Freeport-Mcmoran

NYSE: FCX · USD

Freeport-Mcmoran (FCX) Economic Moat Analysis—

Competitive advantages, dated evidence and erosion risks.

Uncertain economic moat

FCX controls substantial mineral assets and has demonstrated incremental copper recovery from leaching. These support a plausible resource-based cost advantage, but the passages do not establish its competitive magnitude or durable excess returns. Grasberg recovery remains incomplete, and reported unit cash costs exclude substantial restoration expenses and benefit from commodity-sensitive by-product credits. Higher realized copper prices are favorable observed outcomes, while benchmark-linked pricing limits discretionary pricing power. The evidence establishes valuable assets and operating capabilities, but remains insufficient to determine moat width.

Intangible assets

Government-granted mining rights provide access to established mineral deposits. This is a current asset-access advantage; the catalog does not demonstrate that it produces durable superior economics relative to competing deposits.

Durability: The 2025 reserve disclosure reflects Indonesian recovery through the IUPK term ending in 2041. The proposed extension beyond 2041 remains subject to completing the formal license process.
Competitors: Comparison not established
Erosion risks: Host-government political exposure, resource depletion, development spending and operational interruptions can reduce the economic value captured from those rights. Proposed post-2041 terms also reduce FCX's ownership interest.
What would invalidate the thesis: The thesis would weaken materially if operating rights were lost or materially restricted, economically recoverable reserves were substantially reduced, or required development spending prevented sustained economic extraction.

Evidence (7) · Counterevidence (3)

Cost advantage

Leaching initiatives have delivered incremental copper production from existing operations, supporting a potential cost advantage. Production is demonstrated; a sustained cost differential against competitors is not established.

Durability: Continued incremental recovery could improve utilization of existing assets. Larger production targets and additional additives remain prospective, and the passages do not establish exclusive technology protection or resistance to imitation.
Competitors: Comparison not established
Erosion risks: Scaling may disappoint. Commodity-sensitive by-product credits and excluded restoration expenses complicate interpreting reported unit cash costs as evidence of structural efficiency.
What would invalidate the thesis: The thesis would fail if incremental recovery ceased to provide an economic benefit after associated spending, production improvements proved unsustainable, or comparable competitors achieved equivalent economics without similar resource access.

Evidence (4) · Counterevidence (3)

Changes since the previous analysis

Retained the uncertain verdict: current operating achievements support plausible advantages, but comparative cost magnitude and durable competitive economics remain unestablished.
Added explicit assessments of all four moat criteria; customer dependency remains unassessable from the current catalog.
Retained retention grade 2 using disclosed sales volumes as indirect demand evidence. Removed the previous MMC relationship argument because its supporting passages are absent from this catalog.
Removed unsupported references to a claimed normalized Grasberg low-cost position, general COMEX-plus-premium contract terms and provisions impeding proxy contests. The current pricing assessment uses disclosed hedging and provisional LME settlement arrangements.
Reassessed all management criteria from current proxy and operating disclosures; retained their previous grades.

Evidence limitations

The supplied passages contain no established named competitor comparison or comparable competitor cost data. Competitor arrays are empty; customers, subsidiaries, joint ventures and compensation peers are not treated as operating competitors.
Operating results and contractual disclosures support numerical grades, but most evidence is issuer-supplied. Management descriptions of leadership, attractive growth and future cost competitiveness are not treated as demonstrated durable advantages.
Sales volumes provide indirect evidence of continuing demand, not customer-level retention, switching friction or dependency.
Reported unit net cash costs credit other metal revenues and exclude substantial idle facility and restoration expenses. They cannot alone establish a structural cost advantage.
The beyond-2041 license extension and associated ownership terms remain prospective. The catalog does not establish completion of that process.
Dates in evidence locations are filing dates, preserving the supplied dateKind of filed. The October operational update contains preliminary estimates; third-quarter financial results were not yet supplied.

Financial indicators to test against the thesis

Calculated from annual filings. Missing data remains unavailable. Detailed financial charts remain in the other topics.

