Freeport-McMoRan
CFO) | |
Products | |
---|---|
Revenue | US$22.9 billion (2023) |
US$6.23 billion (2023) | |
US$1.85 billion (2023) | |
Total assets | US$52.5 billion (2023) |
Total equity | US$27.3 billion (2023) |
Number of employees | c. 27,200 (2023) |
Subsidiaries |
|
Website | fcx |
Footnotes / references [1] |
Freeport-McMoRan Inc., often called Freeport, is an American mining company based in the
History
The current company was created in 1981 through the merger of Freeport Minerals, formerly Texas Freeport Sulphur Company and McMoRan Oil & Gas Company, becoming Freeport-McMoRan Inc.
Early history
Freeport Sulphur Company was founded July 12, 1912, by the eldest son of
Freeport mined sulfur along the Gulf Coast using the
In 1922, Freeport started producing sulfur from Hoskins Mound in Brazoria County, Texas.[4]: 111–117
Freeport Texas Company
Enterprise to support Freeport Sulphur's business and the new town's infrastructure led to the incorporation of a holding company on September 30, 1913, to join the newer assets with Freeport Sulphur. Officers of the new holding company, Freeport Texas Company, were:
- Eric. P. Swenson, President and Director (Freeport Sulphur founder, son of Swante M. Swenson)
- Edward E. Dickinson, Vice-President and Director
- F.M. Altz, Secretary
- Swante M. Swenson, Treasurer (son of Eric P. Swenson)
- Charles H. Findlay, Auditor (son of Hugh Findlay and his third wife, Mary Ellen Smith)
- Richard H. Williams, Director (son of Richard H. Williams)
- Harry K. Knapp, Director
- Samuel McRoberts, Director
- Charles P. Northrop, Director
- Charles A. Stone, Director
- Frank A. Vanderlip, Director
- Sidell Tilghman, Director (son of General Lloyd Tilghman)
- Eppa Hunton Jr., Director (son of late Virginia Senator, Brig. Gen. Eppa Hunton)
- Charles E. Herrmann, Director.[2][7]
The new corporation's principal assets were listed as:
- Freeport Sulphur
- Freeport Gas Co.
- Freeport Sulphur Transportation Company
- Freeport Town Site Co.
- Freeport Terminal Co.
- Freeport Light, Water & Ice Co.
- South Texas Stevedore Co.
- La Espuela Oil Co.
- Société pour l'Importation et la Vente des Soufres
- Houston & Brazoz Valley Ry[8]
In 1919, minority stockholders
In 1928, shareholder and scion of one of the founding investment firms, John Langbourne Williams & Sons,
Williams led the company's diversification, beginning with the purchase of manganese deposits in Oriente Province, Cuba.[14]
1930s
In 1932, Freeport Sulphur Company acquired the sulfur rights for Lake Grande Ecaille and vicinity in
1950s
The company produced nickel during World War II and potash in the 1950s.[17] In 1955, Freeport Nickel invested $119 million, of which $100 million came from the U.S. government, into construction of a nickel-cobalt mine at Moa Bay, Cuba, and a refinery at Port Nickel, Louisiana. On March 11, 1957, the U.S. government announced a contract to buy nickel and cobalt from the company.[18][19]
In 1956, the company formed the Freeport Oil Company.[17] In 1958, the company sold an oil discovery near Lake Washington in Louisiana for approximately $100 million to Magnolia Petroleum Company.[17]
In 1959, Freeport
1960s
- In 1960, Fidel Castro implemented a 25% ore tax, effectively nationalizing and seizing Freeport's nickel-mining operations in Cuba.[21][18]
- In 1961, the company entered the kaolin business after purchasing the assets of Southern Clays Inc.[17] In 1964, the company formed Freeport of Australia to pursue mining opportunities there and in the surrounding Pacific Ocean region.[17]
Development of the Ertsberg deposit
In 1967, the company negotiated a contract with the Indonesian government to develop the Ertsberg deposit.
