Freeport-McMoRan Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Freeport-McMoRan Inc. has filed its 2023 10-K report detailing its financial performance and operational aspects for the fiscal year ending December 31, 2023.</b>

AI Summary

FREEPORT-MCMORAN INC (FCX) filed a Annual Report (10-K) with the SEC on February 16, 2024. Freeport-McMoRan Inc. filed its 2023 Annual Report on Form 10-K on February 16, 2024. The report covers the fiscal year ending December 31, 2023. The company's primary business is the mining of copper, gold, and molybdenum. The filing includes detailed financial statements and risk factors. Freeport-McMoRan Inc. is incorporated in Delaware and headquartered in Phoenix, Arizona.

Why It Matters

For investors and stakeholders tracking FREEPORT-MCMORAN INC, this filing contains several important signals. This 10-K filing provides investors with a comprehensive overview of Freeport-McMoRan's financial health, operational risks, and strategic outlook for the past fiscal year. Understanding the details within this report is crucial for assessing the company's performance in the metals mining sector and its potential for future growth and profitability.

Risk Assessment

Risk Level: medium — FREEPORT-MCMORAN INC shows moderate risk based on this filing. The company operates in the cyclical and capital-intensive mining industry, which is subject to significant price volatility for its primary commodities (copper, gold, molybdenum) and can be impacted by global economic conditions, regulatory changes, and environmental concerns.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Freeport-McMoRan's exposure to commodity price fluctuations and operational challenges.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240216 — Filing Date (FILED AS OF DATE)
• 156 — Public Document Count (CONFORMED SUBMISSION TYPE)
• 001-11307-01 — SEC File Number (FILING VALUES)

Key Players & Entities

• FREEPORT-MCMORAN INC (company) — FILER
• 0000831259 (company) — CENTRAL INDEX KEY
• 10-K (document) — FORM TYPE
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240216 (date) — FILED AS DATE
• 333 NORTH CENTRAL AVENUE (address) — BUSINESS ADDRESS STREET 1
• PHOENIX (location) — BUSINESS ADDRESS CITY
• AZ (location) — BUSINESS ADDRESS STATE

FAQ

Risk Factors

• Commodity Price Fluctuations [high — market]: The market prices for copper, gold, and molybdenum are volatile and subject to significant fluctuations, which can adversely affect the company's financial results.
• Environmental Regulations [medium — regulatory]: The company is subject to extensive environmental laws and regulations, and noncompliance can result in significant fines, penalties, and operational disruptions.
• Operational Risks [medium — operational]: Mining operations are inherently risky and can be affected by geological conditions, equipment failures, labor disputes, and natural disasters.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share FCX The New York Stock Exchan
• $3.85 — (LME) copper settlement prices averaged $3.85 per pound, ranging from a high of $4.28
• $4.28 — $3.85 per pound, ranging from a high of $4.28 per pound in January to a low for the y
• $3.54 — und in January to a low for the year of $3.54 per pound in May, and closing at $3.84
• $3.84 — $3.54 per pound in May, and closing at $3.84 per pound on December 29, 2023. Current
• $1.9 billion — lations. At December 31, 2023, we had $1.9 billion recorded in our consolidated balance sh
• $3.0 billion — sheet for environmental obligations and $3.0 billion recorded for asset reclamation obligati
• $0.5 billion — ons that affect our operations totaling $0.5 billion in 2023, $0.4 billion in 2022 and $0.3
• $0.4 billion — erations totaling $0.5 billion in 2023, $0.4 billion in 2022 and $0.3 billion in 2021. For 2
• $0.3 billion — llion in 2023, $0.4 billion in 2022 and $0.3 billion in 2021. For 2024, we expect to incur a
• $0.6 billion — 2024, we expect to incur approximately $0.6 billion of aggregate environmental capital expe

