Cerro Verde

Open-pit copper and molybdenum complex 20 miles southwest of Arequipa, Peru; in operation since the 1970s (previously operated by the Peru government; acquired by a Phelps Dodge predecessor in 1994). FCX owns 55.08%; SMM Cerro Verde Netherlands 21.0%, Buenaventura 19.58%, public 4.34%. Porphyry copper deposit with oxide, secondary and primary sulfide mineralization. Two concentrators with annual average permitted milling capacity of 409,500 t/d (up to 450,450 t/d), 100,000 t/d ROM leach and SX/EW (~200 Mlb/yr cathode). Fleet moves ~1,000,000 t/d. Power transitioning to fully renewable sources in 2026; processing water from Rio Chili reservoirs and Arequipa wastewater treatment. One of FCX's three S-K 1300 material properties (TRS Exhibit 96.2). Net PP&E $5.8B.