Freeport-McMoRan Copper & Gold was founded on exploration following the discovery of the Grasberg mine in 1988. Mines have finite lives and world class discoveries in the mining industry are rare. Finding new sources of copper and other metals through exploration, acquisition or partnerships is the lifeblood of Freeport-McMoRan. Growth is a key component of the company’s business strategy. Exploration is one of the engines that sustains and powers our growth. Our highly successful Candelaria mine in Chile is the product of one such Freeport-McMoRan discovery in the 1980s, as is the new Safford mine of a discovery made in the 1950s.

Exploration works hand-in-hand with the company’s engineering, business development and technology groups to generate and evaluate opportunities for deposit discovery and reserve addition. Much of our exploration effort focuses on our own backyard, where we expand the boundaries of our existing ore bodies and test the possibilities of our mineral districts with more sophisticated geological models and exploration methods. We take full advantage of improved mining and processing technologies that open up possibilities for potential reserve additions by allowing economic recovery of metals from low-grade ore that historically would have been considered waste.

Freeport-McMoRan exploration teams aggressively seek new mining opportunities in North and South America, Indonesia, Africa and other regions. We often pursue these opportunities with joint-venture partners, thus maximizing our exploration budget and spreading costs and risks among several parties. Our expertise and reputation afford us many partnering opportunities, yet we pursue only those few that can pass our rigorous screens for adding economic value to the company.

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