Freeport-McMoRan
39 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Mitsubishi Materials Corporation
earns from · 10% or more of consolidated revenues in 2024For the three years ended December 31, 2025, the only customer that accounted for 10% or more of our consolidated revenues was Mitsubishi Materials Corporation, PTFI’s joint venture partner in PT Smelting (PTFI’s 66%-owned copper smelter and refinery), in 2024.Business (Item 1)
Partners and platforms
COMEX
exposed to its price · 7% higher than LME average in 2025named as a riskFor the year 2025, the average COMEX copper settlement price was 7% higher than the average LME copper settlement price.Business (Item 1)
PT Smelting
depends on · 66%-ownednamed as a riskWe are investigating whether activities of PT Smelting may have violated aspects of the FCPA or other laws, including laws of non-U.S. jurisdictions.Risk factors (Item 1A)
MIND ID (PT Mineral Industri Indonesia)
51.24% share ownershipnamed as a riskImproper management of our working relationship with the Indonesia government, MIND ID or the local population could lead to a disruption of operations and/or impact our reputation in Indonesia and in the region where we operate, which could adversely affect our business.Risk factors (Item 1A)
Other companies
PTFI downstream processing facilities (Gresik smelter and PMR)
depends on · $3.2 billion of debtnamed as a riskAs such, if the downstream processing facilities are not operational when copper concentrate is available, PTFI could be required to reduce production levels or be subject to increased costs, which could adversely impact our revenues and operations.Risk factors (Item 1A)
PTFI property and business interruption insurance
up to $1.0 billion in losses after a $0.5 billion deductiblenamed as a riskPTFI is seeking recovery of damages under its property and business interruption insurance policies, which cover up to $1.0 billion in losses (subject to a limit of $0.7 billion on underground incidents), after a $0.5 billion deductible.Market risk (Item 7A)
Collective labor agreements
11% of our global employee populationnamed as a riskAs of December 31, 2025, approximately 28% of our global employee population was covered by collective labor agreements, and 11% of our global employee population was covered by agreements that are scheduled to expire during 2026 and continue to be negotiated.Risk factors (Item 1A)
Atlantic Copper
depends on · 77% of its copper concentrate from third partiesDuring 2025, Atlantic Copper purchased 77% of its copper concentrate from third parties, 21% from our South America operations and 2% from our U.S. copper mines.Business (Item 1)
Places
Indonesia
operates in · 22% of copper reserves, 97% of gold reservesnamed as a riskBecause our operations in Indonesia are material to our business, our business may be adversely affected by political, economic, regulatory and social uncertainties in Indonesia.Risk factors (Item 1A)
Grasberg minerals district
concentrated in · 30% of copper production; 98% of gold productionnamed as a riskOur 2025 operations and results were impacted by the September 2025 mud rush incident at the Grasberg minerals district in Central Papua, Indonesia.Business (Item 1)
Cerro Verde mine
concentrated in · $5.8 billion net PP&Enamed as a riskCerro Verde is located in a desert environment with rainfall averaging less than two inches per year and is in an active seismic zone.Business (Item 1)
United States
earns from · approximately 70% of total U.S. refined copper productionWe are the leading copper supplier in the U.S., providing approximately 70% of total U.S. refined copper production through our integrated domestic mining and processing facilities, and most of which is sold domestically.Business (Item 1)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Morenci mine
concentrated in · 70% of consolidated copper production (with Cerro Verde and Grasberg)Copper production from three of our mines (the Morenci mine in the U.S., the Cerro Verde mine in Peru and the Grasberg minerals district in Indonesia) together totaled 70% of our consolidated copper production in 2025.Business (Item 1)
China
earns fromnamed as a riskIn addition to the factors discussed above, copper prices may be affected by demand from China, which is currently the largest consumer of refined copper in the world, including as a result of geopolitical uncertainty and tension between the U.S. and China as well as uncertainties about China’s economy.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Chile
operates innamed as a riskWe cannot predict whether similar or more significant incidents of civil unrest or political instability will occur in the future in Peru or Chile.Risk factors (Item 1A)
Peru
operates innamed as a riskIn Peru, political uncertainty has created instability in the regulatory environment.Risk factors (Item 1A)
Also named by SCCO
Hazards
Central Papua separatist violence
operates in · more than 55 incidents of separatist violencenamed as a riskSocial, economic and political instability in Central Papua could materially adversely affect us if it results in damage to our property or interruption of our Indonesia operations.Risk factors (Item 1A)
Grasberg seismic activity and extreme rainfall
operates in · approximately 200 inchesnamed as a riskOur Indonesia operations are in an active seismic zone and experience average annual rainfall of approximately 200 inches.Business (Item 1)
PTFI riverine tailings management system
operates in · approximately 48 million metric tons of tailingsnamed as a riskUnanticipated structural failure of these structures in certain areas in the future could result in flooding of the nearby communities and related loss of lives and/or severe personal, property and environmental damages.Risk factors (Item 1A)
Commodities and inputs
Copper
exposed to its price · 75% of revenues; $330 million for each $0.10 per pound changenamed as a riskOur consolidated revenues for 2025 primarily included sales of copper (75%), gold (15%) and molybdenum (8%).Business (Item 1)
Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more
Gold
exposed to its price · 15% of revenues; $75 million for each $100 per ounce changenamed as a riskOur financial results are significantly influenced by and vary with fluctuations in the market prices of the commodities we produce, primarily copper and gold, and to a lesser extent molybdenum.Risk factors (Item 1A)
