Copper and gold miner
Freeport-McMoRan Inc.
Freeport-McMoRan sells copper concentrate, cathode and rod, along with gold and molybdenum, from operations in the United States, South America and Indonesia. It spends on mining equipment and smelting and refining services while also investing in Indonesian processing assets.
FCX Updated Sep 11, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Freeport-McMoRan Inc. is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 6 companies within two hops; the links are backed by 7 dated sources, 3 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · FY2025 total revenue of $25.186 billion
- Segments · U.S. copper mines · South America operations · Indonesia operations · Molybdenum mines · U.S. Rod & Refining · Atlantic Copper
Revenue from
- Mitsubishi Materials High confidence· Amount $1.7B · FY2025 · Sales to Mitsubishi Materials
Mitsubishi Materials is PT Freeport Indonesia's partner in PT Smelting and a major FCX customer. FCX earns revenue from sales of copper and gold products to this customer. - Sumitomo Metal Mining Medium confidence
FCX's consolidated revenue includes sales to Morenci joint-venture partners. Sumitomo Metal Mining is an equity partner in Morenci, but FCX does not disclose sales to it separately.Mentions EN Sumitomo Metal Mining Published Nov 28, 2025: Sumitomo Metal Mining Integrated Report 2025: Mineral Resources Business
Pays to
- PT Smelting High confidence· Amount $200M · FY2025 · PT Smelting tolling-related charges
PT Freeport Indonesia sends concentrate to PT Smelting, pays tolling fees and retains title to the resulting products. Both FCX's filing and material from PT Smelting's operator confirm this tolling structure.Mentions KO Shanghai Metals Market (SMM) Published Aug 11, 2026: Unexpected Incident at PT Smelting Gresik [SMM Analysis]Confirms EN Mitsubishi Materials Published Aug 7, 2024: Mitsubishi Materials Consolidated Financial Results for the Three Months Ended June 30, 2024 - Caterpillar Medium confidence
Freeport-McMoRan uses Caterpillar's certified rebuild program to maintain Cat mining-truck fleets across its operations. The value of the underlying equipment and service contracts is not disclosed.
Investments
- PT Smelting High confidence· Amount $254M · through 2024-06-30 · PT Smelting expansion loans converted into new shares
PT Freeport Indonesia financed PT Smelting's expansion with loans and then converted the full amount into new shares. The transaction increased PT Freeport Indonesia's ownership while PT Smelting remained an equity-method investment.Confirms EN SEC EDGAR Published Aug 7, 2024: Freeport-McMoRan Form 10-Q for the Quarter Ended June 30, 2024Confirms EN Mitsubishi Materials Published Aug 7, 2024: Mitsubishi Materials Consolidated Financial Results for the Three Months Ended June 30, 2024
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Panasonic Energy | lead2 | -5.7 | -1.6 | +20.1 | +16.6 | +36.2 | +98.1 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| Mitsubishi Materials | lead1 | -4.9 | +13.4 | +25.7 | -6.5 | +88.5 | +18.8 |
| Sumitomo Metal Mining | lead1 | +20.5 | +5.4 | -19.4 | -10.2 | +168.7 | +9.5 |
| Freeport-McMoRan Inc. | node | +61.4 | -7.3 | +13.7 | -9.4 | +35.4 | +44.2 |
| Caterpillar | benef1 | +16 | +18.6 | +25.9 | +24.7 | +60.3 | +42.9 |
| Nucor Corporation | benef2 | +118.4 | +17.4 | +33.8 | -32 | +42 | +61 |
YTD as of 2026-09-04 · source: Yahoo Finance
Freeport-McMoRan Inc. operates across Copper and gold miner. It is up +44.2% in 2026. Demand side (avg +9.5%), the stock (+44.2%) and supply side (avg +42.9%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Caterpillar (+42.9%) and the furthest behind is Sumitomo Metal Mining (+9.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on mining equipment and smelting and refining services while also investing in Indonesian processing assets.
Analysis generated from returns as of 2026-09-04