Freeport Sulphur Company
 |
|
| Public company | |
| Traded as | : FCX S&P 500 Component |
| Industry |
Metals and Mining Petroleum industry |
| Founded | 1912 |
| Headquarters | Freeport-McMoRan Center, Phoenix, Arizona, United States |
|
Area served
|
Worldwide |
|
Key people
|
Gerald J. Ford (Chairman) Richard Adkerson (Vice Chairman President & CEO) Kathleen L. Quirk (Executive Vice President, CFO & Treasurer) |
| Products |
Copper Gold Molybdenum Petroleum |
| Revenue |  US$15.877 billion (2015) |
| US$-13.382 billion (2015) |
|
| US$-12.089 billion (2015) |
|
| Total assets | US$46.577 billion (2015) |
| Total equity | US$12.044 billion (2015) |
|
Number of employees
|
34,500, including: 12,400 in the U.S. 12,100 in Indonesia 5,200 in South America 3,400 in Africa 1,400 in Europe and other locations |
| Subsidiaries | PT Freeport Indonesia PT Irja Eastern Minerals Atlantic Copper, S.A. |
| Website | FCX.com |
Freeport-McMoRan Inc., (FMCG) often called Freeport, is a mining company. It is based in the Freeport-McMoRan Center, in Phoenix, Arizona, United States.
Freeport is the largest producer of molybdenum, and second largest copper producer in the world.
In 2015, 67% of revenues were from the sale of copper, 11% from the sale of petroleum, 10% from the sale of gold, and 5% from the sale of molybdenum.
In 2015, sales to Phillips 66 accounted for 7% of the total revenues of the company.
The company lists its mining operations as follows:
The company was founded as the Texas Freeport Sulphur Company in 1912 as a sulfur mining company in Freeport, Texas.
In 1928, concerned that the management of the company was not moving aggressively to increase reserves, 25-year old investor Langbourne Meade Williams, Jr. collaborated with Payne Whitney to launch a proxy fight and gain control of the company.
Freeport pioneered mining sulphur at mines along the US Gulf Coast using the Frasch Process.
The company began to diversify in 1931, purchasing manganese deposits in Oriente Province, Cuba.
The company produced nickel during World War II and potash in the 1950s.
In 1955, Freeport invested $119 million in constructing a nickel-cobalt mine at Moa Bay, Cuba, and a refinery at Port Nickel, Louisiana. On March 11, 1957, the U.S. government announced a contract to buy Freeport nickel and cobalt from Cuba until June 30, 1965, as strategic commodities. Fidel Castro's government nationalized the Cuban facility in 1960.
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Wikipedia