Freeport-McMoRan is one of the world's largest copper miners, with copper representing roughly 75% of revenues. Freeport is the dominant U.S. copper producer, supplying about 70% of domestically produced refined copper. The company also produces meaningful gold (~15% of revenues) and molybdenum (~8% of revenues). Freeport operates through three geographic segments: the U.S. (~39% of copper production, seven mines in Arizona and New Mexico plus two molybdenum mines in Colorado), South America (~31%, anchored by the large Cerro Verde mine in Peru), and Indonesia (~30% of copper and ~98% of gold production, from the Grasberg district in Papua — one of the world's largest copper and gold deposits). Freeport sells copper cathode, copper rod, copper concentrate, gold bars, and molybdenum products directly to industrial customers, with pricing referenced to COMEX, LME, and London PM fix benchmarks. Profitability is driven primarily by copper and gold prices, ore grade, and volume. Grasberg's exceptionally high gold grades make its net copper production cost among the lowest globally, while U.S. mines carry higher unit costs. Freeport's growth strategy is primarily organic: a leach innovation initiative recovering copper from legacy waste stockpiles (targeting 800M lbs/year long-term at very low incremental cost), potential expansions at Bagdad and Safford in Arizona and El Abra in Chile, and the Kucing Liar underground mine in Indonesia targeting first production around 2030.