Financial indicators to test against the thesis
Period	Gross margin	Operating margin	ROIC	FCF margin
2021	37.4%	37.3%	23.8%	25.0%
2022	35.2%	30.2%	18.0%	7.2%
2023	30.9%	27.4%	13.1%	2.0%
2024	29.3%	27.3%	13.2%	9.3%
2025	26.1%	25.9%	12.1%	4.4%

Pricing power44

Pricing outcomes
U.S. copper realized prices increased to $6.25 per pound in second-quarter 2026 from $4.81 a year earlier, with sales excluding purchases of 312 million versus 308 million recoverable pounds. This is a favorable observed pricing outcome, but benchmark-linked arrangements limit attribution to discretionary price-setting power.
Customer demand
U.S. copper sales excluding purchases increased from 308 million to 312 million recoverable pounds in the second quarter and from 615 million to 639 million in the first half, comparing 2025 with 2026. This indirectly supports continuing demand; customer-level repeat purchases, renewals and switching friction remain undisclosed.
Margin resilience
FCX remained profitable, but second-quarter operating income declined to $2.003 billion from $2.432 billion despite higher U.S. realized copper prices. First-half operating income included a $699 million insurance gain. Substantial restoration expenses and commodity-dependent by-product credits make resilience mixed and prevent attributing profitability to pricing power.
Pricing freedom
For customers requesting fixed prices, FCX hedges to preserve receipt of the COMEX monthly average. Separately, provisionally priced copper sales remain subject to final LME settlement. These disclosed arrangements constrain control over the principal metal price; the catalog does not establish meaningful discretion over premiums or other terms.

Management56

Capital discipline
First-half 2026 operating cash flow of $3.5 billion exceeded $2.1 billion of capital expenditure, while net debt proceeds were only $5 million. Cash flow included $0.7 billion of insurance proceeds. Substantial remaining Kucing Liar investment and incomplete operating recovery leave completed project returns unproven.
Incentive alignment
Three-year ROI and relative shareholder-return incentives, completed PSU payouts and actual annual-pay reductions for fatalities and Grasberg challenges demonstrate applied accountability. All executives and non-management directors exceeded ownership targets as of the proxy record date, and hedging is prohibited. These support strong alignment without establishing exceptional durability.
Execution
Incremental leaching production and the completed August 2026 smelter restart demonstrate delivery. Fatalities acknowledged in compensation decisions, substantial restoration expenses, U.S. disruptions and Grasberg throughput at approximately 67% of normalized rates materially offset those achievements. Execution is assessed from operating outcomes, rather than management's favorable characterizations.
Governance
Independent audit and compensation committees, actual discretionary incentive reductions and completed annual director elections demonstrate functioning oversight. The advisory compensation vote establishes an actual governance event. These mechanisms support a mixed assessment given serious operating and safety outcomes; they do not demonstrate exceptional oversight effectiveness or durable governance superiority.

Sources and methodology

Current publication · Updated 22/10/2026 · Version 15

AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.

Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 05/11/2026

Moat—

Insufficient evidence for every rubric criterion; no category score is inferred.

structural advantage · 2/4 · Mining rights and long-lived assets provide established resource access, while incremental leaching production demonstrates an operating capability. These are credible foundations for an advantage. However, the catalog does not establish comparative extraction economics, technology exclusivity or sustained superior returns attributable to these assets.

durability · 2/4 · Long-lived assets and Indonesian reserve estimates extending through the disclosed 2041 license term support continuity. Political exposure and substantial remaining development investment constrain that inference. The beyond-2041 MOU and application support potential longevity, but do not establish a completed extension or durable competitive superiority.

customer dependency · — · Maintained U.S. copper sales show continuing demand, but do not establish that customers depend specifically on FCX. The supplied passages disclose no customer-specific switching costs, indispensable integration, exclusive supply obligation or difficulty replacing FCX's output. Benchmark-linked pricing does not resolve that question.

erosion resilience · 1/4 · Realized disruption shows fragile operating resilience: third-quarter Grasberg throughput remained approximately 67% of normalized rates, U.S. operations suffered weather and power interruptions, and first-half restoration expenses were substantial. Incremental leaching production and the smelter restart demonstrate adaptation, but have not yet established sustained recovery.

