Freeport-McMoRan Announces Commitment to Copper Mark Responsible Production Framework
September 21 2020 - 08:00AM
Business Wire
Freeport-McMoRan Inc. (NYSE: FCX) today announces its commitment
to the Copper Mark. The Copper Mark is a new, comprehensive
assurance framework that demonstrates the industry’s responsible
production practices and contribution to the United Nations
Sustainable Development Goals (SDGs). It is the first and only
framework developed specifically for the copper industry and
enables each site to demonstrate to customers, investors and other
stakeholders their responsible production performance.
FCX has commenced the process for six of its operating sites and
has future plans to validate all of its operating sites against the
Copper Mark requirements.
Richard C. Adkerson, President and Chief Executive Officer,
said, “I am proud to announce our commitment to the Copper Mark.
Our focus on responsible production is critical to establish and
maintain acceptance from our stakeholders. The Copper Mark
demonstrates our responsible production practices to downstream
markets, helping to meet our customers’ responsible sourcing
objectives. Copper plays an essential role in the technologies
necessary to develop and deliver clean energy and to support the
global transition to a low-carbon economy. As the energy transition
continues, copper use is expected to increase from the use of
electric vehicles and their charging stations and renewable energy
technologies, such as solar and wind, and their necessary
connections to grids. This increased copper demand should not come
at a cost to sustainability. As one of the world's largest copper
producers, we understand we play a critical role in this
transition, and we remain dedicated to supplying the global economy
with responsibly produced copper.”
To receive the Copper Mark, copper producers must be assessed
independently against a comprehensive set of environmental, social
and governance (ESG) criteria on a site-by-site basis. The
framework currently is focused on copper producers at the beginning
of the supply chain, but it intends to develop criteria for
fabricators and component producers in the coming years with the
goal of establishing a chain of custody for downstream companies,
such as automobile and electronics producers.
The Copper Mark was originally founded and developed by the
International Copper Association, to which FCX is a member, in
conjunction with various stakeholders including financial
institutions, commodities exchanges, Nongovernmental Organizations,
Original Equipment Manufacturers, and copper fabricators. The
Copper Mark now is an independent entity and builds on the advice
of its multi-stakeholder advisory council.
To learn more about the Copper Mark visit www.coppermark.org. To
learn more about the United Nations Sustainable Development Goals
visit
https://www.un.org/sustainabledevelopment/sustainable-development-goals/.
FCX is a leading international mining company with headquarters
in Phoenix, Arizona. FCX operates large, long-lived, geographically
diverse assets with significant proven and probable reserves of
copper, gold and molybdenum. FCX is one of the world’s largest
publicly traded copper producers.
FCX’s portfolio of assets includes the Grasberg minerals
district in Indonesia, one of the world’s largest copper and gold
deposits; and significant mining operations in North America and
South America, including the large-scale Morenci minerals district
in Arizona and the Cerro Verde operation in Peru. Additional
information about FCX is available on FCX's website at
"fcx.com."
Cautionary Statement: This press release contains
forward-looking statements in which FCX discusses its potential
future performance. Forward-looking statements are all statements
other than statements of historical facts, such as plans,
projections, expectations, targets, objectives, strategies or goals
relating to environmental, social, safety and governance
performance and the underlying assumptions and estimated impacts on
FCX’s business related thereto; FCX’s approach to lower carbon and
reduced emissions; plans and expectations in relation to future
clean energy transition including future increase in copper demand;
and FCX’s aim to deliver responsibly produced copper and its Copper
Mark ambitions and plans to validate all of its operating sites.
The words “anticipates,” “may,” “can,” “plans,” “believes,”
“estimates,” “expects,” “projects,” "targets," “intends,” “likely,”
“will,” “should,” “could,” “to be,” ”potential," “assumptions,”
“guidance,” “future” and any similar expressions are intended to
identify those assertions as forward-looking statements.
FCX cautions readers that forward-looking statements are not
guarantees of future performance and actual results may differ
materially from those anticipated, expected, projected or assumed
in the forward-looking statements. Important factors that can cause
FCX's actual results to differ materially from those anticipated in
the forward-looking statements include, but are not limited to, the
factors described under the heading “Risk Factors” in FCX's Annual
Report on Form 10-K for the year ended December 31, 2019, and
subsequent Quarterly Report on Form 10-Q for the quarter ended June
30, 2020, each filed with the U.S. Securities and Exchange
Commission (SEC), as updated by FCX’s subsequent filings with the
SEC.
Investors are cautioned that many of the assumptions upon which
FCX's forward-looking statements are based are likely to change
after the forward-looking statements are made. Further, FCX may
make changes to its business plans that could affect its results.
FCX cautions investors that it does not intend to update
forward-looking statements more frequently than quarterly
notwithstanding any changes in its assumptions, changes in business
plans, actual experience or other changes, and FCX undertakes no
obligation to update any forward-looking statements.
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Financial Contacts: Kathleen L. Quirk (602) 366-8016 David P.
Joint (504) 582-4203 Media Contact: Linda S. Hayes (602)
366-7824
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