Freeport-McMoRan Copper & Gold was founded on exploration following a 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.

Our Process Technology Center and the exploration group work hand-in-hand to ensure the continued discovery and development of economically viable mineral reserves and creation of low-cost production and process technologies.

Much of our exploration effort focuses on our own backyard, where we probe the boundaries of our existing ore bodies. Exploration methods have grown more sophisticated and precise, as have mining and processing technologies. Because of these advancements, we are able to identify additional deposits and economically recover metals from low-grade ore at existing sites that historically would have been considered waste. These discoveries and improvements in processing technology continue to extend the expected life of these mines.

Freeport-McMoRan exploration teams aggressively seek new mining opportunities in North and South America, Indonesia, Africa and other regions. In several cases, we 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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