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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark one)

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from   to

Commission file number: 001-11307-01

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.10 per share			FCX			The New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act  ☑ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☑ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ☑ Yes ☐ No                         

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.   

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.                          ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).                              ☐ Yes ☑ No

The aggregate market value of common stock held by non-affiliates of the registrant was $14.9 billion on June 30, 2020.

Common stock issued and outstanding was 1,458,480,446 shares on January 29, 2021.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant’s proxy statement for its 2021 annual meeting of stockholders are incorporated by reference into Part III of this report.

Freeport-McMoRan Inc.

TABLE OF CONTENTS
			Page
Part I			1
Items 1. and 2. Business and Properties			1
Item 1A. Risk Factors			40
Item 1B. Unresolved Staff Comments			63
Item 3. Legal Proceedings			63
Item 4. Mine Safety Disclosures			65
Information About our Executive Officers			65
Part II			66
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters
and Issuer Purchases of Equity Securities			66
Item 6. Reserved			66
Items 7. and 7A. Management’s Discussion and Analysis of Financial Condition and Results
of Operations and Quantitative and Qualitative Disclosures about Market Risk			67
Item 8. Financial Statements and Supplementary Data			106
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			171
Item 9A. Controls and Procedures			171
Item 9B. Other Information			171
Part III			171
Item 10. Directors, Executive Officers and Corporate Governance			171
Item 11. Executive Compensation			171
Item 12. Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters			171
Item 13. Certain Relationships and Related Transactions, and Director Independence			172
Item 14. Principal Accounting Fees and Services			172
Part IV			172
Item 15. Exhibits, Financial Statement Schedules			172
Item 16. Form 10-K Summary			179
Glossary of Terms			179
Signatures			S-1