Also named by AMKR, APH, BLK, CDE, DC, EZPW, FCFS, HL and 10 more
Energy (diesel, electricity, coal, natural gas)
exposed to its price · 15% of our copper mine site operating costsnamed as a riskIn 2025, energy represented 15% of our copper mine site operating costs, including purchases of approximately 275 million gallons of diesel fuel; approximately 8,600 gigawatt hours of electricity at our U.S. and South America copper mining operations (we generate all of our power at our Indonesia mining operation); approximately 550 thousand metric tons of coal for our coal power plant in Indonesia; and approximately 3 million MMBtu (million British thermal units) of natural gas at certain of our U.S. mines.Business (Item 1)
Molybdenum
exposed to its price · 8% of revenues; $160 million for each $2 per pound changenamed as a riskThe impact of price changes on operating cash flows for the year 2026 would approximate $330 million for each $0.10 per pound change in the average price of copper, $75 million for each $100 per ounce change in the average price of gold and $160 million for each $2 per pound change in the average price of molybdenum.Market risk (Item 7A)
Indonesian rupiah
exposed to its price · $1,102 million estimated annual paymentsnamed as a riskSubstantially all of our revenues and a significant portion of our costs are denominated in U.S. dollars; however, some costs and certain asset and liability accounts are denominated in local currencies, including the Indonesia rupiah, Peruvian sol, Chilean peso and euro.Market risk (Item 7A)
Salar de Ascotán aquifer
depends onnamed as a riskOur permit for pumping of groundwater will expire in 2029, and we anticipate filing applications to request an extension of the use of water from the Salar de Ascotán during 2026.Risk factors (Item 1A)
Río Chili watershed
depends onnamed as a riskAs a result of certain weather patterns, water shortages at our Cerro Verde operation are possible, which could impact our operations.Risk factors (Item 1A)
Sulfuric acid
depends onSulfuric acid needs in excess of the sulfuric acid produced by our operations are purchased from third parties.Business (Item 1)
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskFor example, we have been cooperating with and responding to a subpoena from the U.S. Securities and Exchange Commission (SEC) and an information request from the U.S. Department of Justice (DOJ) related to our public disclosures about the engineering design and construction of PTFI’s smelter in Indonesia, which is also the subject matter in a separate whistleblower complaint from a former contractor that we are defending before the U.S. Department of Labor.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Indonesia Ministry of Environment and Forestry (MOEF)
subject toThe current phase of the Tailings Management Roadmap, approved by MOEF in 2024, extends from 2025 through 2030 and builds upon activities from the initial period.Business (Item 1)
Laws and programs
CERCLA
subject to · $2.0 billion environmental obligationsnamed as a riskLaws such as the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (CERCLA) and similar state laws may expose us to joint and several liability for environmental damages caused by our operations, or by previous owners or operators of properties we acquired or are currently operating or at sites where we previously sent materials for processing, recycling or disposal.Business (Item 1)
Also named by AA, AAOI, ALB, AN, APD, APLD, ATI, AWK and 27 more
U.S. Section 232 copper tariffs
subject to · 50% tariffnamed as a riskEffective August 1, 2025, a 50% tariff was imposed under Section 232 of the Trade Expansion Act, targeting U.S. imports of semi-finished copper products and copper-intensive derivative products.Business (Item 1)
Also named by SCCO
PTFI special mining business license (IUPK)
subject to · 34% of aggregate proven and probable recoverable mineral reserves before end of 2031named as a riskIf PTFI does not fulfill its defined fiscal and other obligations to the Indonesia government as set forth in the IUPK, the IUPK may not be extended from 2031 through 2041, and PTFI would be unable to mine all of its proven and probable mineral reserves in the Grasberg minerals district, which could adversely affect our business, results of operations and financial position.Risk factors (Item 1A)
Indonesia export proceeds regulation (March 2025 Regulation)
subject to · 100% of PTFI’s export proceedsnamed as a riskEffective March 1, 2025, the Indonesia government implemented a new regulation (March 2025 Regulation) for export proceeds that requires 100% of PTFI’s export proceeds to be deposited into Indonesia banks for 12 months.Risk factors (Item 1A)
U.S. mine closure financial assurance requirements
subject to · $2.2 billionnamed as a riskAs of December 31, 2025, our financial assurance obligations totaled $2.2 billion for closure and reclamation costs of U.S. mining sites.Risk factors (Item 1A)
Indonesia export duties
subject to · $337 million in 2025PTFI incurred export duties totaling $337 million in 2025 and $457 million in 2024.Market risk (Item 7A)
U.S. Foreign Corrupt Practices Act (FCPA)
subject tonamed as a riskAny determination that operations or activities are not in compliance with existing laws, including the FCPA, could result in the imposition of fines, penalties and equitable remedies.Risk factors (Item 1A)
Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more
EPA Copper Smelter Rule
subject tonamed as a riskThis final rule would impact our Miami, Arizona smelter operations, which process a significant portion of the copper concentrate produced by our U.S. copper mines.Business (Item 1)
MSHA Silica Rule
subject tonamed as a riskUpon MSHA’s proposal, we will evaluate the costs involved, which could be significant.Business (Item 1)
Gila River watershed adjudication
subject tonamed as a riskIf we are not able to satisfactorily resolve the issues being addressed in the adjudications, our water uses could be diminished or curtailed, and our operations and any future expansions at Morenci, Safford (including Lone Star) and Sierrita could be adversely affected unless we are able to acquire alternative water sources.Risk factors (Item 1A)