Pricing power44

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

realized pricing · 2/4 · U.S. copper realized prices increased to $6.25 per pound in second-quarter 2026 from $4.81 a year earlier, with sales excluding purchases of 312 million versus 308 million recoverable pounds. This is a favorable observed pricing outcome, but benchmark-linked arrangements limit attribution to discretionary price-setting power.

retention · 2/4 · U.S. copper sales excluding purchases increased from 308 million to 312 million recoverable pounds in the second quarter and from 615 million to 639 million in the first half, comparing 2025 with 2026. This indirectly supports continuing demand; customer-level repeat purchases, renewals and switching friction remain undisclosed.

margin resilience · 2/4 · FCX remained profitable, but second-quarter operating income declined to $2.003 billion from $2.432 billion despite higher U.S. realized copper prices. First-half operating income included a $699 million insurance gain. Substantial restoration expenses and commodity-dependent by-product credits make resilience mixed and prevent attributing profitability to pricing power.

contractual freedom · 1/4 · For customers requesting fixed prices, FCX hedges to preserve receipt of the COMEX monthly average. Separately, provisionally priced copper sales remain subject to final LME settlement. These disclosed arrangements constrain control over the principal metal price; the catalog does not establish meaningful discretion over premiums or other terms.

Predictability86

5 consecutive published annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.

Nondeclining revenue years (%): 75.00
Revenue growth volatility (pp): 5.02
Positive FCF years (%): 100.00
FCF margin volatility (pp): 8.08
observedAnnualPeriods: 5.00

Source 1 Source 2 Source 3

Financial strength71

Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or reported pretax profit plus reported gross interest expense. Reported EBIT is distinct from GAAP operating income and gross interest. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.

debtFcfGrade: 0.00
netDebtEbitGrade: 82.95
interestCoverageGrade: 100.00
currentRatioGrade: 100.00
Debt / FCF (x): 8.40
Net debt / operating income (x): 0.85
Current ratio (x): 2.29
cashInterestPaid: 256.00
cashInterestCoverage: 21.91

Source 1 Source 2 Source 3

Capital allocation78

Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income, an original issuer-reported unadjusted EBIT reconciled to net income, income tax and signed net interest, or EBIT calculated from reported pretax profit plus reported gross interest expense; the issuer-reported EBIT is distinct from GAAP operating income and gross interest; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. ROIC remains undefined for nonpositive invested capital; the explicit asset-return alternative does not change the ROIC chart. Missing financial inputs alone never trigger an alternative. Does not establish acquisition quality or buyback timing.

3-year pre-tax operating return (%): 20.15
3-year average dilution (%): -0.09
3-year average SBC / revenue (%): 0.46
cashConversionGrade: 31.89

Source 1 Source 2 Source 3

Management56

Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.

capital discipline · 2/4 · First-half 2026 operating cash flow of $3.5 billion exceeded $2.1 billion of capital expenditure, while net debt proceeds were only $5 million. Cash flow included $0.7 billion of insurance proceeds. Substantial remaining Kucing Liar investment and incomplete operating recovery leave completed project returns unproven.

incentive alignment · 3/4 · Three-year ROI and relative shareholder-return incentives, completed PSU payouts and actual annual-pay reductions for fatalities and Grasberg challenges demonstrate applied accountability. All executives and non-management directors exceeded ownership targets as of the proxy record date, and hedging is prohibited. These support strong alignment without establishing exceptional durability.

execution · 2/4 · Incremental leaching production and the completed August 2026 smelter restart demonstrate delivery. Fatalities acknowledged in compensation decisions, substantial restoration expenses, U.S. disruptions and Grasberg throughput at approximately 67% of normalized rates materially offset those achievements. Execution is assessed from operating outcomes, rather than management's favorable characterizations.

governance · 2/4 · Independent audit and compensation committees, actual discretionary incentive reductions and completed annual director elections demonstrate functioning oversight. The advisory compensation vote establishes an actual governance event. These mechanisms support a mixed assessment given serious operating and safety outcomes; they do not demonstrate exceptional oversight effectiveness or durable governance superiority.

