Electrifying the Future
ELECTRIFYING THE FUTURE
Discretionary Capital Projects*
Kucing Liar
Commenced long-term mine development activities
Approximate 10-year development timeframe
⚫ Sustain large-scale, low-cost Cu/Au production
Capital investment: ~$400 mm/yr average
(~$200 mm in 2022e)
> 6 bn lbs copper & 5 mm ozs gold
- 600 mm lbs & 500K ozs per annum
Lone Star Oxide Expansion
Low capital intensity investment
Capital investment: ~$250 mm (~$100 mm in 2022e)
• Increase stacking rate: 95k t/d to 120k t/d
Targeting 300 mm lbs of copper/annum by 2023e
+50 mm lbs/yr of incremental production
Grasberg Mill Recovery Project
Installing new copper cleaner circuit
FREEPORT
FOREMOST IN COPPER
• Improved Cu concentrate grades/metal recoveries
Capital investment: ~$420 mm (~$200 mm in 2022e)
Targeted completion: 1H24e
+60 mm lbs/yr & +40K ozs/yr of incremental metal
Atlantic Copper Circular
Recycle electronic material
⚫ Capital investment: ~$320 mm (~$70 mm in 2022e)
Expect to commission in 2024e; full rates in 2025e
• ~$60 mm per annum in incremental EBITDA
Bagdad Expansion
• Early works and equipment: ~$100 mm (~$75 mm in
2023e)
*These discretionary projects and the Indonesia smelter projects will be excluded from the free cash flow calculation for purposes of the performance-based payout framework.
e = estimate. See Cautionary Statement.
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