Freeport McMoRan : 2024 UK Modern Slavery Act Statement (UK Modern Slavery Act Statement 2024)

Published: 2025-05-15 11:57:11 ET FCX

Published on 05/15/2025 at 11:57

2024 UK Modern Slavery Act Statement

Freeport-McMoRan Inc. (FCX) is a leading international metals company dedicated to the recognition, respect and promotion of human rights wherever we do business. FCX is opposed to all forms of modern slavery and is committed to working to mitigate the risk of its occurrence in our operations and supply chains.

Our 2024 UK Modern Slavery Act Statement (the statement) was prepared to meet the requirements of the United Kingdom's (UK) Modern Slavery Act 2015. The Act requires organizations (regardless of country of incorporation) with business in the UK totaling £36 million or more of annual turnover to produce an annual slavery and human trafficking statement. This statement covers the activities of FCX, including our molybdenum conversion plant located in Stowmarket, UK.

The statement, which has been approved by FCX's Corporate Responsibility Committee of the Board of Directors (the board), outlines our efforts in 2024 to minimize the risk of modern slavery throughout our business and supply chain. For purposes of the statement, we use the UK government's definition of "modern slavery," which includes slavery, servitude, forced and compulsory labor and human trafficking. This statement should be read in conjunction with our Human Rights Policy, Business Partner Code of Conduct and other public disclosures.

Organization Structure, Business and Supply Chain

FCX is a leading international metals company with the objective of being foremost in copper. Headquartered in Phoenix, Arizona, FCX operates large, long-lived, geographically diverse assets with significant proven and probable mineral reserves of copper, gold and molybdenum. 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. As of December 31, 2024, FCX had approximately 28,500 employees. FCX also had contractors that employed approximately 65,700 personnel across many of our operations at various times throughout 2024.

FCX is a leading responsible copper producer, supplying approximately 8.5% of the world's mined copper. Copper is essential for global progress, including in the technologies necessary for accelerating electrification. We recognize the interdependencies of growth and sustainability and the importance of managing our environmental and social impacts. FCX is committed to meeting growing demand for metals through our sustainability strategy, Accelerate the Future, Responsibly.

We have long-held human rights policies and programs in place globally. We are committed to implementing the United Nations Guiding Principles on Business and Human Rights (UNGPs) and are a founding member of the Voluntary Principles on Security and Human Rights (Voluntary Principles). We are a member of the International Council on Mining & Metals (ICMM), an organization dedicated to a safe, fair and sustainable mining and metals industry. ICMM member companies, including FCX, are required to comply with its 39 performance expectations and its 10 Mining Principles for sustainable development. These expectations, along with topic-specific position statements and assurance and

validation requirements, define ICMM's membership commitments, including in relation to modern slavery.

In addition to our ICMM commitments, we demonstrate our responsible production performance through the Copper Mark, a comprehensive assurance framework developed specifically for the copper industry, and recently extended to other metals including molybdenum. The Copper Mark and the Molybdenum Mark promote responsible production practices, including those related to modern slavery. FCX has achieved, and is committed to maintaining, the Copper Mark and Molybdenum Mark at all of our operating sites globally, as applicable.

FCX manages strategic and high-profile commodities and services on a global, regional, and local basis. Key categories of suppliers include:

Goods and services, including onsite contractors and commodities, and

Minerals and metals purchased or tolled from third-party sources for further processing.

In 2024, FCX conducted business with approximately 11,000 of its approximately 21,000 registered suppliers. Many suppliers are not utilized every year but remain registered in our system.

Our operations have significant direct and indirect economic impacts when we purchase goods and services locally. Refer to our 2024 Annual Report on Sustainability for our procurement spend by site.

Governance

We are committed to embedding human rights considerations into decision making across our company and into our policy and governance framework. Governance and oversight of sustainability, including human rights, ultimately resides with the board, with day-to-day oversight by FCX's executive leadership and site-level management teams.

The corporate responsibility committee (CRC), on behalf of the board, oversees FCX's environmental and social policies and implementation programs and related risks. The CRC receives reports from management and reviews the effectiveness of FCX's strategies, programs and policy implementation with respect to human rights and responsible sourcing, among others.

During 2024, the CRC had four regularly scheduled meetings. At the board level, the CRC provides oversight of our human rights program by periodically, receiving reports on relevant human rights strategy updates, human rights impact

assessment (HRIA) results and actions, our responsible sourcing of minerals program and significant incidents.

Our Chief Executive Officer has ultimate responsibility for our sustainability performance, with active oversight from the board. Our cross-functional Sustainability Leadership Team includes members of management tasked with defining our sustainability strategy and implementing policies, systems and programs across the organization to achieve integrated decision making for responsible production and performance.

Our global human rights team and sustainability team work to educate and inform the business of human rights risks and mitigation strategies. In Indonesia and Peru, which are higher-risk operating environments in terms of security and human rights, we have established site-level human rights compliance officers to oversee compliance and training activities and support grievance mechanisms for the reporting, documentation and, where appropriate, remediation of adverse impacts of our operations.

Our global supply chain (GSC) sustainability team is focused on the responsible sourcing of goods and services by working to ensure that procurement decisions align with the values held in our Business Partner Code of Conduct and setting forth a standard to assess our suppliers' alignment with those values. They engage with the broader corporate and site level GSC teams and supply base to identify and mitigate risks, conduct due diligence and monitoring, and, where appropriate, provide capacity building related to the values in our Business Partner Code of Conduct. The global sustainability team and legal counsel provide subject matter expertise and collaborate with the GSC sustainability team on human rights related topics.