Evidence

Mining Rights We conduct our mining and exploration activities pursuant to concessions granted by, or under contracts with, the host government in the countries where we operate.
2025 Form 10-K, filed 2026-02-13, Business — Mining Rights · Filed 13/02/2026

Mining rights include our license to operate and involve our payment of applicable taxes and royalties to the host governments.
2025 Form 10-K, filed 2026-02-13, Business — Mining Rights · Filed 13/02/2026

The concessions and contracts are subject to the political risks associated with the host countries.
2025 Form 10-K, filed 2026-02-13, Business — Mining Rights · Filed 13/02/2026

c.Estimated recoverable proven and probable mineral reserves from Indonesia reflect estimates of minerals that can be recovered through the life of PTFI’s IUPK, which extends through 2041.
2025 Form 10-K, filed 2026-02-13, Mineral Reserves — Indonesian reserve scope · Filed 13/02/2026

Headquartered in Phoenix, Arizona, we operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum.
2024 Form 10-K, filed 2025-02-14, Business — operating asset portfolio · Filed 14/02/2025

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In Millions, Except Per Share Amounts) Revenues $ 7,029 $ 7,582 $ 13,263 $ 13,310 Cost of sales: Production and delivery 4,320 4,282 8,385 8,038 Depreciation, depletion and amortization 523 668 1,037 1,134 Total cost of sales 4,843 4,950 9,422 9,172 Selling, general and administrative expenses 135 127 297 281 Exploration and research expenses 53 46 91 85 Environmental obligations and shutdown costs 13 27 30 37 Gain on PTFI mud rush incident insurance settlement — — (699) — Gain on sale of assets (18) — (18) — Total costs and expenses 5,026 5,150 9,123 9,575 Operating income 2,003 2,432 4,140 3,735 Interest expense, net (95) (82) (209) (152) Other income, net 22 41 33 99 Income before income taxes and equity in affiliated companies’ net earnings 1,930 2,391 3,964 3,682 Provision for income taxes (544) (850) (1,197) (1,350) Equity in affiliated companies’ net earnings 5 6 11 8 Net income 1,391 1,547 2,778 2,340 Net income attributable to noncontrolling interests (407) (775) (913) (1,216) Net income attributable to common stockholders $ 984 $ 772 $ 1,865 $ 1,124 Net income per share attributable to common stockholders: Basic $ 0.68 $ 0.53 $ 1.29 $ 0.78 Diluted $ 0.68 $ 0.53 $ 1.29 $ 0.77 Weighted-average shares of common stock outstanding:
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Consolidated Statements of Income — three and six months ended June 30 · Filed 06/08/2026

FCX hedges this price exposure in a manner that allows it to receive the COMEX average price in the month of shipment while the customers pay the fixed price they requested.
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Note 5 — Copper Futures and Swap Contracts · Filed 06/08/2026

Incremental copper production from these initiatives totaled 47 million pounds in second-quarter 2026 and 101 million pounds for the first six months of 2026.
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Operations — Leaching and Technology Innovation Initiatives · Filed 06/08/2026

We are targeting reaching an annual run rate of 300 million pounds of copper from these initiatives by the end of 2026, with potential for further significant increases in recoverable metal in future years.
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Operations — leaching production target · Filed 06/08/2026

We are deploying large-scale testing of an internally developed additive product at our Morenci operations with encouraging early results.
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Operations — additive testing at Morenci · Filed 06/08/2026

Continued success with these initiatives would be expected to contribute to additions in recoverable copper in leach stockpiles and favorably impact average unit net cash costs.
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Operations — conditional leaching cost benefits · Filed 06/08/2026

Operating Activities For the first six months of 2026, we generated operating cash flows of $3.5 billion, net of $0.5 billion for working capital and other uses, and including $0.7 billion in pre-tax proceeds collected by PTFI for an insurance settlement associated with the September 2025 external mud rush incident.
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Capital Resources — Operating Activities · Filed 06/08/2026

