Through its subsidiary, PTFI, FCX mines one of the world’s largest copper and gold deposits in the Grasberg minerals district in Papua, Indonesia. In addition to copper and gold, PTFI produces silver. FCX has a 48.76 percent interest in PTFI and manages its mining operations. PTFI’s results are consolidated in FCX’s financial statements.

FCX’s South America mining operations include open-pit mining, sulfide ore concentrating, leaching and solution extraction/electrowinning. Production from these mines is sold as concentrate or cathode under long-term contracts. Our South America mines also ship a portion of their copper concentrate to Atlantic Copper, our wholly owned smelting and refining unit in Spain.

In North America, FCX operates seven open-pit copper mines — Morenci, Bagdad, Safford (including Lone Star), Sierrita and Miami in Arizona, and Chino and Tyrone in New Mexico; and two molybdenum mines — Henderson and Climax in Colorado.