In 1969, McMoRan Exploration Company was founded, which, in 1981, would merge with Freeport Minerals, formerly Freeport Sulphur, to form Freeport-McMoRan.
1970s
In 1971, the company changed its name to Freeport Minerals Company, (not to be confused with Freeport Minerals Corporation, founded in 1834).
1980s
In 1981, Freeport Minerals Company merged with the McMoRan Oil and Gas Company. The McMoRan Oil and Gas Company was founded in 1967 by three partners, William Kennon McWilliams Jr. ("Mc"), James Robert (Jim Bob) Moffett ("Mo"), who were both petroleum geologists, and Mack Rankin ("Ran"), "a specialist in land-leasing and sales operations."[23]
In 1981, the company formed a 70/30 joint venture with an affiliate of FMC Corporation to operate the Jerritt Canyon gold mine near Elko, Nevada.[24] In 1985, the company headquarters moved to New Orleans, Louisiana.[12] The company also sold a 25% interest in oil and gas assets primarily in the western United States to Britoil for $73.5 million.[25][26]
In 1989, the company sold about $1.5 billion in assets to finance development of the Grasberg mine and the Main Pass offshore sulfur-oil-gas deposit off Louisiana.[27]
1990s
In 1994, the company completed the corporate spin-off of its entire interest in Freeport-McMoRan Copper & Gold, which owned the Grasberg mine.
In 1995, RTZ, a predecessor of
In 1997, IMC Global, a large fertilizer producer, acquired Freeport-McMoRan Inc., the former parent company that now owned the sulfur and fertilizer businesses, in a $750 million transaction. Shareholders of Freeport-McMoRan received shares of IMC Global.[29]
The Indonesian government asked Freeport to substantiate Bre-X's claims of having found the largest gold mine ever discovered. In 1997, the company announced that its prospective partner Bre-X did not have gold reserves at its Indonesian mine, as it had reported. Bre-X subsequently was exposed as a fraud and went bankrupt.[30]
In 1998, low commodity prices forced the company to suspend its dividend.[31]
2000s
In 2003, the company was subpoenaed as part of an investigation by anti-trust authorities in the United States, Canada, and Europe into price fixing in the copper industry.[32]
On March 19, 2007, the company acquired Phelps Dodge (for $25.9 Billion) and became the largest copper producer of any public company in the world. The corporate headquarters was moved from New Orleans, Louisiana to Phoenix, Arizona.[33]
2010s
In 2012, the company announced agreements to acquire affiliated companies McMoRan Exploration Company and Plains Exploration & Production Company for a total enterprise value of over $20 billion. The transaction added significantly to the company's petroleum assets.[34] The transaction was criticized as a conflict of interest due to the common ownership of the companies.[35] In 2015, the company paid a $137.5 million settlement to resolve claims that executives and directors had conflicts of interest that resulted in the company overpaying in that transaction.[36]
In 2014, the company sold its assets in the
On December 28, 2015, the company announced that James R. Moffett would resign as chairman of the company and be replaced by Gerald J. Ford. Moffett received $16.1 million in severance pay and cash retirement plans totaling more than $63 million. Moffett continued to consult for the company for annual fees of $1.5 million.[39]
In May 2016, the company sold a 13% interest in its Morenci Mine to Sumitomo Group for $1 billion in cash.[40]
In 2016, Freeport sold its deepwater assets, including the Marlin TLP, and the Holstein and Horn Mountain spars, to Anadarko Petroleum.