Policies

Respect for human rights is a long-standing commitment of FCX. This commitment is expressed in our Human Rights Policy, our Principles of Business Conduct(PBC), our Business Partner Code of Conduct, and our Responsible Sourcing of Minerals Policy.

Our Human Rights Policy, updated in August 2024, states our commitments to the International Bill of Human Rights, the UNGPs and the Voluntary Principles. Our Human Rights Policy sets forth the expectation that we:

Conduct human rights due diligence in our value chain and collaborate with value chain stakeholders to prevent and mitigate adverse human rights impacts,

Promote awareness of our Human Rights Policy and its expectations through socialization or training among the Board of Directors, employees, contractors, business partners, host communities and governments, and

Maintain effective grievance mechanisms for employees, contractors, host communities, business partners and others to raise complaints and concerns while seeking to protect confidentiality.

Our Human Rights Policy applies to all FCX projects and operations, from exploration to project closure. We expect our suppliers of goods and services to operate in accordance with our Human Rights Policy.

As highlighted in our PBC, we seek to establish mutually beneficial, long-term relationships with business partners who demonstrate their commitment to our Business Partner Code of Conduct and require their employees working at FCX operations or on FCX's behalf understand and follow our Business Partner Code of Conduct.

Our Business Partner Code of Conduct is based on our PBC and references our Human Rights Policy. It sets forth expectations for our business partners, in areas such as health and safety, human rights, anti-corruption, community and environment. We mandate human rights standards through our contracts. Our business partners receive and are expected to read, understand and follow the Business Partner Code of Conduct. This includes treating all people with dignity and respect. Our tools for suppliers webpage includes resources to help suppliers understand our sustainability standards and initiatives, including the UNGPs and the Organisation for Economic Co-operation and Development Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas (OECD Guidance), which we implement for purchases of and tolling agreements for minerals and metals.

Both our Human Rights Policy and our Business Partner Code of Conduct include commitments to:

Providing fair treatment and work conditions for all employees, including equal pay for equal work, working hours, a safe and healthy work environment, and respecting rights to associate and collectively bargain,

Not tolerating any form of forced or compulsory labor, child labor, prison labor and human trafficking,

Not tolerating any form of discrimination, harassment or bullying in our workplace, operations or value chain, and

Maintaining effective grievance mechanisms for employees, contractors, host communities, business partners and others to raise complaints and concerns while seeking to protect confidentiality.

Our Responsible Sourcing of Minerals Policy outlines our commitment to producing and sourcing minerals and metals responsibly, including respecting human rights; preventing bribery, fraud and corruption; and implementing OECD Guidance.

These policies and supporting management systems, along with relevant external standards and initiatives, form the overall framework that guides our sustainability programs and management of human rights risks.

Due Diligence and Risk Assessment

Risk Register

We translate our responsible production commitments to everyday work through the use of our sustainability risk register, which identifies, prioritizes, manages and tracks sustainability risks and actions at the corporate and site levels. Each of our operating sites has a sustainability leader that operates under the leadership of each site's general manager and manages this process. Sites use the sustainability risk register to identify risks and opportunities in relation to their operation and

stakeholders. The sustainability risk register prioritizes risks that could have significant negative consequences to our business, communities and/or other stakeholders in areas such as health and safety, human rights, environmental management, community development and economic impact. It also enables sites to identify and prioritize opportunities that could have positive consequences. All our sites review their operational risk profiles at least annually and prepare detailed action plans for risks rated as actionable. The sustainability risk register and detailed action plans are the foundation of our internal and external assurance processes at both the corporate level and at operating sites. Refer to our 2024 Annual Report on Sustainability for more information on our sustainability risk register process.

We also have a risk register process for project development. Our Project Development Sustainability Review process considers sustainability issues during the evaluation, and implementation of, potential mine expansion and development projects. Such process enables us to identify, prioritize and proactively manage potential risks before a project begins and throughout its development. The process complements our sustainability risk register process and serves as a key input to the sustainability risk register once a project is operational, enhancing the integration of sustainability into decision making across FCX. The process also supports preparation for future closure of operations.

As part of this process, during the project phase at PT Freeport Indonesia's (PTFI) new smelter complex, we conducted regular reviews of our Engineering, Procurement and Construction (EPC) contractor and subcontractor performance focusing on risks related to human rights.

In 2024, PTFI continued its monthly social and human rights inspection process for temporary workers as its new downstream processing facilities transitioned from the construction phase to the operational phase. PTFI expects to continue to use this process to evaluate items such as the prohibition of recruitment fee payments by workers, conditions of employment, minimum wage, overtime hours, number of working days, insurance, worker age requirements, anti-harassment and safety and living conditions. The evaluation involves a review of various documents, including worker contracts and pay slips, as well as informal and formal interviews with randomly selected employees across a range of categories, including gender, job position (skilled/unskilled labor), contract status and accommodation arrangements. Findings are documented and tracked until they have been addressed.

Human Rights Impact Assessments (HRIA)

HRIAs, conducted by third-party consultants using methodologies aligned with the UNGPs, are our primary method for conducting human rights due diligence at our active operations. These assessments involve direct input from a broad cross-section of internal and external rights-holders and their representatives, including a sampling of employees, on-site contractors, local suppliers and community members. The process supports continuous improvement of our management systems by testing their effectiveness in identifying and addressing potential, actual and perceived human rights risks and impacts, including those related to modern slavery.

Disclaimer

Freeport-McMoRan Inc. published this content on May 15, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 15, 2025 at 15:56 UTC.