Capital expenditures, including capitalized interest, totaled $2.1 billion for the first six months of 2026 and $2.4 billion for the first six months of 2025, and include amounts for major projects ($1.3 billion for the first six months of 2026 and $1.2 billion for the first six months of 2025), primarily associated with underground development activities and supporting mill and power capital costs in the Grasberg minerals district.
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Investing Activities — Capital Expenditures · Filed 06/08/2026

Net proceeds from debt totaled $5 million for the first six months of 2026 and $292 million for the first six months of 2025, primarily related to borrowings by Atlantic Copper under short-term lines of credit used for working capital requirements.
Second-quarter 2026 Form 10-Q, filed 2026-08-06, Financing Activities — Debt Transactions · Filed 06/08/2026

The U.S. operations experienced lower than planned operating rates in third-quarter 2026 associated with an increased frequency of localized flooding, power outages and strong winds.
Operational update, filed 2026-10-02, third-quarter 2026 U.S. operating disruptions · Filed 02/10/2026

During third-quarter 2026, mill throughput averaged approximately 140,000 metric tons of ore per day (approximating 67% of normalized rates prior to the September 2025 incident), including approximately 70,000 metric tons of ore per day from the Grasberg Block Cave.
Operational update, filed 2026-10-02, third-quarter 2026 Grasberg district throughput · Filed 02/10/2026

PTFI’s smelter in Eastern Java, which was temporarily suspended following the September 2025 Grasberg incident, successfully re-commenced operations in late August 2026.
Operational update, filed 2026-10-02, PTFI smelter restart · Filed 02/10/2026

Idle facility and restoration costs totaled $284 million in second-quarter 2026 and $690 million for the first half of 2026, which were excluded from consolidated net cash costs.
Second-quarter 2026 results, filed 2026-07-23, idle facility and restoration cost exclusions · Filed 23/07/2026

Operating Data. Following is summary consolidated operating data for the U.S.
Second-quarter 2026 results, filed 2026-07-23, U.S. copper mines operating-data scope · Filed 23/07/2026

copper mines: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Copper (millions of recoverable pounds) Production 332 336 641 637 Sales, excluding purchases 312 308 639 615 Average realized price per pound $ 6.25 $ 4.81 $ 6.05 $ 4.71 Molybdenum (millions of recoverable pounds) Productiona 10 9 17 17 Unit net cash costs per pound of copperb
Second-quarter 2026 results, filed 2026-07-23, U.S. copper mines — production, sales and realized prices · Filed 23/07/2026

At June 30, 2026, PTFI had incurred approximately $1.4 billion for Kucing Liar development, and capital investments are estimated to approximate an additional $4 billion through 2033 (averaging approximately $0.5 billion per year).
Second-quarter 2026 results, filed 2026-07-23, Kucing Liar — incurred and estimated remaining development investment · Filed 23/07/2026

Long-Term Mining Rights. In February 2026, FCX and PTFI entered into a Memorandum of Understanding (MOU) with the Indonesia government for a life of resource extension of operating rights in the Grasberg minerals district beyond the current expiration in 2041.
Second-quarter 2026 results, filed 2026-07-23, Long-Term Mining Rights — February 2026 MOU · Filed 23/07/2026

Under the terms of the MOU, FCX would maintain its current ownership interest in PTFI of 48.76% through 2041 and hold approximately 37% beginning in 2042.
Second-quarter 2026 results, filed 2026-07-23, Long-Term Mining Rights — proposed ownership terms · Filed 23/07/2026

In June 2026, PTFI submitted its application for extension of its IUPK, and FCX and PTFI are working with the Indonesia government to complete the formal license process.
Second-quarter 2026 results, filed 2026-07-23, Long-Term Mining Rights — application and formal license process · Filed 23/07/2026

c.Does not foot because of rounding IX FREEPORT DERIVATIVE INSTRUMENTS (continued) At June 30, 2026, FCX had provisionally priced copper sales totaling 99 million pounds (net of intercompany sales and noncontrolling interests) recorded at an average price of $6.07 per pound, subject to final LME settlement prices over the next several months.
Second-quarter 2026 results, filed 2026-07-23, Derivative Instruments — provisionally priced copper sales and final LME settlement · Filed 23/07/2026