In August 2017, the company agreed to give a 51% interest in the Grasberg mine to the Government of Indonesia and build a smelter in exchange for a special permit to operate the mine until 2041.[41][42][43]
In 2018, the company ranked at number 176 on the Fortune 500 list.[44] During this year, Indonesian President Joko Widodo also planned to take control of 51% of Freeport Indonesia's equity, effectively handing over control of Freeport Control to Indonesian government. The Indonesian government will need to settle payments of $3.85 billion during the takeover process.[45] The Indonesian government finalized the process on December 21, 2018.[46]
Current operations
Freeport is the world's largest producer of molybdenum, and one of the largest producers of copper.[47] In 2019, 79% of its revenues were from the sale of copper, 11% were from the sale of gold, and 8% were from the sale of molybdenum.[47] In 2019, sales to the company's copper refining joint venture in Gresik Regency accounted for 13% of the total revenues of the company.[47]
Some of the company's mining operations are as follows:[47]
Africa
Freeport Cobalt held a 100% interest in Kisanfu, a copper and cobalt exploration project located near Tenke, Democratic Republic of the Congo. This subsidiary also owns a large
Europe
In December 2019, Freeport Cobalt (a joint venture between Freeport-McMoRan and Lundin Mining) sold its cobalt refinery in Kokkola, Finland to Umicore. FCX held an effective 56% interest in that enterprise.[51]
North America
- Morenci, Arizona – 72% owned (copper)
- Bagdad, Arizona – 100% owned (copper, molybdenum)
- Sierrita mine, Arizona (includes Twin Buttes & Esperanza) – 100% owned (copper, molybdenum)
- Miami, Arizona– 100% owned (copper)
- Safford mine, Safford, Arizona – 100% owned (copper)
- Chino mine, Santa Rita, New Mexico – 100% owned (copper, molybdenum)
- Tyrone, New Mexico– 100% owned (copper)
- Henderson molybdenum mine, Empire, Colorado – 100% owned (molybdenum)
- Climax mine, Leadville, Colorado – 100% owned (molybdenum)
South America
Europe
- Atlantic Copper,
Indonesia
- Grasberg, Central Papua, Indonesia – 49% owned (copper, gold, silver)
Past holdings
- Jerritt Canyon mine, near Companies’ Creditors Arrangement Act bankruptcy protections of Canada from June 9, 2014.[55] Sprott Mining bought the concern after the Canadian bankruptcy court ordered Veris to sell its assets.[55]
- In May 2016 Freeport announced an agreement to sell its interests in TF Holdings to China Molybdenum Co., Ltd. (CMOC) for $2.65 billion in cash and possibly more if the average copper price rose enough to trigger the increase in the following 24 months. TF Holdings was a Bermuda holding company with indirect ownership of 80% of Tenke Fungurume Mine. Since FCX had owned 70% ownership of TF Holdings, the sale gave China Molybdenum a 56% interest in Tenke Fungurume Mine. The parties discussed including Kokkola refinery and Kisanfu Exploration in the sale, but did not agree on the terms to do so.
- In December 2020, Freeport completed the sale of its interests in the Kisanfu undeveloped project in Democratic Republic of Congo to a wholly owned subsidiary of China Molybdenum Co., Ltd. for US$550 million.[50]
Past board members
Past board members include Henry Kissinger, John Hay Whitney, Robert A. Lovett, Benno C. Schmidt Sr., Gus Long, Arleigh Burke, J. Stapleton Roy, Godfrey Rockefeller and his cousin-in-law, Jean Mauzé.
Controversies
Safety record
In 2011, Freeport was fined by the U.S. Department of Labor's Mine Safety and Health Administration over the death of a miner. The 67-year-old man had fallen into a hole created by the removal of two steel gratings. It was concluded that Freeport had not done enough to indicate that the hole was there.[56]
Grasberg Mine
The company operates the world's largest and most profitable gold mine, the
In 2003, a landslide killed eight workers.[57] A government study concluded that the incident was the result of negligence.[58] Important warning signs had been detected two days prior. In response to this, management moved some equipment, but did not keep workers out of the area. A month later two workers died from being exposed to sulfur fumes. The government ultimately overturned its conclusion and attributed the incident to natural causes.
