The company is focused on advancing growth options, positioning for the future, and enhancing value. Actions have been taken to build a solid balance sheet and maintain flexible organic growth options while maintaining liquidity.

Projects to expand the company's domestic smelting and refining capacity in Indonesia are progressing, with construction progress for these projects measured at over 90% at year-end 2023.

The company is advancing a series of initiatives across its North America and South America operations to incorporate new applications, technologies and data analytics to its leaching processes. In fourth-quarter 2023, the company achieved its initial run rate target of approximately 200 million pounds of copper per year through these initiatives.

The company remains focused on executing its operating and investment plans, with a high-quality portfolio of long-lived copper assets positioned to generate long-term value.

Underground mining operations at the Grasberg minerals district in Indonesia continue to perform well, with copper and gold production increasing in each of the past three years, including achievement of multiple operating records during 2023.

The company's highest priority is the health, safety and well-being of its employees and contractors. The company also works to promote its safety-first values with its suppliers and in the communities where it operates.

The company's financial results are significantly influenced by and vary with fluctuations in the market prices of the commodities it produces, primarily copper and gold, and to a lesser extent molybdenum. Extended material declines in market prices of such commodities could have a material adverse effect on the company's financial results.

Regulations have been considered at various governmental levels to increase financial responsibility requirements both for mine closure and reclamation. In 2019, legislation was enacted in Colorado that eliminates the company's ability to use parent company guarantees and requires proof of an end date for water treatment as a condition of permit issuance authorizing mining operations.

In many of the jurisdictions in which the company or its customers operate, governmental bodies are increasingly enacting legislation and regulations in response to the potential impacts of climate change.

The company ranked third among the top 10 copper producers in 2023, with approximately 6% of estimated total worldwide mined copper production on an attributable basis.

The company believes its competitive position is based on the size, quality and grade of its ore bodies and its ability to manage costs compared with other producers.

The company has a diverse portfolio of mining operations with varying ore grades and cost structures, with costs driven by location, grade and nature of ore bodies, and the level of input costs.

The company's ability to maintain its competitive position over the long term is based on its ability to acquire and develop quality deposits, recruit, retain, develop and advance a skilled workforce, and to manage its costs.

The company continues to enhance its existing practices to strengthen the design, operation and closure of tailings storage facilities in an effort to reduce the risk of severe or catastrophic failure of those facilities.

Energy represented 19% of the company's copper mine site operating costs in 2023, and based on current cost estimates, energy is expected to approximate 20% of its copper mine site operating costs in 2024.

The company is advancing a series of initiatives across its North America and South America operations to incorporate new applications, technologies and data analytics to its leaching processes.

In 2023, the company announced a project to convert Bagdad's fleet of haul trucks to become fully autonomous over the next three years.

The company is advancing a series of initiatives across its North America and South America operations to incorporate new applications, technologies and data analytics to its leaching processes.

The company believes the actions it has taken in recent years to build a solid balance sheet and maintain flexible organic growth options while maintaining liquidity, will allow it to continue to execute its business plans in a prudent manner.

Capital expenditures for the year 2024 are expected to approximate $4.6 billion, including $2.3 billion for major mining projects and $1.0 billion for the Indonesia smelter projects.

The company has a share repurchase program, and the timing and amount of any share repurchases is at the discretion of the Board and management.

The company demonstrates its responsible production performance through the Copper Mark, a comprehensive assurance framework developed specifically for the copper industry. The company has achieved the Copper Mark and/or Molybdenum Mark, as applicable, at all of its sites globally.

As an ICMM member and in accordance with its commitment in its Tailings Management Policy, the company has implemented the Global Industry Standard on Tailings Management for all tailings storage facilities with “Extreme” or “Very High” potential consequences.

The company has announced 2030 GHG emissions reduction targets and a 2050 net zero aspiration, each of which will result in additional costs to the company.

The company believes long-term fundamentals for copper are favorable and that future demand will be supported by copper's role in the global transition to renewable power, electric vehicles and other carbon-reduction initiatives.

Fluctuations in commodities prices are caused by varied and complex factors beyond the company's control, including global supply and demand, global economic and political conditions, international regulatory, trade and/or tax policies, and investment activity.

The company's international operations are subject to evolving geopolitical, economic, regulatory and social risks. Geopolitical uncertainty and protectionism have the potential to inhibit international trade and negatively impact business confidence.