As discussed above, gold, molybdenum and other metal revenues at copper mines are reflected as credits against site production and delivery costs in the by-product method.
Second-quarter 2026 results, filed 2026-07-23, Product Revenues and Production Costs — by-product credit definition · Filed 23/07/2026

2025 CEO Target Compensation Mix Equity RSUS Vest ratably over a three-year period following date of grant, and deliver value equal to the stock price on the vesting date PSUS Three-year performance period based on achievement of ROI and relative total stockholder return (TSR) goals Represent the largest component of our long-term incentive program (LTIP) awards Cash Base Salary Fixed cash compensation Annual Incentive Program (AIP) Annual variable cash compensation based on achievement of performance metrics Formula-driven plan using pre-established rigorous goals to determine target and earned awards 19% 9% 14% 72% performance-based 58% 91% at-risk
2026 proxy statement, filed 2026-04-23, 2025 CEO Target Compensation Mix — incentive structure · Filed 23/04/2026

AIP Based on level of achievement of the performance metrics in 2025, the AIP payout would have been 99.6% of target, but the committee exercised discretion to reduce the payout to 66.7% of target for our CEO and our chairman, and 90% of target for our other NEOs in light of the work-related fatalities during 2025 and the challenges resulting from the Grasberg mud rush incident.
2026 proxy statement, filed 2026-04-23, 2025 Outcomes — actual annual incentive reductions · Filed 23/04/2026

LTIP 2023-2025 PSUs paid out at 125% of target based on target ROI achievement and relative TSR positioning in the top three relative to the performance peers.
2026 proxy statement, filed 2026-04-23, 2025 Outcomes — completed 2023–2025 PSU payout · Filed 23/04/2026

Our executive compensation program is designed and overseen by an independent compensation committee of our board.
2026 proxy statement, filed 2026-04-23, Compensation Governance — independent compensation committee · Filed 23/04/2026

As of the record date, all of our executive officers and all of our non-management directors exceeded their target ownership levels.
2026 proxy statement, filed 2026-04-23, Stock Ownership — compliance as of the record date · Filed 23/04/2026

Hedging and Pledging Policies Our insider trading policy prohibits our executives and directors from entering into any hedging arrangements with respect to our securities and limits the ability of our executives and directors to pledge our securities.
2026 proxy statement, filed 2026-04-23, Hedging and Pledging Policies · Filed 23/04/2026

The audit committee, which is comprised solely of independent directors, is responsible for the appointment, compensation, retention and oversight of the independent registered public accounting firm retained to audit the company’s financial statements.
2026 proxy statement, filed 2026-04-23, Audit Committee Matters — independence and responsibilities · Filed 23/04/2026

At the 2026 Annual Meeting, FCX’s stockholders (1) elected each of the eleven director nominees listed below to serve as a director of FCX for a term that will continue until the next annual meeting of stockholders and until their respective successors are duly elected and qualified; (2) approved, on an advisory basis, the compensation of FCX’s named executive officers; and (3) ratified the appointment of Ernst & Young LLP as FCX’s independent registered public accounting firm for 2026.
Annual meeting results, filed 2026-06-10, completed director elections, advisory compensation approval and auditor ratification · Filed 10/06/2026

Publication history

Publication history
Version	Updated	Competitive advantage
15	05/11/2026	uncertain
14	31/10/2026	uncertain
13	29/10/2026	uncertain
12	29/10/2026	uncertain
11	28/10/2026	uncertain
10	28/10/2026	uncertain
9	24/10/2026	uncertain
8	23/10/2026	uncertain
7	22/10/2026	uncertain
6	19/10/2026	uncertain

Sources

Research methodology and limitations · What is an economic moat?