In 2005, The New York Times reported that the company paid local military and police generals, colonels, majors and captains, and military units, a total of nearly US$20 million between 1998 and 2004. One individual received up to US$150,000. The payments were meant to secure the reserve. The company responded that the payments did not go to individuals, but went into infrastructure, food, housing, fuel, travel, vehicle repairs, and allowances to cover incidental and administrative costs. According to the report, anonymous sources within the company claimed that company chairman James R. Moffet courted Indonesia's dictator Suharto and "his cronies", cutting them in on deals. Another employee is said to have worked on a program to monitor environmentalists' telephone and email conversations, in collaboration with Indonesian military intelligence officers.[59]
The Grasberg mine's tailings "severely impacted" more than 11 square miles (28 km2) of rainforest, according to a 1996 Dames & Moore environmental audit.[60] The report, endorsed by Freeport, also estimated that during the life of the mine 3.2 billion tons of waste rock – large components of which generate acid – would be dumped into the local river system. Overburden (waste rock) from the mine had already polluted a nearby lake due to acid mine drainage.[60]
Citing extensive, long-term and irreversible environmental damage in New Guinea, the Government Pension Fund of Norway excluded Freeport-McMoRan from its investment portfolio, following a recommendation from the fund's ethical council.[61]
In 2013, a tunnel collapse killed twenty eight workers.[62] The Freeport geological team claimed that the collapse at the Big Gossan tunnel was caused by erosion of the ceiling, brought about by the continuous infiltration of the limestone wallrocks by corrosive acidic groundwater.[63] Freeport was accused of negligence by the Indonesian National Human Rights Commission.[64]
Human rights record in Indonesia
The company is a signatory participant of the Voluntary Principles on Security and Human Rights. However, the company has been accused of funding the Indonesian government to secure its reserve through militaristic oppression of the native West Papuan people. Freeport has had a troubled relationship with the Amungme and Kamoro peoples since it arrived in Indonesia in 1967. Freeport allegedly damaged 30.000 hectares of the rainforest and two major rivers, on which they depend for their food, water, livelihoods, and traditions.[65] Pressured by cultural and economic deterioration, there were numerous quarrels, between the tribes, Freeport, and the Indonesian military.[66][67] Some unarmed natives were killed or tortured by the military, or became part of the Free Papua Movement insurgence.[citation needed]
Environmental record
Based on 2014 data, the Political Economy Research Institute ranked Freeport-McMoRan 13th among corporations emitting airborne pollutants in the U.S. The ranking is based on emission quantities and toxicity.[68]
On October 15, 2009 the City of Blackwell filed suit against Freeport-McMoRan over the contamination caused by its Blackwell Zinc Smelter. The city considered the contamination a nuisance, and alleged that 58 million pounds of toxic waste remained in the city, causing illness within its 7,200 residents.[69] The City of Blackwell and Freeport settled for $54M in February 2010.[70][71] In 2012, Freeport agreed to a $119M settlement with the residents.[72][73]
On April 2012, the
Carbon footprint
Freeport-McMoRan Inc reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 7,116 Kt (-653 /-8.4% y-o-y).[75] Emissions have been on a declining trend since 2015.
Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 |
---|---|---|---|---|---|
10,136[76] | 8,994[77] | 7,956[78] | 8,126[79] | 7,769[80] | 7,116[75] |
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{{cite web}}
:|first=
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- ^ PALMER, JENNIFER. "Blackwell settles zinc suit". The Oklahoman. Retrieved 2022-02-28.
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- ^ "Oklahoma Residents Settle for $119 Million Over Old Blackwell Smelter". SEJ. 2012-02-01. Retrieved 2022-02-28.
- ^ "Polluting Copper Mine|Fined $6.8 Million". www.courthousenews.com. Retrieved 2022-02-09.
- ^ a b "Freeport-McMoRan Inc's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on June 24, 2021. Alt URL
- ^ "Freeport-McMoRan Inc's Sustainability Report for 2019Q4" (PDF). Archived from the original (PDF) on September 18, 2020. Alt URL
- ^ "Freeport-McMoRan Inc's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on June 24, 2021. Alt URL
- ^ "Freeport-McMoRan Inc's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on June 24, 2021. Alt URL
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- ^ "Freeport-McMoRan Inc's Sustainability Report for 2020Q4" (PDF). Archived from the original (PDF) on June 24, 2021. Alt URL
External links
- Business data for Freeport-McMoRan Inc.:
- Earth Observatory Satellite Picture of Grasberg Mine"