FCX Releases Water, Climate Report
“Response – Able” Mining in 21st Century Leadville
In honor of Earth Day, Leadville Today brings readers the Sustainability Report from Freeport-McMoRan Inc. (NYSE: FCX). The 2020 Annual Report released to media outlets yesterday includes the company’s latest Water Report and Climate Report. These summaries provide valuable details from the owners of nearby Climax Mine’s concerning their environmental, social and governance (ESG) performance during the past year.
As one of the international mining giant’s numerous holdings, the molybdenum mine atop Fremont Pass along Highway 91 is also one of Lake County’s most delicate ecological balances. The company’s work at the Headwaters of the Arkansas River is highlighted in the annual review and a fine example of their response-able planning and remediation work. It’s a highlight worth noting on this Earth Day 2021. Afterall, that water flows downhill, to millions of homes, to hundreds of farmers and through several states before finally meeting up with the mighty Mississippi River. It all starts right here, near Leadville Today.
There is more good news when it comes to transparency, and determining whether such closeby mining operations are response-able. This is the first year they are required to file a “sustainability” overview. These 2020 on-the-record reports are FCX’s first under the recently established Sustainability Accounting Standards Board (SASB).
So, if you have ever wondered about emissions coming from the local mine operations, it’s in there. Maybe you have questions about that water treatment plant on the Summit County side, you can find information in the data FXC submitted in its sustainability report. Have you wondered what workforce trends at the Climax Mine might show out, including employees versus contractors numbers; it’s in there. All of this type of data is now documented, because that’s what the public and investors asked for back in December 2019 and so that is what Freeport McMoRan reported earlier this week. Thank you.
How Things Panned Out in a Pandemic Year
Freeport-McMoRan (FCX) has a long history of robust environmental, social and governance (ESG) programs and is continuously striving to embrace evolving stakeholder expectations and best practices. This report marks FCX’s 20th year of reporting on its sustainability progress and FCX’s first year reporting in alignment with the Sustainability Accounting Standards Board (SASB) Metals & Mining framework.
“I am pleased to share our 2020 Annual Report on Sustainability, which details our ESG performance and initiatives in this important area,” stated Richard C. Adkerson, Chairman and Chief Executive Officer. “We are committed to building on our achievements in ESG and positively contributing to society – Responsibly. Reliably. Relentlessly.”
The documents headline the company’s strongest holdings, namely in the copper market. However, it’s worth noting that FCX operates large, long-lived, geographically diverse assets with “significant proven and probable reserves of copper, gold and molybdenum.” Simply put one of the world’s largest publicly traded copper producers – and that moly ain’t bad either – is right here in Lake County.
FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and the one that seems to garner the most headlines in recent years. However FCX also maintains 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.
Their Colorado operations highlight the Henderson Mine in Granby and of course, The Climax Mine in Lake County. Their headquarters are in Phoenix, Arizona. Additional information about FCX is available on their website at fcx.com.
In Full Disclosure: The Reports
FCX’s 2020 Annual Report on Sustainability was compiled in alignment with the SASB Metals & Mining framework and in accordance with the GRI Reporting Standards Core option and reflects FCX’s reporting obligations as a founding member of the International Council on Mining and Metals. FCX’s 2020 Annual Report on Sustainability is available on the company website at www.fcx.com/sustainability.
Video: Arkansas Headwaters Restoration Project Near Climax Mine
First Quarter Income Reported
In other news Freeport-McMoRan Inc. (NYSE: FCX) reported first-quarter 2021 net income attributable to common stock of $718 million, $0.48 per share, and adjusted net income attributable to common stock of $756 million, $0.51 per share, after adjusting for net charges totaling $38 million, $0.03 per share. For additional information, refer to the supplemental schedule, “Adjusted Net Income (Loss),” on page VI.
Richard C. Adkerson, Chairman and Chief Executive Officer, said, “During the first quarter, our global team delivered solid operational execution, building a strong foundation for near-term growth in volumes and cash flows. We strengthened our Board of Directors with the addition of David Abney and Bob Dudley, experienced leaders in international business. Our Board adopted a new financial policy aligned with our strategic position as foremost in copper, prioritizing a strong balance sheet, increasing cash returns to shareholders and disciplined investments in profitable long-term growth. We are well-positioned for long-term success as a leading producer of copper required for a growing global economy and accelerating demand from copper’s critical role in building infrastructure and the transition to clean energy.”
Video Archives: 2012 Open Pit Tour
The History of The Climax Mine