Freeport-McMoRan

Moat components and weights: cost advantage 40% weight, score 80; efficient scale 30% weight, score 70; intangible assets 10% weight, score 35; switching costs 10% weight, score 20; network effects 10% weight, score 0. World‑class ore bodies at Grasberg, Morenci and Cerro Verde deliver structural unit‑cost advantages, especially in Indonesia where by‑product gold credits can make net cash costs negative at times.

U.S. and Peru operations benefit from decades of mine life, scale processing facilities, and leach‑based recovery innovations that increase copper with low incremental capital.

The new Indonesian smelter and PMR complete vertical integration and may structurally lower TCRCs over time, but also add operating complexity and inventory timing risk in 2026. The business remains a price taker with limited differentiation at the product level, and legal‑regulatory exposure in Indonesia constrains moat durability.