PHOENIX–(BUSINESS WIRE)–
Freeport-McMoRan Inc. (NYSE: FCX) announced today the completion of its
at-the-market offering of common stock announced on August 10, 2015. FCX
raised $1 billion in gross proceeds through the sale of 96.7 million
shares of FCX common stock in open market transactions since August 10,
2015. The shares were issued pursuant to FCX’s shelf registration
statement.

FCX also announced today that it has filed with the Securities and
Exchange Commission (SEC) a prospectus supplement under which it may
offer and sell additional shares of common stock having aggregate gross
proceeds of up to $1 billion from time to time through designated sales
agents. Sales of the common stock, if any, would be made by means of
ordinary brokers’ transactions or block trades on the New York Stock
Exchange at market prices or as otherwise agreed with its agents.

FCX intends to use the net proceeds from these offerings for general
corporate purposes, which may include, among other things, the repayment
of amounts outstanding under its revolving credit facility and other
borrowings and the financing of working capital and capital expenditures.

FCX also announced that it continues to engage in discussions to partner
with strategic investors interested in investing capital in the
development of its oil and gas properties and to consider the previously
announced potential initial public offering of a minority interest in
Freeport-McMoRan Oil & Gas Inc. (FM O&G) as market conditions warrant.
These actions, together with previously announced capital cost
revisions, are being pursued as required to fund oil and gas capital
spending within cash flow for 2016 and subsequent years.

James R. Moffett, FCX’s Chairman, Richard C. Adkerson, Vice Chairman
and Chief Executive Officer and James C. Flores, Vice Chairman and FM
O&G Chief Executive Officer, said, “The actions we have taken to cut
costs, significantly reduce capital expenditures in our mining and oil
and gas businesses and raise equity proceeds are necessary in the
current period of weak and uncertain market conditions. These
measures and actions we are taking to enhance shareholder value will
strengthen our financial position and preserve our valuable resources
for improved conditions in the future. We are focused on strong
execution of our plans which position us for future success.”

FCX has filed a registration statement (File No. 333-206257) (including
a prospectus) and a prospectus supplement with the SEC for the offering
to which this communication relates. Before you invest, you should read
the prospectus in that registration statement, the prospectus supplement
relating to this offering and other documents FCX has filed with the SEC
for more complete information about FCX and this offering. You may get
these documents for free by visiting EDGAR on the SEC web site at .
Alternatively, FCX or the sales agents participating in the offering
will arrange to send you the prospectus supplement (including the
prospectus) if you request it by contacting J.P. Morgan Securities LLC,
c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717 or by calling 1-866-803-9204.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of shares
of FCX’s common stock in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or other
jurisdiction.

FCX is a premier U.S.-based natural resources company with an
industry-leading global portfolio of mineral assets, significant oil and
gas resources and a growing production profile. FCX is the world’s
largest publicly traded copper producer.

FCX’s portfolio of assets includes the Grasberg minerals district in
Indonesia, one of the world’s largest copper and gold deposits;
significant mining operations in the Americas, including the large-scale
Morenci minerals district in North America and the Cerro Verde operation
in South America; the Tenke Fungurume minerals district in the DRC; and
significant U.S. oil and natural gas assets in the Deepwater GOM,
onshore and offshore California and in the Haynesville natural gas
shale, and a position in the Inboard Lower Tertiary/Cretaceous natural
gas trend onshore in South Louisiana.

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Source: Freeport-McMoRan Inc.