-Quarter and Nine-Month 2024 Results

On October 22, Freeport reported third-quarter 2024 net income attributable to common stock of $526 million, $0.36 per share, and adjusted net income attributable to common stock of $556 million, $0.38 per share, after excluding net charges totaling $30 million, $0.02 per share, primarily associated with impairments for legacy oil and gas matters and nonrecurring labor-contract charges at Cerro Verde, partly offset by a reduction in accruals for uncertain U.S. tax positions.

Richard Adkerson, Chairman of the Board, and Kathleen Quirk, President and Chief Executive Officer, said, “During the third quarter, our global team generated strong margins and cash flows, achieved our production targets, continued to prioritize productivity and cost control, and advanced initiatives for future growth. We remain focused on strong execution of our plans globally as we work to address damage from a recent fire affecting a portion of our new Indonesia smelter facilities. We are confident in our team’s ability to restore smelter operations and achieve a safe and efficient ramp-up as soon as possible. The outlook for our business is positive, supported by our position as a leading copper producer with a strong financial profile, favorable market fundamentals and value enhancing options for future growth.”

Freeport Recognized for Excellence in Corporate Disclosures

Freeport has been named one of the 10 most transparent companies in the United States in new rankings from Labrador, a global communications firm specializing in corporate disclosure documents.

Freeport ranked eighth overall in the assessment based on independent evaluations of corporate disclosure documents among the top 250 companies in the S&P 500. Freeport also finished second both in the materials category and for its proxy statement disclosures.

“Being transparent is the right thing to do and part of the Freeport culture,” said David Joint, Vice President-Investor Relations. “This recognition for excellence in corporate disclosure is a tribute to all the good work done by various reporting teams at Freeport that produce important corporate documents to help our public stakeholders understand our business policiesand practices. By effectively telling our story, we are empowering our stakeholders by providing clearer, more accessible information, thus allowing them to better understand our true value.”

Safford’s Work to Reduce Hazard Exposure Honored at MINExpo

The company’s Safford mine has been recognized for a high-tech solution aimed at enhancing the site’s safe production efforts.
The National Institute for Occupational Safety and Health (NIOSH) presented the company’s Safford, Arizona, mine with its 2024 Mine Safety and Health Technology Innovations Award at September’s MINExpo. The award “recognizes mines and companies that have made an extraordinary effort to apply technology or improve processes in innovative ways, above and beyond mandatory requirements, to improve worker safety and health.”

NIOSH recognized Safford for implementing an automated copper cathode stripping machine, which helps reduce hazard exposure while making cathode sampling and labeling more reliable. Brought online in 2022, the machine can process 450 cathode sheets per hour, and its operator sits above it, removed from moving equipment hazards.

Freeport Retiree Inducted into New Mexico Mining Association Hall of Fame

Thomas Shelley, Tyrone’s retired Environmental Manager, capped off a 30-plus-year career spanning from the Chino and Tyrone mines in New Mexico to the Tenke Fungurume mine in the Democratic Republic of Congo with a final recognition: induction into the New Mexico Mining Association’s Hall of Fame. “When I tried to think of the words to sum up Tom’s impressive career, I kept coming back to the same one – service,” said Randy Ellison, General Manager-New Mexico Operations. That service was a recurring theme at the convention’s August banquet in Albuquerque, echoed by speakers in attendance and in a video tribute shown during the awards ceremony.

Iowa Sen. Joni Ernst Visits Fort Madison Operations

Iowa Sen. Joni Ernst toured the company’s Fort Madison operations, met with site leadership and discussed the importance of molybdenum across numerous applications.

The Republican senator, who assumed office in 2015, visited the site as part of her annual River to River Tour in which she talks with constituents from around the state about issues most impacting them. Ernst was joined on the visit by Collin Brecher, Associate Director of Political Mobilization at the American Chemistry Council.

Jun Montes

General Manager-Maintenance for FM Americas. His previous role was Manager-Processing Maintenance.

Stephan van Zyl

Director-Leaching Innovation. He formerly was a partner at McKinsey & Company.