Filing Documents

• fcx-20231231.htm (10-K) — 6524KB
• a4q2023exhibit107.htm (EX-10.7) — 7KB
• a4q2023exhibit211.htm (EX-21.1) — 7KB
• a4q2023exhibit221.htm (EX-22.1) — 4KB
• a4q2023exhibit231.htm (EX-23.1) — 6KB
• a4q2023ex234consentsmorenci.htm (EX-23.4) — 28KB
• a4q2023exhibit241.htm (EX-24.1) — 4KB
• a4q2023exhibit242.htm (EX-24.2) — 50KB
• a4q2023exhibit311.htm (EX-31.1) — 11KB
• a4q2023exhibit312.htm (EX-31.2) — 11KB
• a4q2023exhibit321.htm (EX-32.1) — 6KB
• a4q2023exhibit322.htm (EX-32.2) — 6KB
• a4q2023exhibit951.htm (EX-95.1) — 173KB
• a4q2023exhibit97.htm (EX-97) — 57KB
• fcx-20231231_g1.jpg (GRAPHIC) — 3KB
• fcx-20231231_g10.jpg (GRAPHIC) — 35KB
• fcx-20231231_g11.jpg (GRAPHIC) — 35KB
• fcx-20231231_g12.jpg (GRAPHIC) — 62KB
• fcx-20231231_g13.jpg (GRAPHIC) — 167KB
• fcx-20231231_g14.jpg (GRAPHIC) — 114KB
• fcx-20231231_g15.jpg (GRAPHIC) — 118KB
• fcx-20231231_g16.jpg (GRAPHIC) — 283KB
• fcx-20231231_g17.jpg (GRAPHIC) — 181KB
• fcx-20231231_g18.jpg (GRAPHIC) — 182KB
• fcx-20231231_g2.jpg (GRAPHIC) — 84KB
• fcx-20231231_g3.jpg (GRAPHIC) — 629KB
• fcx-20231231_g4.jpg (GRAPHIC) — 40KB
• fcx-20231231_g5.jpg (GRAPHIC) — 34KB
• fcx-20231231_g6.jpg (GRAPHIC) — 33KB
• fcx-20231231_g7.jpg (GRAPHIC) — 69KB
• fcx-20231231_g8.jpg (GRAPHIC) — 44KB
• fcx-20231231_g9.jpg (GRAPHIC) — 247KB
• a2023trsmorenci.pdf (EX-96.3) — 4392KB
• 0000831259-24-000011.txt (&nbsp;) — 44559KB
• fcx-20231231.xsd (EX-101.SCH) — 128KB
• fcx-20231231_cal.xml (EX-101.CAL) — 129KB
• fcx-20231231_def.xml (EX-101.DEF) — 1002KB
• fcx-20231231_lab.xml (EX-101.LAB) — 1694KB
• fcx-20231231_pre.xml (EX-101.PRE) — 1276KB
• fcx-20231231_htm.xml (XML) — 5102KB

Risk Factors

Item 1A. Risk Factors 47

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 70

Cybersecurity

Item 1C. Cybersecurity 70

Legal Proceedings

Item 3. Legal Proceedings 72

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 75 Information About O ur Executive Officers 75 Part II 76

Market for Registrant's Common Equity, Related Stockholder Matters

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 76

Reserved

Item 6. Reserved 76 Items 7. and 7A. Management's Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures about Market Risk 77

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 116

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 176

Controls and Procedures

Item 9A. Controls and Procedures 176

Other Information

Item 9B. Other Information 176

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 176 Part III 176

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 176

Executive Compensation

Item 11. Executive Compensation 176

Security Ownership of Certain Beneficial Owners and Management and

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 177

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 177

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 177 Part IV 177

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 177

Form 10-K Summary

Item 16. Form 10-K Summary 183 Glossary of Terms 183

Signatures

Signatures S-1 i Table of Contents PART I Items 1. and 2. Business and Properties. All of our periodic reports filed with the United States (U.S.) Securities and Exchange Commission (SEC) pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, are available, free of charge, through our website, fcx.com, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports. These reports and amendments are available through our website as soon as reasonably practicable after we electronically file or furnish such material to the SEC. Our website is for information only and the contents of our website or information connected thereto are not incorporated in, or otherwise to be regarded as part of, this Form 10-K. References to "we," "us" and "our" refer to Freeport-McMoRan Inc. (FCX) and its consolidated subsidiaries. References to "Notes" refer to the Notes to Consolidated Financial Statements included herein (refer to Item 8.), and references to "MD&A" refer to Management's Discussion and Analysis of Financial Condition and Results of Operations and Quantitative and Qualitative Disclosures About Market Risk included herein (refer to Items 7. and 7A.). The following discussions include forward-looking statements that are not guarantees of future performance and actual results may differ materially (refer to Item 1A. "Risk Factors" and "Cautionary Statement" in MD&A for further discussion). GENERAL We are a leading international mining company with headquarters in Phoenix, Arizona. We operate large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. We are one of the world's largest publicly traded copper 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

View Full Filing

View this 10-K filing on SEC EDGAR